According to the group on Twitter, the NFT collection Bored app Yacht Club will launch its own crypto token in early 2022. BAYC is a collection of over 10,000 NFTs that have generated almost half a billion dollars in trading volume. One of the largest NFT collections, the BAYC Twitter handle is posting about launching its token soon.
Owners of BAYC’s NFTs are billed as club members, and membership has privileges, one of which will be an in-house token that buyers can collect and take advantage of. The Twitter thread suggests that creating an ERC-20 token can be incredibly easy, but the folks at Era Labs are looking at a bigger picture. With plans to launch its own Decentralized Autonomous Organization or DAO, BAYC’s token could help serve as a governance token or sort of thing and help expand the project to other branches of crypto-assets, including DeFi. Can do.
According to The team at Era Labs, they want to launch a token in the first quarter of 2022 and the team is working with blockchain tech firm Horizon Labs (which has its own Zen token) as well as the legal team from Fenwick and West. , to develop a plan to launch the token. “First things first: launching an ERC-20 token is stupidly easy; it takes minutes,” the account wrote. “It is much more complicated to build a legally compliant token and set it up in a responsible, sustainable manner “
“Not to mention thoughtful dope utility and governance, benefit our club members, and bring the BAYC ecosystem to a much wider audience,” the thread continued. “We want to do this in a good way for the sake of our members and the wider NFT community.”
Bored Ape Yacht Club’s claim to fame is its implementation of the idea that NFT purchases can become a pass for a particular club of holders. Once you purchase an NFT, you become part of a community that enjoys access to a private Discord community, access to exclusive merchandise, and access to Bored Ape Kennel Club and Mutant Ape Yacht. The club also receives free additional NFTs in the form of collectibles.