Reinforcing its commitment to creating utility for the project, Bored Ape Yacht Club confirmed the release of BAYC Coin by Q1 2022. This is a natural progression, given that BAYC is smashing records commercially.
As of press time, the project’s lifetime volume has hit 183,000 ETH, valued at $659 Million with today’s rate. Meanwhile, the floor price had hit 38ETH representing 475x growth versus the minting cost of 0.08 ETH when the Apes debuted last April.
Currently, 5,594 unique BAYC wallets hold at least 1 BAYC character. One owner owns approximately 103 BAYC NFTs and the NFT called Bored Ape Yacht Club #3749 is the most expensive BAYC in existence. BAYC #3749 sold for 740 ether or $2.65 million last month to an ETH whale with $10.59 million worth of NFTs. The announcement regarding the impending arrival of the BAYC is triggering another wave of BAYC shopping spree!
What we know so far about the BAYC Coin
Last Friday, the team officially answered the community’s top inquiry lately: “WEN TOKEN?”
The team reiterated that launching an ERC-20 token is a no-brainer. However, it’s much more complicated to construct a legally compliant token and set it up in a responsible, sustainable way. Additionally, they also need to thoughtfully craft dope utility and governance, benefit club members and bring the BAYC ecosystem to a wider audience. So the best approach is to do it the sound way.
Given these considerations, the team determined that Q1 2022 is the best timeframe to launch the highly anticipated token. It seems like things are moving along in the direction because @FenwickWest, the legal team that represents many top blockchain projects, is handling the regulatory side of things. Moreover, BAYC is partnering with the Giga brains over at @HorizenLabs (creators of $ZEN, recently listed on @CoinbasePro).
The BAYC team also told its fans to watch out for fake tokens and scammers. “We’re assuming scammers will be out in full force looking to trick folks into buying all kinds of phony tokens. If info 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.”
BAYC: NFT Industry’s Shining Star
BAYC certainly has come so far. Bored Apes instantly became Twitter Famous. Celebrities and NFT space figures flocked to OpenSea to score some of the original Bored Apes in the Collection. Bored Apes were used as an avatar or a display picture in social media accounts, much like CryptoPunks.Now it is one of the industry leaders.
The ape-themed Collectible even inspired an offshoot NFT collection called the Mutant Ape Yacht Club (MAYC), the sixth-largest NFT collection in terms of all-time sales with $278.19 million. The 278 million dollars in sales was between 9,783 MAYC traders across 11,974 sales, according to CryptoSlam.
BAYC’s popularity has even reached the Asian Market. Last week, Start Art Gallery in Hong Kong exhibited several excellent Apes. The Galley is the World’s 1st Physical NFT Art Gallery offering Unique Experience in Chain Art Metaverse.