In a tweet thread, Bored Apes announced a Bored Ape token. In the tweet, they said, “Good evening, apes. Been hearing a question around the club a lot: WEN TOKEN? Wen token indeed.” They later went on to discuss how they plan on releasing the token sometime in Q1 and how they are taking their time to ensure the best possible product for their community.
Good evening, apes. Been hearing a question around the club a lot:— Bored Ape Yacht Club (@BoredApeYC) October 8, 2021
WEN TOKEN? 🤔
Wen token indeed . . . Some thoughts below.
There is still much more time before this token launches, but this is what we know so far:
The token is expected to be released in Q1, as mentioned before. This will be an exciting time when it is expected to come out sometime in early next year.
BAYC is working with a legal team to make sure this token is legit and legal. The Bored Ape team is working with Fenwick & West LLP, a legal firm that has worked with various crypto projects.
They are partnering with Horizen Labs, the team behind the cryptocurrency Horizen (ZEN).
It is also speculated that the token will be given to the whole BAYC ecosystem and not just to Bored Ape holders.
Still, there are many questions to be asked, like what is the use for this token? Who will this token be distributed to, and will long-term holders gain extra benefits? What will the effects be on the NFT project?
Sounds cool but in all honesty - what's the purpose of having a token? The NFTs currently act as both store of value and governance rights. Why leak / splinter those properties between the NFTs and a token? How is this not going to erode the value of the NFTs?— mgoesdistance.eth 🦇🔊 (@m_goes_distance) October 9, 2021
All in all, it is still really nice to see an NFT project as big as BAYC still taking steps to advance their project and community.