NFT Pioneers Bored Ape Yacht Club to Launch Its Own Ethereum-Based Token in 2022

With plans of launching its own DAO, BAYC's plan of launching a token could help serve the role of a governance token for NFT owners.

NFT Pioneers Bored Ape Yacht Club to Launch Its Own Ethereum-Based Token in 2022

Photo Credit: Twitter/ BoredApeYC

Bored Ape Yacht Club is a highly successful NFT project

Highlights
  • Bored Ape tokens are due to launch in early 2022
  • The BAYC NFT project has raked in trades worth $545 million
  • The team is working with Horizon Labs to create the token

The NFT collection Bored Ape Yacht Club will be launching its own crypto token, in early 2022, according to the group on Twitter. The BAYC is a collection of 10,000-plus NFTs, that have generated nearly half a billion dollars in trade volumes. One of the biggest NFT collections, the BAYC Twitter handle has been posting about launching its own token soon.

Owners of BAYC's NFTs are billed as members of the club, and membership has privileges, one of which will be an in-house token that buyers can collect and avail. The Twitter thread explains that an ERC-20 token may be incredibly easy to create, but those at Yuga Labs are looking at a larger picture. With plans to launch its own Decentralised Autonomous Organisation or DAO, BAYC's token could help serve as a governance token or sort and help expand the project into other branches of crypto-assets including DeFi.

According to the team at Yuga Labs, they're looking to launch a token in the first quarter of 2022 and the team is working with blockchain tech firm Horizen Labs (which has its own ZEN token), as well as the legal team of Fenwick and West, to develop plans to launch the token. “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 Bored Ape Yacht Club's claim to fame is the implementation of an idea that NFT purchases could become a pass to an exclusive club of holders. Once you purchase an NFT, you become a part of a community that receives access to a private Discord community, gain access to exclusive merchandise, and also receive free additional NFTs in the form of Bored Ape Kennel Club and Mutant Ape Yacht Club collectables.


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Shomik is a senior sub-editor at Gadgets 360. As someone who's screened the consumer tech space for the past four years, he's now shifted focus to the crypto-verse. When not converting currency values in his head, you may find him in an intense five-a-side football match or grinding out the newest Destiny 2 weekly challenge on his Xbox. You can reach him for tips or queries at ShomikB@ndtv.com. More
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