Otherside’s Metaverse project from Yuga Labs says Know Your Customer (KYC) verification will be required to participate in this week’s virtual land auction. This is different from common practice in this sector.
Those wishing to auction the NFT metaverse land, scheduled for 2 p.m. ET on Saturday, will first need to pass a KYC review, according to Twitter announcement from Otherside.
The Otherside is the world metaverse from Yuga Labs — creator of popular NFT collections such as Bored Ape Yacht Club (BAYC) and Mutant Ape Yacht Club (MAYC). Yuga Labs raised $450 million in a March seed round led by Andreessen. Horowitz, worth $4 billion
In the upcoming weekend’s auction, Yuga Labs will sell NFT lands in the metaverse.auction Dutch Auction This is a bidding war where the initial price is high and the price continues to fall when there are no bidders.
KYC, a process for verifying personal details It is a practice that rarely occurs in unregulated NFT areas. In particular, all previous Yuga Labs NFTs — Bored Ape, Mutant Ape and Kennel Club NFT collections — never required KYC.
And the upcoming auction will use the apecoin token, a cryptocurrency linked to Bored Ape’s NFT ecosystem, in the auction.
Other side specifyThat Bored Ape and Mutant Ape NFT holders will be able to claim NFT land. “BAYC and MAYC holders can claim NFT for 21 days after the auction,” the Twitter post states, saying this claim does not require review. KYC
The post Yuga Labs to sell Metaverse land through auction and participants need to go through KYC appeared first on Bitcoin Addict.