The notoriously famous blue-chip NFT project, the Bored Ape Yacht Club, gets its own social media platform, a primary hub for announcements about Bored Apes and the Yuga ecosystem.
In a surprising but perhaps quietly anticipated announcement, the founders of one of the most popular NFT projects of all time, the Bored Ape Yacht Club (BAYC), announced that it would soon get its own social media platform. Apparently, the planned social media platform will not solely be for NFT holders of Bored Apes but the entire Yuga Labs ecosystem.
Yuga Labs is the parent company not only of the Bored Apes but also other widely popular NFT projects like the Mutant Ape Yacht Club (MAYC), Bored Ape Kennel Club (BAKC), CryptoPunks, Meebits, and the Otherside. The company acquired CryptoPunks and Meebits from Larva Labs for an undisclosed amount back in March, while the Otherside is a Bored Ape-centric Metaverse launched in April.
Purpose of Bored Apes’ Social Media Platform
According to an Instagram live that the BAYC founders did over the weekend, the upcoming social media platform for the Bored Apes will be somewhat of a communications hub. Rather than going to the Twitter accounts and Discord channels of NFT projects within the Yuga Labs ecosystem, users can just go to the social media platform to verify announcements concerning the Bored Apes and its sister projects.
Apparently, the social media platform would likely include some form of wallet login on the part of the administrators. It means only administrators with pre-approved wallets (perhaps verified and connected to the platform) can make announcements on the Bored Apes platform.
Such will make the social media platform practically unhackable since Web3 wallets are not susceptible to brute force attacks. According to one website, brute force attacks use “trial-and-error to guess login info, encryption keys, or find a hidden web page. Hackers work through all possible combinations hoping to guess correctly.”
Bored Apes’ History of Hacks
It is high time that the Bored Apes get their own social media platform because the security of their Twitter account and Discord channel have been questioned repeatedly. The Bored Apes have not been spared from hackers who use the project’s legitimate social media accounts to scam and steal from innocent people.
In April, a webhook in BAYC’s Discord was compromised. Users believed the Bored Apes were doing April Fools stealth mints or airdrops, but it was all a ruse. Then, in June, BAYC’s Discord server was hacked, and as a result, Ξ 200 worth of NFTs, or about $358,962 at the time of the incident, were stolen from users
Those incidents prompted Yuga Labs to conclude that Web2 technology isn’t Web3 friendly. They claim that not enough security measures are in place in Web2 that would protect digital assets in the Web3 space.
In the Web3 space, the team behind a project as big as the Bored Apes is solely responsible for its security. If holders’ assets are stolen through any means, it’s usually “allowed” unknowingly.
That is what hackers take advantage of—vulnerable social engineering that allows them to hack into accounts that aren’t fully protected security-wise. They go in, “talk” to users as if they are the project admins, and trick them into thinking a real sale/airdrop/mint is happening. Afterward, it would be too for users to realize that they have been duped.
The upcoming social media platform for the Bored Apes, where wallet login will be required, could set a precedent for other projects thinking of going the same route. Who knows, wallet logins could become the norm in years to come since the process is many times more secure than what is currently widely and freely available to the public.
The team behind Bored Apes hopes this could be the beginning of a better future for the Web3 space, which will be passwordless but considerably more secure.
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