Yuga Labs to impose KYC verification before the auction in the Otherside metaverse

Only those users who will pass the personal data confirmation procedure will be allowed to participate

26.04.2022 - 15:05

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What’s new? Yuga Labs has announced that it will impose KYC (Know Your Customer) verification before the auction in the Otherside metaverse. At the auction, Yuga Labs will be selling virtual lands, which is digital real estate used in the form of NFT in the metaverse. The land NFTs will be auctioned off in a Dutch auction, which is an auction where the bid is reduced from the maximum until an offer is received from the participants.

Source: Twitter.com

What is known about Otherside? It Is a blockchain-based metaverse from Yuga Labs, the creator of popular NFT collections such as Bored Ape Yacht Club (BAYC) and Mutant Ape Yacht Club (MAYC). The company raised $450 million in a seed funding round led by venture capital fund Andreessen Horowitz (a16z) to develop the Otherside metaverse.

What had happened before? On April 25, the lowest price of a token from the Bored Ape Yacht Club NFT collection reached a record high of 137,8 ETH ($385 700 at the exchange rate on April 25). This came after the collection’s creator, Yuga Labs, state the imminent launch of the metaverse.

Cryptocurrency exchange Coinbase announced that it will release a trilogy of films inspired by the NFT collection of Bored Ape Yacht Club called The Degen Trilogy. The owners of BAYC tokens will be able to cast for the roles by offering their virtual monkeys as characters.

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