The owners of the famous NFT collection Bored Ape Yacht Club (BAYC), on Friday announced on Twitter that the company will be launching its own Ethereum based crypto-token, in early 2022.
For those who don’t know, BAYC NFTs are a popular collection of 10,000 unique bored apes created by Yuga Labs. It is worth noting that this collection has seen over half a billion dollars in sales to date, as per dappradar.com metrics.
The official BAYC Twitter account posted: “Good evening, apes. Been hearing a question around the club a lot: WEN TOKEN? Wen token indeed… First things first: It’s stupid easy to launch an ERC-20 token; it takes minutes.”
What is ERC-20 Token?
ERC-20 tokens are Blockchain-based assets that have value and can be sent and received and are the same in respect to Bitcoin, Litecoin, and any other cryptocurrency. However, the difference is that ERC-20 tokens are issued on the Ethereum network, instead of running on their own Blockchain network.
The company notes in the thread posted on Twitter that while It’s easy to launch an ERC-20 token and only takes a minute but legal parameters, as well as other concerns like utility, governance, owner benefits, and audience reach, make the token launch tricky.
“Not to mention thoughtfully craft dope utility and governance, benefit our club members, and bring the BAYC ecosystem to a much wider audience. For the sake of our members and the broader NFT community, we want to do this in a sound way,” the BAYC social media account added.
Meanwhile, the BAYC team also warned its fans to watch out for fake tokens and scammers. “We’re assuming scammers will be out in full force looking to trick folks into buying all kinds of phony tokens. If info doesn’t come from our official @boredapeyc or @yugalabs Twitter, it’s not us. Stay safe, apes. It’s going to be a wild year.”