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Bored Ape Yacht Club announces the launch of its own coin for 2022

Matthew Fleischman
BAYC coins

The NFT collection Bored Ape Yacht Club is set to launch their own Ethereum-Based Token Coin in Early 2022.

  • The BAYC launched back in April 2021.
  • This is the first NFT collection to use NFT Ownership akin to a membership.
  • They are now launching their DAO Coin in early 2022.
  • Currently, the BAYC Sales volume is over $1 billion.

One of the most popular and unique NFT collections, the Bored Apes Yacht Club, is launching their own cryptocurrency token.  Yuga Labs, the company behind the collections plans to launch the token early in 2022, according to a Twitter thread.  

Bored Ape Yacht Club

After its initial launch in April of this year, the Bored Apes Yacht Club, is seen by some in the NFT community as a Pioneer in the applicable use of NFT.  At first glance, the collection might not seem too dissimilar from other collections on the NFT Marketplace. 

There are a total of 10,000 of primate avatars in the collection.  And similar to other collections, each Ape is unique and programmatically generated with over 170 possible traits.  These traits include different expressions, headwear, clothing, and more, and like similar collections, some traits are rarer than others. The one trait all the avatars seem to have is, as you might have guessed, they are bored.

One thing that makes this collection different, though, is how Yuga Labs uses the NFT avatars.  They were the first collection to say owning a Bored Ape is like a membership card. The card allows owners access to an exclusive club, called Yacht Club.  Being a member of the Yacht Club has its own set of members-only benefits.  Perks include airdrops of Mutant vials that mint a mutated version of your NFT. Additionally, access to a community collaborative graffiti board called the bathroom.  And most recently announced the ability to buy, sell and collect the new BAYC tokens early next year.

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BAYC Token

In a series of twitter posts from the BAYC account, Yuga Labs not only made the announcement about the new coin but explained when, why and what it would be used for.  Firstly, the ERC-20 Coin, the Ethereum based standard for cryptocurrency, plans to serve as a sort of reward for NFT holds.  Additionally, the coin will also work as a governance token for the Decentralized Autonomous Organization, or DAO, they plan to launch as well.  Lastly, the project hops the coin will help expand the project into other areas of the crypto-asset world, such as Decentralized Finance, DeFi.

According to the Tweet thread, “it’s stupid easy to launch an ERC-20 token; it takes minutes.

It’s much more complicated to construct a legally compliant token and set it up in a responsible, sustainable way.”  As such, Yuga Labs is partnering with Horizon Labs, which created the $ZEN token, to assist them in the development of their new coin.  Yuga Labs is also working with Fenwick & West LLP on the token as well to ensure the token is legally compliant.

While no name or exact date for the token is in the tweet threat announcement, excited fans should look towards the first quarter of 2022 for the launch.  

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