BAYC to Release 'Made by Apes', an On-Chain IP Verification Tool
The new on-chain solution built in partnership with SaaSy Labs will be available by the end of this month, allowing holders to seamlessly authenticate their creations.
What's in store for BAYC holders
Yuga Labs, the creator of Bored Ape Yacht Club (BAYC), has announced the release of 'Made by Apes,' an on-chain verification tool made in partnership with SaaSy Labs that allows holders to easily authenticate any products they make using their Bored Apes' IP.
Greg Solano, Yuga Labs co-founder, recently noted that there hadn't been an easy, on-chain method or official directory to authenticate anything made by BAYC holders using their IP. Working with SaaSy Labs provides a great opportunity to close this gap and create a simple service for everyone.
Other collections owned by Yuga, such as Mutant Ape Yacht Club, CryptoPunks, and Meebits, also grant holders IP rights. Given that, it's not surprising that the studio is interested in a new tool that employs blockchain tech to secure and validate new and existing creations based on the holder's intellectual property.
Despite the NFT winter, Yuga has been focusing on what's best for the community. The new 'Made by Apes' tool is set to go live by the end of this month, allowing holders to secure their IP rights. According to SaaSy Labs founder Richy Rich, this new initiative will help "substantiate the value of IP" and answer the question "why IP matters."
According to crypto analyst Will Clemente, the BAYC NFT floor price is now down by over 90% from its peak of $600,000 in 2021. Despite that, the latest move by Yuga has received widespread support from the BAYC and NFT communities. Some even speculated that the Made by Apes tool could be BAYC's first step towards a decentralized autonomous organization (DAO), which could, in time, allow community members to take over the project.