In the first quarter of 2022, the Bored Ape Yacht Club NFT project intends to release a token. A “legally compliant” coin is being developed by Horizen Labs in collaboration with the project’s other members.
BAYC to Release a Token
This spring, one of the most popular Ethereum-based NFT collections, the Bored Ape Yacht Club, came to life and has produced hundreds of millions of dollars in trade to date. Owners are referred to as club members, and membership comes with perks, one of which is a BAYC token that will be available early next year.
According to a recent post from the official BAYC Twitter account, the company intends to issue a token in the near future. It may be used as a reward for NFT holders, a governance token for the Decentralized Autonomous Organization (DAO), or even to extend the project into other crypto projects like DeFi.
Good evening, apes. Been hearing a question around the club a lot:
WEN TOKEN? 🤔
Wen token indeed . . . Some thoughts below.
— Bored Ape Yacht Club (@BoredApeYC) October 8, 2021
The Yuga Labs team says they want to issue a coin in the first quarter of 2022. In order to issue the token, they’re collaborating with Horizen Labs, a blockchain technology company (which has its own ZEN token), and the legal team at Fenwick & West LLP.
BAYC’s Growth in Popularity
The Bored Ape Yacht Club helped popularize the concept of using NFT avatars as a way to get access to a private club. Access to a secret Discord group is available to owners, as well as unique goods such as the Bored Ape Kennel Club and Mutant Ape Yacht Club.
According to CryptoSlam, the main Bored Ape Yacht Club collection has produced over $545 million in trade volume so far, with the Mutant Ape Yacht Club bringing in an additional $285 million and the Kennel Club bringing in an additional $91 million.
Bored Ape Yacht Club NFTs have become more popular as social media avatars, as shown by the growing number of celebrities that use them. Stephen Curry, the three-time NBA champion, purchased one in August 2021 for $180,000 in Ethereum, joining an exclusive group of athletes that also includes Josh Hart, Tyrese Haliburton, and Dez Bryant and Von Miller from the NFL.
Waka Flocka Flame and Jermaine Dupri are also among the other artists that own Apes.