Bored Ape Yacht Club, a non-fungible token project, has announced that it will launch its token in the first quarter of 2022. The NFT project Bored Ape is a collection of 10,000 apes, each with a glum look.
Each Bored Ape NFT has its personality, including varied expressions, clothing, hairdos, and strange fur.
A Difficult Situation
The NFT project issued a message via its official Twitter account.
The project’s founders admitted that legal constraints and aspects like owner advantages, audience reach, utility, and governance would make the token launch difficult. However, the organization is working with Fenwick West’s legal team and Horizen Labs, a blockchain-based innovation startup, to guarantee a seamless launch.
Tokens Will Be Airdropped For The First Time In A Large-Scale NFT Project
If the launch goes through, the Bored Ape Yacht Club would be the first NFT project to airdrop tokens to holders. A randomized adventure gear NFT project called the Loot Project contained $AGLD, an Ethereum-based token that was airdropped to Loot Project NFT holders.
The token was designed by a member of the Loot project community, and following its debut, members of the community had to find out how to utilize it.
Token Infrastructure Construction
More information about the Bored Ape Yacht Club token has yet to be disclosed, but the team appears to be focusing on developing the token ecosystem before the token’s introduction, rather than afterward, as with the Loot token.
A $24.4 million auction was held for a bored ape NFT set.
With the announcement that a set of 101 NFTs from the Bored Ape Yacht Collection were sold for a record $24.4 million at British auction house Sotheby’s, the crypto-community has continued to support NFTs.
The transaction was followed by another sale from the bored ape collection, in which 101 NFTs from the Bored Ape Kennel Club Collection were auctioned for $1.8 million, bringing the total number of NFTs auctioned by the auction house to 202 NFTs for a total of $26.6 million.