News

A Bored Ape Yacht Club Social Token Is in the Works

BY Langston Thomas

October 08, 2021

The Bored Ape Yacht Club has announced that it is currently developing a new social token. The developers of the popular Ape NFT project took to Twitter Oct. 8 to share the news, and also noted that the token is set to launch as early as the first quarter of 2022.

However, after months of speculation within the NFT community, BAYC developers explained that they’re taking their time with this new endeavor to ensure that they get it right. To help with that, Bored Ape has partnered with seasoned blockchain builders Horizen Labs as well as Fenwick & West LLP, a company that provides comprehensive legal services to numerous blockchain projects.

The Bored Ape Yacht Club has experienced a meteoric rise in 2021, achieving mainstream media coverage and even onboarding A-list celebrities such as Stephen Curry, Marshmello and others into its NFT club. The project has racked up more than $650 million in sales volume to date, and this latest news comes as the BAYC floor has reached an incredible 40 ETH (about $143K at press time).

Following such notable success including a recent $24.4 million Sotheby’s auction, the launch of a new social token — one that’s done well — would be one way for BAYC developers to give back to Ape owners. Although little is yet known about the token, BAYC has indicated its desire to “craft dope utility and governance, benefit our club members and bring the BAYC ecosystem to a much wider audience.”

Noted the Bored Ape Yacht Club: “For the sake of our members and the broader NFT community, we want to do this in a sound way.”

For more information, visit the official Bored Ape Yacht Club Twitter.

Photos courtesy of Bored Ape Yacht Club.

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