Reports said that Yuga Labs, the creator of the Bored Ape Yacht Club (BAYC) teased a new collaboration with blockchain game publisher Animoca Brands last Thursday. The catch is that no details about the project have been revealed yet, and users who signed up for it via a Know Your Customer (KYC) verification process have expressed their concerns on social media.
It has been reported that BAYC simply tweeted out a link to a website where interested fans can apply in the hope of being approved to participate in whatever "is brewing." To apply, users must connect to an Ethereum wallet, provide a photo of their license, passport, or other ID as well as proof of their home address, and take a headshot on the camera of the device on which they sign up.
However, both BAYC and Animoca Brands clarified that they are not referring to the play-to-earn game featuring Bored Ape NFTs they had announced in December. The only other information offered is that "this has been building over the last seven months." Animoca Brands will reportedly reveal "the first phase."
The report said that members of the crypto community are wary about consenting to KYC requirements without knowing exactly what they're signing up for. One user posting under the handle @cr0ssETH tweeted, "Devs, if the IRS has taken you hostage, please blink twice," suggesting the possibility that any personal information could end up in the hands of third parties.
Likewise, in addition to sensitivity around KYC, a Terms & Conditions document has been criticized for making users consent to an "unrestricted" use to "all or any portion of your User Content."
Thus, recently, OpenSea has been subject to phishing attacks and hacks that have left NFT owners very vulnerable. In December 2021, an art gallery owner's Bored Apes collection, worth $2.2 million dollars, was stolen from his hot wallet.