The house owners of the well-known NFT assortment Bored Ape Yacht Club (BAYC), on Friday introduced on Twitter that the corporate shall be launching its personal Ethereum primarily based crypto-token, in early 2022.
For those that don’t know, BAYC NFTs are a well-liked assortment of 10,000 distinctive bored apes created by Yuga Labs. It is price noting that this assortment has seen over half a billion {dollars} in gross sales thus far, 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 property which have worth and might be despatched and obtained and are the identical in respect to Bitcoin, Litecoin, and every other cryptocurrency. However, the distinction is that ERC-20 tokens are issued on the Ethereum community, as an alternative of working on their very own Blockchain community.
The firm notes within the thread posted on Twitter that whereas It’s straightforward to launch an ERC-20 token and solely takes a minute however authorized parameters, in addition to different issues like utility, governance, proprietor advantages, and viewers attain, make the token launch tough.
“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 crew additionally warned its followers to be careful for faux 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.”