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NFT Market | Preparing for Bored Ape Yacht Club Token Airdrop? BAYC Plans to Launch Coins in the First Quarter of Next Year, Trading Volume Surges by 200%

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NFT Market | Preparing for Bored Ape Yacht Club Token Airdrop? BAYC Plans to Launch Coins in the First Quarter of Next Year, Trading Volume Surges by 200%

The NFT project Bored Ape Yacht Club (BAYC) was launched in May, experiencing a surge in popularity during the NFT craze, especially after NBA Golden State Warriors guard Stephen Curry acquired one. The official team also revealed plans to launch their own token on 10/8.

Launching Tokens in Q1 2022

Bored Ape Yacht Club (BAYC) announced on Twitter their plan to launch tokens in Q1 of next year. The team claimed that this decision was prompted by the frequent inquiries from the community about when the tokens would be issued, and also to expand the project into areas like DeFi. BAYC stated:

It only takes a few minutes to launch an ERC-20 token, which is as simple as it gets, but creating a legitimate, compliant, responsible, and sustainable token is much more complex. Not to mention the need to carefully construct features, governance mechanisms, benefits for holders, and expand the BAYC ecosystem. Therefore, for the sake of our holders and the broader NFT community, the team hopes to execute in a more robust manner.

BAYC mentioned that the development team is collaborating with legal firm Fenwick & West and privacy coin ZEN developer Horizen Labs, with a tentative plan to launch the tokens in Q1 of next year.

However, BAYC also cautioned the community:

We assume scammers will do their best to lure investors into buying various fake coins. If it doesn't come from the official Twitter information of BAYC or the development team Yuga Labs, it definitely won't be us.

Surge in BAYC Trading Volume

Although there aren't many details about the tokens, BAYC mentioned in the article that the tokens would benefit NFT holders. Foreign media also claimed that BAYC will be the first project to airdrop tokens to NFT holders, leading to a surge in BAYC trading volume.

According to data from CryptoSlam, the trading volume has increased by 264% in the past 24 hours, exceeding $5 million. At the end of August, BAYC's total trading volume was approximately $138 million, but now it has surpassed $500 million, ranking fifth overall.

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