- According to a tweet from the NFT collection Bored Ape Yacht Club, the organisation will launch its own crypto coin in early 2022.
- The BAYC is a collection of over 10,000 NFTs that have generated approximately $500 million in trade volume. The BAYC Twitter account, which has one of the largest NFT collections, has been teasing the arrival of its currency.
What is the Bored Ape Yacht Club?
The Bored Ape Yacht Club comprises 10,000 Bored Ape NFTs, which are one-of-a-kind digital valuables that live on the Ethereum blockchain. Your Bored Ape also serves as your Yacht Club membership card, granting you access to exclusive amenities like THE BATHROOM, a collaborative graffiti board. In addition, the community can access future regions and bonuses by activating the roadmap.
BAYC’s NFT owners are considered members of the club, and membership comes with benefits, one of which is an in-house token that buyers can collect and utilise. The Twitter thread indicates that while creating an ERC-20 token is relatively simple, Yuga Labs looks at the big picture. With ambitions to build its own Decentralised Autonomous Organisation, or DAO, BAYC’s token might act as a governance token or kind, allowing the project to extend out into other crypto-assets such as Defi.
What does the team have to say?
The Yuga Labs team expects to launch a token in the first quarter of 2022, and they’re collaborating with blockchain tech startup Horizen Labs (which has its ZEN token) and Fenwick and West’s legal team to make strategies for the launch. “First things first: It’s stupid easy to launch an ERC-20 token; it takes minutes,” the account stated. “It’s much more complicated to construct a legally compliant token and set it up in a responsible, sustainable way.”
“Not to mention craft dope utility and governance thoughtfully, 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 soundly.”
BAYC would be one of the first large-scale NFT projects to distribute tokens to holders via an airdrop. For example, the token adventure gold $AGLD, an Ethereum token airdropped to Loot Project NFT holders, was created by Loot Project, an NFT project with randomised adventure gear.
The Bored Ape Yacht Club is known for putting into action a notion that We may use NFT purchases to gain access to an elite club of holders. When you buy an NFT, you join a community that gets you access to a private Discord server, unique items, and free NFTs in the form of Bored Ape Kennel Club and Mutant Ape Yacht Club collectables.
While the BAYC token’s specifications are still being ironed out, the BAYC team looks to be putting the finishing touches on the token ecosystem ahead of the token’s launch.