Harmony Protocol, which runs on Ethereum Network launched the Bored Ape Yacht Club passport, allowing users to import proof of their BAYC NFT collectibles into the play-to-earn game De-Fi Kingdoms.

The launch of Bored Ape Yacht Club passports at ETH Denver showcased the early version of Harmony NFT passports. After the launch, the official Twitter handle of Harmony tweeted that the first 100 BAYC holders to set their collectible as their Defi profile picture will receive 50 $JEWEL reward.

The blockchain platform whose mainnet is Ethereum Virtual Machine compatible, claiming to have two-second transaction finality and fees 1,000 times lower than Ethereum, welcomes The Bored Ape Yacht Club into its ecosystem.

The Passport will enable users to import their apes into the DeFi Kingdoms, a play-to-earn game developed on the harmony blockchain with more than 120,000 active monthly users. In the initial stages of the association, the Bored Ape Yacht Club holders will be able to validate and display their collectibles across various blockchain networks. This will be enabled when they connect their Metamask, one of the best NFT wallets, to DeFi Kingdoms.

Harmony suggests that this move truly reflects the vision and future of web3 with decentralized access and ownership of content-enabled by NFTs.

Why does the Harmony NFT Passport & BAYC Collaboration Matter?

The collaboration between Harmony and BAYC gains access to one of the most diverse, active, and collaborative web3 communities on the planet. Moreover, with BAYC’s social quotient and popularity amongst celebrities, artists, and NFT individuals, it can lead to a more structured and agile community.

One of the team members from Harmony, Leo Chen mentions in a statement on the Harmony website, “Bored Ape Yacht Club has one of the most active, diverse, and creative communities in Web3. With Harmony, we are constantly looking to partner with like-minded teams, whose ethos aligns with our values and visions.

We wanted to give all NFT holders more utility and options to display their NFTs and participate in the metaverse. Bored Ape Yacht Club holders are the first choices. The cross-chain identity creates a secure and easy way to do so without putting their assets at risk.”

With Harmony Passports, Harmony aims to solve the limits of cross-chain technology which puts funds at risk when bridging across chains. With Harmony’s Passports, there is a new way to think about interoperability, considering the fact that instead of moving assets, Harmony brings in a new way to prove these assets on multiple blockchains expanding an NFT’s usability and streamlining its usage.

The Bored Ape Yacht Club holders get a chance to validate and display their assets within the game. This seamless integration across BAYC and Harmony, allows the BAYC collectible owner to use it as their Defi Kingdoms profile picture. This again is enabled once their Metamask wallet is connected to Defi Kingdoms.

These NFTs stored and tracked on the ETH blockchain will, after the launch be available to use on the ONE chain. What’s even more important is the fact that users are not required to bridge their NFT from ETH to ONE. This is a true cross-chain move in many ways and goes beyond just updating the profile pictures.

Riding on the BAYC Hype

By joining hands with The Bored Ape Yacht Club, Harmony might’ve made the right move.

Bored Ape Yacht Club collectibles enjoy a strong fan-following and roaring popularity. With its owners including the likes of famous rapper and hip-hop artist Eminem, NBA star Steph Curry and late night TV show host Jimmy Fallon, Bored Ape Yacht Club collectibles have added a ton of popularity and star power to the NFT ecosystem.

The Bored Ape Yacht Club is a collection of 10,000 digital images of cartoon apes with various attributes like glasses, fur jackets, hats, and more.

As Harmony joins hands with the Bored Ape Yacht Club, it can ride on the already amassed popularity by BAYC across the masses already.

Why do Harmony Passports Matter?

In the simplest of terms, NFT passports are going to be a means to identify yourself on the internet in the coming future, as NFTs gain popularity. As each NFT is unique, a group of NFTs can be grouped into an NFT wallet, as no other wallet will have this exact combination of NFTs. Since every collection will be unique in its own sense, each wallet can be linked to a unique individual.

The concept gets even more validation when the idea of Non Transferrable Tokens is introduced.

These NTTs are tied to experiences instead of having a monetary value. So, instead of buying and selling these NFTs, one can receive them after they have experience. They won’t have a monetary value and will act as proof that your experience was genuine and true to what you were supposed to experience. One can further use these NTTs to personally identify themselves, considering everyone will have a unique experience of their own.

With the above-mentioned concept in mind, Harmony is very well touching the future of NFTs which taps into some real-world use cases of NFTs down the line.

Conclusion

The ETH Denver event by Harmony was an event that was looked forward to by a lot of stakeholders. Being one of the largest crypto-related events of the year, there were expectations about The Bored Ape Yacht Club and Harmony joining hands to come up with something unique.

As Harmony further collaborates and moves further in the association, more and more compatible options might come up.

Furthermore, Harmony’s Vision 2026 aims at scaling the infrastructure of Defi and NFTs with a strategy of bringing the results of Zero-Knowledge proofs into the mainstream and decentralized governance through thousands of Decentralised Autonomous Organizations (DAOs).

Add to this vision the popularity of The Bored Ape Yacht Club and its own future plans, and we have a behemoth collaboration in the NFT space. BAYC recently announced that it was in talks with Andreessen Horowitz (a16z) regarding a funding round that might value it for $5 billion.

All eyes are on the future of these two NFT projects and how they further transform the blockchain and NFT space specifically.

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By: Patrick Jennings
Title: Harmony introduces NFT Passport with Bored Ape Yacht Club
Sourced From: insidebitcoins.com/news/harmony-has-joined-hands-with-bored-ape-yacht-club
Published Date: Mon, 28 Feb 2022 09:05:04 +0000