The NFT Bored Ape Yacht Club collection will launch its own crypto token in early 2022, according to the group on Twitter. BAYC is a collection of over 10,000 NFTs, which have generated nearly half a billion dollars in trading volumes. One of the largest NFT collections, the BAYC Twitter handle posted about the upcoming launch of its own token.
BAYC’s NFT owners are billed as club members, and membership has privileges, one of which will be an internal token that buyers can collect and use. The Twitter feed explains that an ERC-20 token can be incredibly easy to create, but those at Yuga Labs envision a bigger picture. With plans to launch its own Decentralized Autonomous Organization or DAO, BAYC’s token could serve as a governance or sorting token and help expand the project to other branches of crypto assets, including DeFi.
According to the Yuga Labs team, they are looking to launch a token in the first quarter of 2022 and the team is working with blockchain technology company Horizen Labs (which has its own ZEN token), as well as the Fenwick and West legal team. , to develop plans to launch the token. “First of all: it’s stupid and easy to throw an ERC-20 token; it takes a few minutes, ”the account wrote. “It’s much more complicated to build a law-compliant token and configure it responsibly and sustainably.”
“Not to mention the usefulness and governance of the dope in a thoughtful way, for the benefit of our club members and for spreading the BAYC ecosystem to a much wider audience,” the thread continues. “For the sake of our members and the NFT community at large, we want to do this in a healthy way.”
The Bored Ape Yacht Club’s claim to fame is the implementation of an idea that NFT purchases could become a pass for an exclusive club of holders. Once you purchase an NFT, you become part of a community that has access to a private Discord community, exclusive products, and free additional NFTs in the form of Bored Ape Kennel Club and Mutant Ape collectibles. Yacht club.
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