WEN TOKEN? Last October 2021, the Bored Ape Yacht Club team confirmed the release of the $APE coin by Q1 2022. So when NFT influencer Breezy.eth jokingly tweeted that the coin would drop on February 30, the community went crazy! Most didn’t even catch the humor until they checked their calendars.
As of press time, the viral tweet has over 2000 likes. The excitement just proves that collectors and enthusiasts are looking forward to more utility from the top-tier NFT project.
What we know so far about the $APE Coin
BAYC is a billion-dollar NFT ecosystem with a total of 398,300 ETH trading volume or approx $1.084 billion on OpenSea. So the team behind the sensational collection is confident that releasing their own token is a natural progression.
The community is busy speculating what will be the tokenomics and utility of the $APE coin. NFT holders are excited to confirm if they can redeem free tokens. Non-holders are hoping that the tokens will be the way to ape into the project without owning a Bored Ape NFT, just like governance tokens in gaming projects and DAOs.
Previously, BAYC’s legal team shared that it’s much more complicated to construct a legally compliant token and set it up in a responsible, sustainable way. In addition, they also need to thoughtfully “craft dope utility and governance, benefit club members and bring the BAYC ecosystem to a wider audience.” Given these considerations, the team determined that Q1 2022 is the best timeframe to launch the highly anticipated token.
BAYC enlisted @FenwickWest, the legal team representing many top blockchain projects, to handle the regulatory side of things. The Giga brains over at @HorizenLabs (creators of $ZEN, recently listed on @CoinbasePro) is also a partner.
The BAYC team also urged 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.”
Latest News About BAYC
For weeks, crypto Twitter has been speculating that Bored Ape Yacht Club NFTs will be one of the highlights at this year’s Super Bowl Show. Then, a few days before the show, BAYC co-founder @CryptoGarga released a statement that the team was not working on anything related to the Super Bowl. Some BAYC holders thought it was just a diversion and that there would be a major plot twist. To the community’s disappointment, bored Apes were really a no-show during the broadcast.