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- The BAYC floor price has experienced a decline of 90% from its peak.
- An IP verification tool named “Made by Apes” is set to be launched at the end of the month.
Bored Ape Yacht Club (BAYC), in partnership with SaaSy Labs, is set to introduce “Made by Apes,” an on-chain IP verification tool. This application aims to facilitate a straightforward process for BAYC members to authenticate their creations and compile a detailed catalog. The BAYC floor price has seen a decrease of 90% from its highest point.
The organization behind the widely recognized NFT collection Bored Ape Yacht Club has revealed plans to launch an IP verification tool called “Made by Apes” by the end of the month.
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The application was developed in collaboration with SaaSy Labs to create an official directory for BAYC creations, addressing the demand for an on-chain solution to verify products made by club members utilizing their intellectual property.
Greg Solano, co-founder of Yuga Labs and Twitter user, recently highlighted the necessity for an on-chain verification system, mentioning that club members have been producing items using their IP, but a prompt and formal method to verify these assets has been lacking until now. The collaboration with SaaSy Labs presents a valuable opportunity to fill this void and offer a user-friendly service.
Will Clemente noted that the current floor price for BAYC NFTs stands at $64,225, which is over 90% lower than its peak of $600,000 in 2021.
The Bored Ape Yacht Club and the broader NFT community have shown enthusiasm for the upcoming launch. Empowering holders of the BAYC brand through “Made by Apes” could represent an initial step towards establishing a decentralized autonomous organization (DAO).
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