BAYC to Release IP Verification Feature for NFT Holders

The blue chip NFT collection Bored Ape Yacht Club (BAYC) just announced a collaboration with SaaSy Labs for the upcoming launch of an onchain IP verification feature.

The new ‘Made by Apes’ tool, set to launch at the end of this month, will provide BAYC holders with a simple and seamless way to verify any creations they make using their Bored Apes’ intellectual property (IP). It will also list the items on an official blockchain-based BAYC creations directory.

Since BAYC holders own the rights to their IP, many holders, including entrepreneurs and celebrities, have launched brands or businesses using their Bored Apes as the brand image and concept. From beef jerky brands to Snoop Dogg’s Bored Ape Pastry shop, we’ve seen all sorts of creative uses of IP from BAYC members.

Other NFT collections owned by Yuga Labs, including Mutant Ape Yacht Club, CryptoPunks, and Meebits, also grant holders IP rights. So, it makes sense the studio is interested in a new tool that uses blockchain technology to secure and verify new and presumably existing creations made from holder’s IP.

The co-founder of Yuga Labs, Greg Solano, wrote that as more members create items with their IP, there needs to be a simple, efficient, and official way to verify those assets. The new feature is a user-friendly solution to protecting the IP rights of the BAYC community. Richy Rich, the founder of SaaSy Labs, added that the new initiative helps to “substantiate the value of IP” and answer the question “why IP matters.”

Members of the BAYC and the NFT community at large expressed excitement after the news was announced on Crypto Twitter. Some speculated that the Made by Apes tool could be BAYC’s first stepped towards having a decentralized autonomous organization (DAO) that could eventually take ownership over the project.

Despite Drop in Floor Price, BAYC Keeps Building

The latest feature from BAYC comes at a tough time for BAYC community. The current floor price of a BAYC NFT is down 90% from its all-time high, and the overall NFT market, especially blue chip Ethereum collections, continues to suffer.

But despite the frigid NFT winter, Yuga Labs and BAYC have been steady building and add value to their community. At Rarity Sniper, we’ve been here to witness the ride. Here are a few of the most interesting projects from the BAYC recently.

First, on June 20th, the BAYC teased a video on Twitter of its upcoming metaverse game HV-MTL Forge. The game will allow players to build in-game homes for their HV characters, evolve their NFTs through customizable workshops, and display their creations to the community.

Next, about six months ago, the Nelk Boys launched a new beef jerky brand called Bored Jerky, based off their Ape NFTs. According to the report, three flavors — Spicy, Peppered, and Original — will be coming to convenience stores and gas stations around the U.S. soon.

Finally, about seven months ago, BAYC partnered with TIMEX for a limited run of 500-themed Ape watches linked to a NFT wearable collection. The ‘Timepiece Forge Pass‘ NFT collection was available to Bored Ape and Mutate Ape NFT holders, and featured IRL watches with engravings of the NFTs.

The people who saw BAYC as only a way to make money back in 2021 are likely disappointed by the collection’s current trajectory. But that attitude hasn’t seemed to effect Yuga Labs and the BAYC in the least. The Made by Apes tool from BAYC and SassY Labs is another example of a community that’s intent on not only surviving the bear market, but thriving in the bull market that lies ahead. At Rarity Sniper, we’ll be paying close attention to what comes next.