In Brief:
- Bored Ape Yacht Club (BAYC) announced on Twitter that it will launch its own Token.
- BAYC is collaborating with Fenwick West, and Horizen Labs to handle such issues.
Bored Ape Yacht Club (BAYC), a collection of 10,000 non-fungible tokens (NFTs), announced Friday in a Twitter post that it will launch its own token in the first quarter of 2022.
“It’s ridiculously easy to launch an ERC-20 token; it takes just a few minutes,” BAYC wrote on Twitter. “It’s far more complicated to build a legally compliant token that is set up in a responsible, sustainable manner.”
BAYC points out that legal parameters aren’t the only things making a token launch tricky. There are also concerns about utility, governance, owner benefits, and audience reach.
Fenwick West, a technology-focused legal team, and Horizen Labs, a blockchain-based tech firm, are collaborating with them to handle such issues.
Board Ape Yacht Club is one of the most successful NFT projects. Its newly launched NFT collection Mutant ape is gaining a lot of traction, with the news of a new token the project is now under collectors radar for multiple reasons.
Although details about the Bored Ape Yacht Club token have yet to emerge, the initiative appears to be building out the token ecosystem ahead of time, not after the token launches.
