Bored Ape Yacht Club (BAYC) is a collection of 10,000 generative NFTs. The official Twitter page for the non-fungible token (NFT) project declares its planning to launch its own token. Also, the announcement released on Friday specified the launch will be in Q1 of 2022.
“It’s stupid easy to launch an ERC-20 token; it takes minutes,”
Bored Ape Yacht Club writes on Twitter,
“It’s much more complicated to construct a legally compliant…”
“…token and set it up in a responsible, sustainable way.”
Notably, The Bored Ape Yacht Club team explains the token launch is tricky. Then, goes ahead to mention the factors around it. More so, the team share concerns like utility, governance, owner benefits and audience reach.
However, the team is planning with the tech-focused legal team Fenwick West and blockchain-based tech firm Horizen Labs to handle these issues.
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Furthermore, BAYC is set to become one of the first large-scale NFT project to airdrop tokens to holders. Meanwhile, Loot Project, an NFT project of randomized adventure gear, had the token adventure gold $AGLD. Also, an Ethereum token airdropped to Loot Project NFT holders.
Additionally, A Loot community member builds the token, while Loot members finds out its use cases after the launch. CoinDesk makes reports.
Lastly, the Bored Ape Yacht Club token details are not yet in specifics. However, BAYC team is building out the token ecosystem before the token launches, not after as seen in Loot.