The Bored Ape Yacht Club (BAYC) has unveiled its latest innovation, “Made by Apes,” an on-chain IP verification tool developed in collaboration with SaaSy Labs. 

Quick facts:

  • BAYC introduces “Made by Apes,” an on-chain IP verification tool for NFT creators in partnership with SaaSy Labs.
  • Despite a significant drop in floor price, BAYC remains a popular NFT collection with a dedicated community.
  • “Made by Apes” aims to provide seamless verification for NFT creations and contribute to the development of a DAO for the BAYC brand.

The new tool aims to empower BAYC members to verify the authenticity of their NFT creations and establish an official catalog within the club. Meanwhile, the BAYC floor price has experienced a significant decline, dropping by over 90% from its peak.

The highly anticipated “Made by Apes” IP verification tool is set to be launched later this month, providing Bored Ape members with a seamless on-chain solution to validate their NFT creations. 

By utilizing their intellectual property (IP), creators can ensure the legitimacy of their assets and contribute to building an official directory of BAYC creations. The collaboration with SaaSy Labs highlights the commitment of Bored Ape to enhance the NFT ecosystem and provide a user-friendly verification process.

Greg Solano, co-founder of Yuga Labs, emphasized the importance of an on-chain verification system, highlighting the need for an easy and official way to authenticate assets created by BAYC members. 

The partnership with SaaSy Labs aims to address this need and offer a robust and reliable solution for the BAYC community.

BAYC NFT Floor Price Plummets as Community Awaits New Tool

However, while Bore Apes introduces the “Made by Apes” tool, its floor price has witnessed a significant decline. Currently valued at $64,225, the floor price has dropped by over 90% from its peak of $600,000 in 2021. 

Despite the price correction, it remains a highly popular NFT collection, with a dedicated community of creators and collectors.

According to NFTPriceFloor data, the Bored Ape Yacht Club currently has a price floor of 34.5 ETH and a trading volume of 2,964.6 ETH with 88 sales in the past 24 hours. The price floor of has seen a 3.36% increase in the last 24 hours. 

In terms of the 7-day average sale price, it stands at 32.759 ETH, with the highest sale price recorded at 200.00 ETH and the lowest sale price at 25.551 ETH. BAYC holds the second position in the NFT Price Floor rankings, with a floor cap of 345,000 ETH. It has a listed ratio of 3.23% and a maximum supply of 10,000 tokens.

“Made by Apes” Excites NFT Community

The upcoming launch of “Made by Apes” has generated anticipation among BAYC members and the wider NFT community. The tool is seen as a crucial step toward establishing a decentralized autonomous organization (DAO) where NFT holders can actively participate in shaping the future of the BAYC brand.

In a separate development, recent reports have highlighted a case where a Moroccan individual faced charges from US prosecutors for stealing Bored Ape NFTs and other digital assets through the creation of a fraudulent OpenSea marketplace. 

This incident underscores the importance of robust security measures and the necessity to verify the authenticity of digital collections.

About Arnold Kirimi

Arnold is a Web3 journalist who has been active in the blockchain sector since 2016. He enjoys talking about blockchain and its implications for the future of humanity. You can follow me on Twitter and Linkedin

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