Bored Ape Yacht Club planning NFT token release
The BAYC community said it’s carefully considering all aspects of the tokenisation process
Bored Ape Yacht Club (BAYC) has announced it will be launching its own tokens in 2022, following a partnership with the US blockchain technology company Horizen Labs and the law firm that represents many blockchain projects, Fennick & West LLP.
The BAYC community said it is carefully considering all aspects of the first-ever tokenisation associated with a piece of the NFT collection. The process normally splits ownership rights into smaller bits, or allows shares of physical goods bound to the NFTs.
“It’s stupid easy to launch an ERC-20 token; it takes minutes. It’s much more complicated to construct a legally compliant token and set it up in a responsible, sustainable way. 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 soundly,” said the BAYC community on Twitter.
The Bored Ape Yacht Club
The BAYC is a collection of 10,000 unique Bored Ape NFTs that are auctioned and exchanged on the platform OpenSea. The original price of the NFTs was ETH 0.08, or just $284 at the current rate of exchange.
After the NFT boom, a unique set of 101 Bored Ape Yacht Club NFTs sold for a staggering $24.4m at Sotheby's.
According to Nonfungible, in the last month, the whole collection generated sales of $140.4m on the market, while primary sales remained stable at $10m after having topped the $131m level in September.
On the other hand, secondary sales witnessed a drastic decrease in number as more new NFT collections emerge on the market. From an average of 100 pieces exchanged per day, the collection moved to just 40 pieces exchanged in the last 24 hours.
Horizen Labs did not immediately respond to a request for comment.