The popular NFT Collection by Yuga Labs, Bored Ape Yacht Club (BAYC) has announced the launch of an on-chain IP verification tool – ‘Made by Apes.’ The tool is built in collaboration with SaaSy Labs. As per initial details, the tool’s integration will allow BAYC members to seamlessly verify their creations. They will also be able to establish an official catalog in the club.
Made by Apes. For a Club Full of Builders.
Coming later this month. pic.twitter.com/ugLVyrdQgh
— Bored Ape Yacht Club (@BoredApeYC) July 10, 2023
The announcement indicated that the tool will be launched late this month. It will make use of the Intellectual property (IP) of BAYC members and build an official directory for its creations. As a result, there will be no need to verify creations by club members.
The co-founder of Yuga Labs stated,
‘As much as folks in the club have been building with their IP, there hasn’t been an easy, on-chain way to verify these items or an official directory for everything apes and mutants are making. The team has worked up a solution with the folks over at @SaaSyLabs that we’re excited to debut.’
SaaSy Labs was an integral part of this development for BAYC. Therefore, its Founder, Richy Rich also showed his excitement on the project. He further stated that the hard work has come to fruition.
A little overwhelmed at the moment to see what we’ve been working so hard on come to fruition and see the positive response
Everyone asked why IP matters and I think this initiative will substantiate the value of IP
Excited to see what everyone builds when live 🫡 https://t.co/H2zVa2mFmV
— Richy Rich (@richyrich) July 10, 2023
BAYC Floor Price Nosedives
Despite the ongoing developments and announcements, the BAYC NFT collection is having a tough time in the market. As per recent reports, the floor price of the collection has come down to $64,200. Back in 2021, the price stood at $600,000. Thus, the 90% decline in BAYC’s floor price is quite concerning for the project.
There is quite an anticipation and hype around the launch of Made by Apes. However, it is yet to be seen if the same enthusiasm can be reflected in the market or not. In the past few weeks, the fading demand around the ApeCoin (APE) has also been concerning.
The BAYC-linked token, APE has lost around 18.5% in the last two weeks. The coin is currently trading at $1.92 and has a market cap of around $708 million. Since its inception in March 2022, APE reached an all-time high of $26.70. But now the coin is about 93% down from its all-time high figure. The performance of Ape Coin is a key concern for Yuga Labs and all of its running projects.
