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According to the creators of the popular Ethereum NFT project, bored ape tokens will be available early next year.
The Bored Ape Yacht Club, one of the most popular Ethereum-based NFT collections, exploded this spring and has since generated hundreds of millions of dollars in trading. Owners are billed as members of the club, and membership comes with benefits, one of which appears to be the launch of a BAYC token early next year.
Today, the official BAYC Twitter account shared a tweet thread about its plans to launch a token. An ERC-20 token could be used to reward NFT holders, act as a governance token for a DAO, and aid in the project’s expansion into other types of crypto initiatives, such as DeFi.
The Yuga Labs team intends to launch a token in the first quarter of 2022. To develop plans for the token’s launch, they’re working with blockchain tech firm Horizen Labs (which has its own ZEN token) and the legal team at Fenwick & West LLP.
“First things first: It’s stupid easy to launch an ERC-20 token; it takes minutes,” the account wrote. “It’s much more complicated to construct a legally compliant token and set it up in a responsible, sustainable way.”
“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 idea of NFT avatars serving as a pass to an exclusive club of holders was popularised by the Bored Ape Yacht Club. Owners have access to a private Discord community, exclusive merchandise, and free extra NFTs in the form of Bored Ape Kennel Club and Mutant Ape Yacht Club collectibles.
According to CryptoSlam, the primary Bored Ape Yacht Club collection has generated more than $545 million in trading volume to date, with the Mutant Ape Yacht Club adding another $285 million and the Kennel Club at $91 million and counting.
The most affordable Bored Ape Yacht Club NFT on the OpenSea marketplace costs around 39.5 ETH, or $140,000. NBA star Stephen Curry and musician Marshmello are among the notable owners.