Bored Ape Yacht Club reveals Q1 2022 launch date for token
Bored Ape Yacht Club (BAYC) has teased the 5,600 holders of its ape-based NFT collection with a tentative launch date for a much-anticipated BAYC token.
In a tweet, the ‘blue-chip’ NFT collection outlined plans for the token with a comedic, light-hearted pun on one of the most commonly asked questions in the NFT community – “WEN TOKEN?” [sic].
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 tweet described how “stupid easy” it was to launch an ERC-20 token for BAYC, saying “it takes minutes” to set one up.
However, to match its future ambitions and establish the longevity of the project, BAYC has taken a more responsible approach to the creation of a native utility token.
In a series of follow-up tweets, BAYC said it was more complicated to “construct a legally compliant token” and that they’re planning on setting one up in a “responsible, sustainable way”.
BAYC noted it will be setting up the token “in a sound way” to benefit BAYC holders members and the broader NFT community in the long run.
The token itself is being designed by BAYC to “craft dope utility and governance, benefit our club members, and bring the BAYC ecosystem to a much wider audience”.
BAYC then revealed the news that holders have been waiting for – the proposed release date for the BAYC token.
So, given that . . . WEN TOKEN?
Well, apes: We're currently looking at Q1 2022.
— Bored Ape Yacht Club (@BoredApeYC) October 8, 2021
The Q1 2022 token date has been established to allow the development team to build a legal framework and infrastructure to ensure the token remains sustainable and legally compliant.
To accomplish this, BAYC said it was working with Fenwick West – a legal firm that has represented many top blockchain projects – to help develop the token from a legal standpoint.
BAYC also revealed it was partnering with Horizen Labs to spur the development of the token.
It’s speculated that BAYC is developing the token in this manner to circumvent SEC regulations and its potential classification of utility tokens as securities.
BAYC remains the leading “PFP” collection in the NFT space and has seen incredible strength, trading volume and demand following the recent Christie’s auction.
A new record sale of 769 ETH ($2.67m) was also established on September 30 for “Trippy” fur ape #2087 – one of 77 in the entire collection and an extremely sought-after, expensive trait.
