The official Twitter page of the non-fungible token (NFT) project, the Bored Ape Yacht Club (BAYC) – a collection of 10,000 generative NFTs, announced on Friday that it plans to launch its own token in the first quarter of 2022.
“It’s foolish to just launch an ERC-20 token; it takes a few minutes, ”wrote BAYC on Twitter. “It’s much more difficult to create a legally compliant token and set it up in a responsible and sustainable manner.”
The BAYC team notes that it is these legal parameters, as well as other issues such as usefulness, governance, benefits for owners, and audience reach, that make launching a token difficult. However, they are working with the technology-focused Fenwick West legal team and technology-focused technology firm Horizen Labs to deal with such complexities.
BAYC will be one of the first large-scale NFT token distribution projects. The Loot Project, an NFT randomized adventure gear project, received the $ AGLD Adventure Gold Token, an Ethereum token that was handed out to NFT Loot Project holders. A member of the Loot community created a token, and the Loot members had to figure out their use cases after launch.
While the details of the BAYC token have yet to emerge, the BAYC team seems to be building the token ecosystem before the launch of the token, rather than after, as was the case with Loot.
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