Crypto

Bored Ape Yacht Club (BAYC) launches its first token in 2022 – CoinTribune

The first quarter of 2022 will not pass without a new token being launched on the market. It is a dream nurtured and cherished by the Bored Ape Yacht Club (BAYC), a non-fungible token (NFT) project totaling 10,000 NFT. The team officially announced the good news on their Twitter page.

Neon style text NFT (Non-Fungible Token) on black background

The subjects to be emptied before launching the token.

“It’s stupid easy to launch an ERC-20 token; it takes a few minutes, ”BAYC posted on Twitter. “It is much more complicated to build a token that complies with the law and to configure it in a responsible and sustainable way.”

The team has stated that they are ready to launch a digital token. However, it will take even more time to be successful in this project, due to legal limitations. Aside from these limitations, issues related to utility, governance, and benefits to owners of this token are topics of discussion that make launching the token delicate.

However, BAYC has highlighted that it is working with the Fenwick West legal team, which specializes in technology, and Horizen Labs, which specializes in blockchain technology, to manage these complexities. With this support from which it benefits, BAYC dreams of overcoming the many difficulties that it could face.

It is true that all the details about the BAYC token have not been released yet. However, we already know where the team comes from: building an ecosystem of tokens before its launch and not after as is the case with other projects.

BAYC excels in its field

Why is BAYC developing a new token? We have said it: the answers given by the team are, for the moment, scattered and confused. At least, it does not give key and official reasons. However, several experts believe that the development of the token is done to circumvent SEC regulations and go beyond its potential classification of utility tokens as securities.

To this day, BAYC remains the premier “PFP” collection in the NFT space. She registered a considerable volume of applications after the recent Christie auction. In addition, on September 30, there was a new record sale of 769 ETH, or $ 2.67 million, for the NFT furry jumpsuit “Trippy” # 2087. It is part of the collection that consists of unique, sought-after and very expensive pieces.

The team behind Bored Ape Yacht Club (BAYC) has announced that they are working on a project that involves the launch of a new token. At the time of writing this article, there is little information about the token. For example, it is not yet clear how much the company plans to produce. However, we have one piece of information that is very valuable: the release period. The company said on Twitter that it expects to complete this project by the first quarter of 2022.

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Comments and opinions expressed in this article belong solely to the author and should not be construed as investment advice. Do your own research before making investment decisions.

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