• Bored Ape Yacht Club NFT Project to Launch with Ether Tokens in Q1 2022

  • The Bored Ape Yacht Club is one of the most popular ethereum-based NFT series that sprung up this spring and has generated hundreds of millions of dollars worth of transactions so far. Owners are known as members of the club, and membership comes with perks – one of which is apparently the BAYC token that will launch early next year.

    Today, the official BAYC Twitter account shared a tweet about its plans to launch a token. An ERC-20 token could be used as a reward for NFT holders, as a governance token for the DAO, and to help expand the project into other types of cryptocurrency programs – such as DeFi.

    According to the Yuga Labs team, they hope to launch a token in the first quarter of 2022. They are working with blockchain technology company Horizen Labs (which has its own ZEN token) and the legal team at Fenwick & West LLP to develop plans to launch the token.

    “First things first: launching an ERC-20 token is silly and it takes minutes,” the account writes.” Building a legally compliant token and setting it up in a responsible and sustainable manner is much more complicated.”

    “Not to mention thoughtfully crafting dumb utility and governance to benefit our club members and bring the BAYC ecosystem to a 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 has largely popularized the idea of the NFT avatar as a pass to the holder’s exclusive club. Owners have access to a private Discord community with access to exclusive merchandise and free additional NFTs in the form of Bored Ape Kennel Club and Mutant Ape Yacht Club collectibles.

    Sotheby’s Bored Ape Yacht Club NFT Auction Generates $24 Million

    According to CryptoSlam, the major Bored Ape Yacht Club collection has generated more than $545 million worth of transactions to date, with Mutant Ape Yacht Club adding another $285 million and Kennel Club at $91 million and counting.

    The most affordable Bored Ape Yacht Club NFT on the OpenSea marketplace sells for about 39.5 ETH, or $140,000 worth. Notable owners include NBA star Steph Curry and musician Mashmero.

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