Yuga Labs, responsible for launching the popular 10,000 NFT collection called Bored Ape Yacht Club, has announced plans to release its own ERC-20 token.
The creators of the series of non-fungible tokens shared these thoughts with their followers on Twitter. According to them, it is possible to create an ERC-20 token in just a few minutes it is many times more difficult to make it comply with the legislation and “configure” it.
The project team emphasized that it is the “legal parameters” of the token and a number of other important aspects, such as usefulness, management, audience reach, and advantages over the products of other companies, that significantly complicate the launch. However, in order to be sure of a smooth start for their cryptocurrency, they enlisted the support of professional lawyers from Fenwick West, as well as Horizen Labs, specializing in innovative technologies and having experience in launching their ZEN cryptocurrency.
Bored Ape Yacht Club is one of the most popular Ethereum-generated NFT collections today. The sale of the basic set of tokens exceeded $548 million, and the "mutation potions" airdrop, which allowed the release of a new non-fungible token, added another $287 million to the trading volume. Also, do not forget about the Bored Ape Kennel Club tokens that brought in more than $91 million.
Yuga Labs will be one of the pioneers among teams that have created their own NFT collection token. Another project that previously launched its cryptocurrency after non-fungible tokens were the Loot Project, which distributed Adventure Gold (AGLD) tokens to the owners of the NFTs they issued.
The Bored Ape Yacht Club team plans to launch tokens in the first quarter of 2022. Meanwhile, the “cheapest” NFT Bored Ape today costs 39.5 ETH, or about $141,528, and is already owned by NBA star Stephen Curry, DJ Marshmello, and others.
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