NFT project Bored Ape Yacht Club plans to launch tokens or enter DeFi in the first quarter of 2022

Bored Ape Yacht Club is the most popular based on Ethernet Square, one of NFT collections this spring to flourish, it has so far produced a turnover of over $ 500 million. What is worth looking forward to is that it will launch BAYC token early next year.

According to official Twitter news on October 9, Bored Ape Yacht Club (BAYC) plans to launch ERC-20 tokens in the first quarter of 2022. ERC-20 tokens can be used as rewards for NFT holders, and can be used as governance tokens for DAOs, helping projects expand to other types of crypto markets, such as DeFi.

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The Yuga Labs team stated that launching ERC-20 tokens is easy and only takes a few minutes. Building a legally compliant token and setting it up in a responsible and sustainable way is much more complicated. They are working with the blockchain technology company Horizen Labs (which has its own ZEN token) and the legal team of Fenwick & West LLP to develop a plan to launch the token.

Bored Ape Yacht Club is a series of ape avatars with different characteristics, a total of 10,000 in total, all of which have been cast and can be purchased through the second-hand trading platform. BAYC announced on its official website the TokenID, SHA-256 hash value and IPFS hash value of each avatar. At the same time, it also uses a decentralized storage system to back up the media data of each avatar, and also the backup information. It was publicized. In August of this year, NBA superstar Stephen Curry bought a boring ape in a coarse-grained suit for 55 ETH (approximately US$180,000) and used it as a Twitter avatar.

OpenSea data shows that as of now, Bored Ape Yacht Club has about 5,600 owners, the floor price is 39.28 ETH, and the total transaction volume is 181,000 ETH.

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