The owners of the famous NFT collection Bored Ape Yacht Club (BAYC) 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 apes created by Era Labs. It is worth noting that according to dappradar.com metrics, sales of this collection have exceeded half a billion dollars so far.
The official BAYC Twitter account posted: “Good evening, apes. Have been hearing a lot of questions around the club: Token ven? ven token really… First things first: Launching an ERC-20 token is stupidly easy; takes minutes “
What is an ERC-20 token?
ERC-20 tokens are blockchain-based assets that have value and can be sent and received and are similar in relation to bitcoin, litecoin and any other cryptocurrency. The difference, however, is that ERC-20 tokens are issued on the Ethereum network, rather than running on their own blockchain network.
The company notes in a thread posted on Twitter that the ERC-20 token is easy to launch and only takes a minute but other concerns such as usability, governance, owner benefits and audience reach, along with legal parameters, launch the token. Huh. Crunch.
“Not to mention thoughtfully craft dope utility and governance, benefit our club members, and bring the BAYC ecosystem to a much wider audience. For the sake of our members and the wider NFT community, we do it in a good way.” want,” the BAYC social media account added.
Meanwhile, the BAYC team also warned their fans to beware of fake tokens and scammers. “We are assuming scammers will be out at full force to trick people into buying all kinds of fake tokens. If the information doesn’t come from our official @boredapeyc or @yugalabs twitter, it’s not us. Stay safe, apes. It’s going to be a wild year.
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