Yuga Labs, the company behind the famous 10,000 NFT Bored Ape Yacht Club collection, has revealed intentions to issue its ERC-20 currency.
On Twitter, the developers of the non-fungible tokens shared their opinions with their followers. They claim that while generating an ERC-20 token in a matter of minutes is feasible, making it compliant with regulations and “configuring,” it is far more complex.
The project team noted that the launch is considerably complicated by the token’s “legal parameters” and other essential elements such as utility, management, audience reach, and benefits over competing goods. However, to ensure a successful launch for their cryptocurrency, they engaged the help of experienced attorneys from Fenwick West, as well as Horizen Labs, a firm that specializes in new technologies and has previous experience launching cryptocurrencies.
One of the most popular Ethereum-generated NFT collections is Bored Ape Yacht Club. The original set of tokens sold for $548 million, while the “mutation potions” airdrop, which permitted the production of a new non-fungible token, brought the total trade volume to $287 million. Not to mention the Bored Ape Kennel Club tokens, which brought in almost $91 million.
Yuga Labs will be one of the first companies to develop its NFT collecting token. The Loot Project, which distributes Adventure Gold (AGLD) tokens to the owners of the non-fungible tokens it issued, was another project that introduced its cryptocurrency after non-fungible tokens.
The company behind the Bored Ape Yacht Club intends to release tokens in the first quarter of 2022. Meanwhile, today’s “cheapest” NFT Bored Ape costs 39.5 ETH (about $141,528) and is already held by NBA star Stephen Curry, DJ Marshmello, and others.