1. BITBILIHome
  2. Article

Bored Apes Yacht Club Revolutionizes NFT Verification with Cutting-Edge On-Chain Tool

• 29 views

TL;DR Breakdown

  • Bored Ape Yacht Club (BAYC) collaborates with SaaSy Labs to introduce “Made by Apes,” an on-chain IP verification tool. It will enable BAYC members to authenticate their creations.
  • BAYC floor prices have dropped significantly, but the introduction of “Made by Apes” aims to revitalize interest and strengthen the long-term value of the collection.

Description

In an exciting development for the Bored Ape Yacht Club (BAYC), one of the most popular NFT collections, the team has announced the upcoming launch of “Made by Apes,” an on-chain intellectual property (IP) verification tool. Developed in partnership with SaaSy Labs, this tool aims to provide a seamless solution for BAYC members to verify … Read more

In an exciting development for the Bored Ape Yacht Club (BAYC), one of the most popular NFT collections, the team has announced the upcoming launch of “Made by Apes,” an on-chain intellectual property (IP) verification tool. Developed in partnership with SaaSy Labs, this tool aims to provide a seamless solution for BAYC members to verify their creations and establish an official catalog within the club. As the BAYC floor price has declined by 90% from its all-time high, this initiative seeks to reignite enthusiasm among collectors and strengthen the value of the BAYC brand.

Contents
hide

1
On-Chain IP Verification Tool “Made by Apes”:

2
BAYC Floor Price Decline

3
Legal Challenges: Protecting the BAYC Community

4
Conclusion

On-Chain IP Verification Tool “Made by Apes”:

The Bored Ape Yacht Club has recognized the need for an on-chain verification system to authenticate and catalog creations made by its members. With “Made by Apes,” BAYC is addressing this demand by collaborating with SaaSy Labs, a prominent development firm specializing in blockchain solutions.

Greg Solano, co-founder of Yuga Labs, expressed the importance of establishing an on-chain verification system. While club members have been actively creating items with their IP, there hasn’t been an easy and official way to verify these assets. The introduction of “Made by Apes” fills this gap, providing a user-friendly solution that will bolster the credibility of member creations.

The founder of SaaSy Labs, Richy Rich, shared his excitement for the project, acknowledging the positive response from the community. He believes that the initiative will substantiate the value of intellectual property and further enhance the BAYC brand. The collaboration between BAYC and SaaSy Labs showcases the commitment of both organizations to deliver innovative solutions that meet the needs of NFT collectors.

BAYC Floor Price Decline

Despite the anticipation surrounding the “Made by Apes” tool, the BAYC floor price has experienced a significant decline. Currently standing at $64,225, it has plummeted by over 90% from its peak value in 2021. This decline is a reflection of the wider market correction witnessed in the NFT space. However, BAYC enthusiasts remain hopeful that initiatives like “Made by Apes” will revitalize interest and strengthen the long-term value of the collection.

Members of the Bored Ape Yacht Club and the broader NFT community eagerly await the official launch of the “Made by Apes” on-chain verification tool. Excitement is evident on social media platforms, where enthusiasts are discussing the potential for this tool to serve as the first step towards a decentralized autonomous organization (DAO) within the BAYC ecosystem. This potential shift would empower token holders to actively participate in shaping the future of the BAYC brand.

Legal Challenges: Protecting the BAYC Community

In recent news, US prosecutors have charged a Moroccan man for stealing two Bored Ape NFTs and other digital assets through the creation of a fraudulent OpenSea marketplace. This incident highlights the importance of implementing secure platforms and establishing robust verification systems to protect the BAYC community from fraudulent activities. The “Made by Apes” tool, with its on-chain IP verification capabilities, aims to contribute to the overall security and integrity of the BAYC ecosystem, preventing similar incidents in the future.

Conclusion

The Bored Ape Yacht Club’s announcement of the “Made by Apes” on-chain IP verification tool in collaboration with SaaSy Labs marks a significant milestone for the NFT community. By addressing the need for an official catalog of member creations, BAYC aims to enhance the value and credibility of its brand. While the declining floor price presents a temporary setback, the introduction of innovative solutions like “Made by Apes” demonstrates BAYC’s commitment to staying at the forefront of the NFT market. As the launch approaches, excitement continues to build among BAYC members and enthusiasts, who eagerly anticipate the tool’s potential to transform the BAYC ecosystem and empower token holders in shaping its future.

Disclaimer. The information provided is not trading advice. Cryptopolitan.com holds no liability for any investments made based on the information provided on this page. We strongly recommend independent research and/or consultation with a qualified professional before making any investment decisions.

文章来源于互联网:Bored Apes Yacht Club Revolutionizes NFT Verification with Cutting-Edge On-Chain Tool

Disclaimers:

1. You are solely responsible for your investment decisions and this info is not liable for any losses you may incur.

2. The copyright of this article belongs to the writer, it represents the writer's opinions only, not represents the site's ones. Not financial advice.

Previous 2023年7月12日 20:37
Next 2023年7月12日 22:02

Related articles

  • Bitcoin miners flocking to exchanges sending a record-breaking $128M in a week

    TL;DR Breakdown On-chain analytics platform Glassnode reported an all-time high, with Bitcoin miners sending a record $128 million to exchanges in the past week alone.  Typically, miners transfer their Bitcoin profits to exchanges in preparation for cashing out and covering expenses while securing their gains. The combination of near-record hash rates at 377 EH/s, peak difficulty levels, and higher energy costs has placed significant downward pressure on mining profitability. Description In a recent tweet, on-chain analytics platform Glassnode highlighted a significant surge in Bitcoin miner revenue being sent to centralized cryptocurrency exchanges. The platform reported an all-time high, with Bitcoin miners sending a record $128 million to exchanges in the past week alone. This amount equates to approximately 315% of their daily revenue, indicating an … Read more In a recent tweet, on-chain analytics platform Glassnode highlighted a significant surge in Bitcoin miner revenue being sent to centralized cryptocurrency exchanges. The platform reported an all-time high, with Bitcoin miners sending a record $128 million to exchanges in the past week alone. This amount equates to approximately 315% of their daily…

    Article 2023年6月30日

  • SEC not likely to approve spot Bitcoin ETF, former SEC chief says

    TL;DR Breakdown John Reed Stark says the Securities and Exchange Commission will unlikely approve a spot Bitcoin ETF. The former SEC chief, however, said that if a Republican wins the elections, the agency will reduce crypto scrutiny. Description The possibility of a Bitcoin exchange-traded fund (ETF) focused on spot trading gaining approval from the U.S. Securities and Exchange Commission (SEC) appears unlikely, according to John Reed Stark, the former head of the agency’s Office of Internet Enforcement. In a recent post on X, Stark expressed his belief that due to various strong justifications, … Read more The possibility of a Bitcoin exchange-traded fund (ETF) focused on spot trading gaining approval from the U.S. Securities and Exchange Commission (SEC) appears unlikely, according to John Reed Stark, the former head of the agency’s Office of Internet Enforcement. In a recent post on X, Stark expressed his belief that due to various strong justifications, the present SEC administration is unlikely to give the green light to a Bitcoin spot ETF application. SEC’s continued crypto scrutiny might depend on the 2024 elections While Stark…

    Article 2023年8月14日

  • Bitcoin dominance jumps above 50% as market cap enters $1.1 trillion

    TL;DR Breakdown Bitcoin’s dominance has jumped above 50% for the first time in 2 years as its market cap enters $1.1 trillion. Analysts consider factors that affect Bitcoin’s market dominance. Description Bitcoin, the leading cryptocurrency, has crossed a significant milestone as its dominance in the overall crypto market cap exceeded 50%. According to TradingView data, on June 19 at 6 pm UTC, The asset’s dominance reached just above 50%, settling at 49.9% at the time of publication. This means that the asset alone accounts for half … Read more Bitcoin, the leading cryptocurrency, has crossed a significant milestone as its dominance in the overall crypto market cap exceeded 50%. According to TradingView data, on June 19 at 6 pm UTC, The asset’s dominance reached just above 50%, settling at 49.9% at the time of publication. This means that the asset alone accounts for half of the total market capitalization of the crypto market, which currently stands at $1.1 trillion. Its market capitalization is estimated at $519 billion, as per Coingecko. Bitcoins dominance rises by 10.5% in eight months Over the…

    Article 2023年6月23日

  • Best Twitter threads of the day – May 18th

    Scaling a blockchain exclusively through L2s is a terrible idea 1/31) Scaling a blockchain exclusively through L2s is a terrible idea As it comes with horrible UX & trust trade-offs; pushing people into centralization Inevitably leading to failure; as users move to scalable chains instead L2s have become the greatest source of corruption: — Justin Bons (@Justin_Bons) May 17, 2023 3/31) Since, ironically, the solution lies in reinventing decentralized consensus for sequencers Going full circle & ending up in a worse position As it divides PoS capital between hundreds of L2s instead of combining it all under a single L1 As stake = security in this case — Justin Bons (@Justin_Bons) May 17, 2023 5/31) This is why L2 sequencers & admin keys end up facing the same challenges as an L1 Without being optimized to solve these problems by virtue of scale, unlike most major L1s Even though a sequencer cannot steal user funds, it can censor & front-run, which is unacceptable — Justin Bons (@Justin_Bons) May 17, 2023 7/31) This is not even the biggest problem with L2s…

    Article 2023年5月20日

  • Why is Japan in the middle of US-China rivalry

    TL;DR Breakdown Japan is a central figure in the growing US-China rivalry. US views Japan as an indispensable partner, emphasizing shared global perspectives. Japan’s PM, Kishida, has intensified US-Japan alignment, though deeper national sentiments play a role. Description Japan, the historical titan of the East, now finds itself caught in the midst of a modern-day superpower showdown between the US and China. Both the Pacific giants view Japan as a pivotal player in their global chess match, yet Japan’s stance remains as enigmatic as ever. What’s behind this intense spotlight on Japan? Tokyo’s … Read more Japan, the historical titan of the East, now finds itself caught in the midst of a modern-day superpower showdown between the US and China. Both the Pacific giants view Japan as a pivotal player in their global chess match, yet Japan’s stance remains as enigmatic as ever. What’s behind this intense spotlight on Japan? Tokyo’s strategic alignment with Washington Historically, the US and Japan have been firm allies, tied together by mutual interests and shared visions. Yet, this alliance has never been more important…

    Article 2023年8月11日
TOP