The owners of the popular NFT Bored Ape Yacht Club (BAYC) collection announced on Twitter on Friday that the company will launch 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 monkeys created by Yuga Labs. It should be noted that this collection has recorded over half a billion dollars in sales to date, according to metrics from dappradar.com.
BAYC’s official Twitter account posted, “Good evening, monkeys. You have heard a lot of a question around the club: WEN TOKEN? Wen token indeed… First of all: it’s stupid and easy to throw an ERC-20 token; it takes a few minutes.
What is the ERC-20 token?
ERC-20 tokens are Blockchain-based assets that have value and can be sent and received and are the same when it comes 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 Twitter thread that while it is easy to launch an ERC-20 token and only takes a minute, the legal parameters, along with other concerns such as utility, governance, the benefits to the owner and the reach of the public, make the launch of the token. cunning.
“Not to mention the usefulness and governance of dope, which benefits our club members and brings the BAYC ecosystem to a much wider audience. For the sake of our members and the wider NFT community, we want to do this in a healthy way, ”added social media account BAYC.
Meanwhile, the BAYC team also warned their fans to watch out for fake tokens and scammers. “We assume that many scammers will try to trick people into buying all kinds of fake tokens. If the news isn’t coming from our official Twitter @boredapeyc or @yugalabs, it’s not us. Stay safe, monkeys. It’s gonna be a crazy year.
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