The non-fungible token project, Bored Ape Yacht Club, has revealed that it is planning to launch its own token in the first quarter of 2022. The Bored Ape NFT project is a collection of 10,000 apes, each with dull and dour expressions.
Each Bored Ape NFT has several unique attributes such as different expressions, outfits, different hairdos, and unusual fur.
A Tricky Affair
The NFT project took to its official Twitter handle to put out a statement,
“It’s stupid easy to launch an ERC-20 token; it takes minutes. It’s much more complicated to construct a legally compliant token and set it up in a responsible, sustainable way.”
The team behind the project acknowledged that legal parameters, along with factors such as owner benefits, audience reach, utility, and governance, will make the token launch quite tricky. The project is working with the legal team at Fenwick West and blockchain-based tech firm Horizen Labs to ensure a smooth launch.
First Large Scale NFT Project To Airdrop Tokens
If the launch goes through, then The Bored Ape Yacht Club would become the first NFT project that would airdrop tokens to holders. Another project, called the Loot Project, a randomized adventure gear NFT project, had $AGLD, an Ethereum based token that was airdropped to Loot Project NFT Holders.
A Loot project community member created the token, and members of the community had to figure out its use cases after its launch.
Building Token Infrastructure
More details of the Bored Ape Yacht Club token are yet to be released, but the team looks to be focusing on building the token ecosystem before the token is launched, not after the launch of the token, as in the case of the Loot token.
Bored Ape NFT Set Auctioned For $24.4 Million.
The crypto-community has continued to back NFTs, with the news that a set of 101 NFTs from the Bored Ape Yacht Collection were sold for a record $24.4 Million at British auction house Sotheby’s.
The sale is the biggest ever NFT sale in the NFT space and was followed by another sale from the bored ape collection, where 101 NFTs from the Bored Ape Kennel Club Collection for $1.8 million, bringing the total number of NFTs auctioned by the auction house to 202 NFTs, for a total of $26.6 million.
Disclaimer: This article is provided for informational purposes only. It is not offered or intended to be used as legal, tax, investment, financial, or other advice.
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