According to the Bored Ape Yacht Club on Twitter, the NFT collection will debut its own cryptocurrency in early 2022. The BAYC is a network of over 10,000 NFTs that has generated over half a billion dollars in trade volume. The BAYC Twitter account, which has one of the largest NFT collections, has been teasing its own coin launch.
BAYC’s NFT owners are considered members of the club, and membership comes with benefits, one of which is an in-house token that purchasers may acquire and utilize. The Twitter thread notes that while creating an ERC-20 token is very simple, Yuga Labs is looking at the big picture. With ambitions to create its own Decentralised Autonomous Organisation, or DAO, BAYC’s token may act as a governance token or kind, allowing the project to grow out into other crypto-assets such as DeFi.
As per the Yuga Labs team, they intend to issue a token in the first quarter of 2022, and they’re collaborating with blockchain tech startup Horizen Labs (which has its own ZEN token) and Fenwick and West’s legal team to prepare strategies for the launch. “First and foremost, launching an ERC-20 coin is ridiculously simple; it takes minutes,” the account said. “It’s a much more hard to construct a legally valid token and put it up in a responsible, sustainable way.”
The post went on to say, “Not to mention thoughtfully craft dope utility and governance, benefit our club members, and bring the BAYC ecosystem to a much wider audience,” the thread continued. “For the sake of our members and the broader NFT community, we want to do this in a sound way.”
The Bored Ape Yacht Club is known for putting into action a concept that NFT purchases might be used to gain access to an elite club of holders. When you buy an NFT, you join a community that gets you to access to a secret Discord server, unique goods, and free NFTs in the form of Bored Ape Kennel Club and Mutant Ape Yacht Club collectibles.