- From its peak, the price of the BAYC floor has dropped by 90%.
- It would be releasing an IP verification tool dubbed “Made by Apes” at the end of the month.
In conjunction with SaaSy Labs, Bored Ape Yacht Club (BAYC) is announcing the release of “Made by Apes,” an on-chain IP verification tool. The purpose of the application is to provide an easy process by which BAYC members may validate their works and produce a comprehensive catalog. From its peak, the price of the BAYC floor has dropped by 90%.
The company behind the immensely popular NFT collection Bored Ape Yacht Club has announced that they would be releasing an IP verification tool dubbed “Made by Apes” at the end of the month.
On-chain Solution
To produce an official directory for BAYC creations, the application was built in collaboration with SaaSy Labs to meet the need for an on-chain solution to authenticate products generated by club members using their IP.
Yuga Labs co-founder and Twitter user Greg Solano recently posted on the need for an on-chain verification method, noting that club members have been making products using their IP, but there hasn’t been a quick and formal means to authenticate these assets until now. Working with SaaSy Labs offers a promising chance to address this gap and provide a straightforward service.
Will Clemente pointed out that the BAYC NFT floor price is presently at $64,225, down by more than 90% from its peak of $600,000 in 2021.
The Bored Ape Yacht Club and the NFT community at large have both expressed excitement for the forthcoming launch. Holders taking control of the BAYC brand, “Made by Apes” may be the first step towards a decentralized autonomous organization (DAO).
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