Bored Ape Yacht Club Member Led Initiative, Ape Tank, Aims To Vet New And Upcoming Projects.
Security is a huge issue in the NFT space. Scammers, hackers, and other bad actors continue to evolve and find ways to trick people and it can be hard to keep up. Luckily Ape Tank, is here to help.
Ape Tank's mission is simple; to vet founders in order to find out if they can be trusted and to give the community a safe way to learn about upcoming projects .
In order to accomplish this mission, the Ape Tank has a three part vetting process. Let’s walk through the steps they take when looking at a project:
STEP 1: The first step involves interviewing founders for 60-90 minutes in an effort to learn more about the background of the founders and their project. These interviews involve asking questions about contract safety, websites, personal histories, and experiences in the NFT space.
STEP 2: The second stage involves the Ape Tank team getting together and grading the interviewed project based on discussion from the previous step. A minimum score of nine out of 17 is needed to pass through to the next stage.
STEP 3: The third and final stage of the Ape Tank process is having the prospective projects founder and leadership team attend a live show. Twitter Spaces are used to host these sessions so the community can listen in as well. This stage also includes the Ape Tank’s finall vote on the project.
After the third step, if the project gets 7 BATUs (Bored Ape Thumbs Ups), all 6 resident Apes and their guest ape will invest in the project and tweet it out, according to the Ape Tank Website.
If you're interested in finding out more about Ape Tank or the projects that have previously been on the show, you can visit the Ape Tank website here.
If you have a project you would like to submit to the tank, you can also visit the website and fill out the corresponding sign-up form here: https://www.apetank.org
The Bored Ape Gazette will continue to follow Ape Tank and will let you know what they do next!