Bored Ape Yacht Club to unveil new IP verification tool

Bored Ape Yacht Club (BAYC), a collection of non-fungible tokens (NFTs), plans to introduce a new tool in collaboration with SaaSy Labs, a blockchain protocol. This tool, called Made by Apes, will be launched later this month. Its purpose is to provide BAYC community members with an on-chain verification solution for their projects, as well as establish an official directory of their creations.

Although the specifics of the on-chain verification process have not been disclosed, Greg Solano, co-founder of Yuga Labs, the company behind BAYC, believes that this new intellectual property (IP) tool will bring benefits to the community. The announcement received positive feedback from BAYC members, including Richy Rich, the founder of SaaSy Labs, who expressed being overwhelmed by the positive response and emphasized the significance of IP.

The on-chain verification solution is scheduled to debut in July, without a precise date provided. This news comes at a time when the value of the BAYC NFT collection has dropped by 90% from its peak.

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