Non-fungible token (NFT) collection Bored Ape Yacht Club (BAYC) will be launching a new intellectual property tool with an on-chain verification solution for builders within the BAYC community.
Bored Ape Yacht Club, in partnership with blockchain protocol SaaSy Labs, will debut a new solution called Made by Apes “later this month.” The solution is aimed to enable BAYC members to seamlessly verify on-chain projects they are building while they can also have an official directory of all their creations.
While there was no further information on how the on-chain verification process will work, Greg Solano, co-founder of Yuga Labs — the company behind the NFT collection BAYC — believes that the new IP tool will benefit community members.
BAYC members reacted positively to the news, with SaaSy Labs founder Richy Rich stating that the project was a result of hard work.
“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.”
SaaSy Labs Founder, Richy Rich
The on-chain verification solution is set to debut in July, with no exact date provided. Meanwhile, the latest development comes as the value of the BAYC NFT collection nosedived 90% from its peak.