The NFT craze returns! Following Sotheby’s auction, NFT project Bored Ape Yacht Club (BAYC) plans to issue its own token next year.
Crypto collectible NFT projects are issuing their own tokens as the next stage. Bored Ape Yacht Club announces on Twitter that it is launching its own token in the first quarter of 2022.
“Been hearing a question around the club a lot: When [would we issue a] token?” The Bored Ape Yacht Club team says. “It’s stupid easy to launch an ERC-20 token; it takes minutes. It’s much more complicated to construct a legally compliant token and set it up in a responsible, sustainable way.”
The Bored Ape Yacht Club team aims to launch their own tokens in the first quarter of next year. Working with Horizen Labs, the Bored Ape Yacht Club team is working on legal and token governance issues. The team did not disclose other token details.
Bored Ape Yacht Club NFT Token, Following Loot Token AGLD
Horizen Labs is working on a Sidechain-as-a-Service platform, enabling businesses to create their own blockchains. Its token ZEN is available on Coinbase Pro in September this year. In 2019, the company received an investment of US$4 million from Digital Currency Group as seed funding. Other investors include Kenetic Capital and Deribit.
The Bored Ape Yacht Club, an Ethereum NFT project, has a limited number of 10,000 NFTs. Launched in April 2021, Bored Ape Yacht Club has become a hot NFT avatar project after CryptoPunks. Bored Ape Yacht Club emphasizes its positioning as an exclusive society or social organization. A Bored Ape Yacht Club NFT serves as a certificate of membership, allowing holders to join the exclusive Discord server.
In addition, Bored Ape Yacht Club NFT holders can receive free additional NFTs. Earlier, NFT holders received “Mutant Serum” that let existing holders mint new apes for free.
Bored Ape Yacht Club will become one of the few NFT projects where the official team issues its own tokens. Earlier, holders of text-only NFT project Loot received AGLD token airdrops. However, the AGLD token is not launched by the official team, but only by a community member. It aims to expand the Loot NFT gaming ecosystem.
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