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
299
2 min
0
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.
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.
Useful material?
Market
Due to supply shortages, the asset’s pre-market exchange rate was climbing above $1000
Dec 16, 2024
Incidents
Reports about the hacking of the exchange with calls to withdraw assets began to spread on December 13
Dec 13, 2024
Crypto regulations
Stablecoins from issuer Circle will not be affected by the changes
Dec 12, 2024
Crypto regulations
The platform will launch after meeting the preconditions of the local exchange authority
Dec 9, 2024
Market
The $1,1 billion figure was reached after the bitcoin correction
Dec 6, 2024
Crypto regulations
By early January, all open positions and loans of local users will be closed and repaid automatically
Dec 5, 2024