The creators of the Bored Ape Yacht Club, one of the most popular Ethereum-based NFT collections, have stated that Bored Ape tokens are coming in the first quarter of next year.
A tweet thread concerning BAYC’s plans to introduce a token was released today by the official BAYC Twitter account.
An ERC-20 token might be used as a reward for NFT holders, as a governance token for a DAO, and to assist the project to extend into other crypto ventures like DeFi.
Yuga Labs plans to issue a coin in the first quarter of 2022, according to their website. To build plans for the token’s launch, they’re collaborating with Horizen Labs (which has its own ZEN token) and Fenwick & West LLP’s legal team.
“First and foremost, launching an ERC-20 token is ridiculously simple; it takes minutes,” the account claimed. “It’s a lot more difficult to build a legally compliant token and set it up in a responsible, long-term manner.”
The thread went on to say, “Not to mention consciously build dope utility and governance, benefit our club members, and introduce the BAYC ecosystem to a far wider audience.” “We want to accomplish this in a sound manner for the good of our members and the greater NFT community.”
The idea of NFT avatars functioning as a pass to an exclusive club of holders was popularized by the Bored Ape Yacht Club. Owners get access to a special Discord group, exclusive items, and free NFTs in the form of Bored Ape Kennel Club and Mutant Ape Yacht Club collectibles.
According to CryptoSlam, the core Bored Ape Yacht Club collection has generated over $545 million in trade volume, with the Mutant Ape Yacht Club adding another $285 million and the Kennel Club at $91 million and counting.
On the OpenSea marketplace, the most affordable Bored Ape Yacht Club NFT costs around 39.5 ETH, or $140,000. NBA player Stephen Curry and artist Marshmello are among the notable owners.
