Bored Ape Yacht Club plans to launch its own token in Q1 of 2022
The official Twitter page for the non-fungible token (NFT) project Bored Ape Yacht Club (BAYC) — a collection of 10,000 generative NFTs — announced Friday that it expects to launch its own token in Q1 of 2022.
“It's stupid easy to launch an ERC-20 token; it takes minutes,” BAYC wrote on Twitter. “It’s much more complicated to construct a legally compliant token and set it up in a responsible, sustainable way.”
The BAYC team notes that it is these legal parameters, as well as other concerns like utility, governance, owner benefits and audience reach, that make the token launch tricky. However, they are working with the tech-focused legal team Fenwick West and blockchain-based tech firm Horizen Labs to handle such complexities.
BAYC would be one of the first large-scale NFT project to airdrop tokens to holders. Loot Project, an NFT project of randomized adventure gear, had the token adventure gold $AGLD, an Ethereum token airdropped to Loot Project NFT holders. A Loot community member built the token, and Loot members had to figure out its use cases after the launch, reported CoinDesk.
While details about the BAYC token have yet to take shape, the BAYC team appears to be building out the token ecosystem before the token launches, not after, as was the case with Loot.
What is NFT art? — An NFT is a digital asset that exists completely in the digital universe—you can't touch it, but you can own it. An NFT can be any type of digital file: an artwork, an article, music or even a meme such as “Disaster Girl”, the original photo of which sold for $500k earlier this year.