Non-fungible token (NFT) assets have been extremely popular in 2021 and it doesn’t seem like the NFT hype is going away any time soon. NFT collections have soared to new heights, with huge sales that outperform some of the most well-known auctions of physical items. One specific NFT project called Bored Ape Yacht Club (BAYC) has seen $542 million in lifetime sales between 8,749 traders. On Friday, the official BAYC Twitter account revealed that the project plans to launch an token in the first quarter next year.

Bored Ape Yacht Club NFT Collection Captures $542 Million in Lifetime Sales

There have been many artists who have made millions selling single NFTs to people willing to buy cryptographic-backed collectibles. For instance, Beeple is well known for his NFT work, and one of his pieces sold for $69 million at Christie’s.

There are also NFT collections that have fueled the NFT craze such as Cryptopunks and Art Blocks. Bored Ape Yacht Club (BAYC) is a collection that has seen over half a billion dollars in sales to date, and the collection holds the fifth-largest all-time volume according to dappradar.com metrics.

Historical sales activity shows that BAYC’s $542 million in lifetime sales was across approximately 21,481 sales. Dune Analytics statistics indicated there are 5,586 unique addresses today that hold at least one BAYC NFT. 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 owner of BAYC #3749 owns 993 non-fungible token assets across 71 collections. The project plans to launch a token as the BAYC NFT collection continues seeing dedicated sales.

Bored Ape Club to Launch Token

On October 8, the official BAYC Twitter account discussed the token idea with its 177,600 social media followers. “Good evening, apes. “Good evening, apes. Wen token indeed… First things first: It’s stupid easy to launch an ERC-20 token; it takes minutes,” the BAYC Twitter account tweeted on Friday.

“It is much more difficult to create a legally compliant token, and set it up in an responsible, sustainable manner,” the BAYC account noted. “In addition to thoughtfully crafting dope utility, governance, it benefits our club members and brings the BAYC ecosystem closer to a wider audience. We want to do it in a responsible manner for our members and the wider NFT community.

So, given that… WEN TOKEN? Well, apes: We’re currently looking at Q1 2022.

The Bored Ape Yacht Club says the team will be leveraging Fenwick & West LLP, a legal firm that works with various blockchain projects. BAYC is also partnering with Horizen Labs, the team behind the cryptocurrency horizen (ZEN).

The BAYC team warned its supporters to be on the lookout for scammers and fake tokens. “We assume that scammers will be out there trying to con people into purchasing phony tokens. If info doesn’t come from our official @boredapeyc or @yugalabs Twitter, it’s not us. Keep safe, apes. It’s going be a wild year .”

While BAYC is the fifth largest in sales, ahead of the collection are projects like Axie Infinity ($7. 23B), Cryptopunks ($2. 93B), Art Blocks ($1. 92B), and NBA Top Shot ($692.62M). BAYC and NBA Top Shot are yet to reach the billion-dollar club in terms sales.

However, BAYC has an offshoot NFT collection called the Mutant Ape Yacht Club (MAYC) which is the ninth-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.

What do you think about the Bored Ape Yacht Club revealing that it plans to launch a token in Q1 2022? Please comment below to let us know your thoughts on this topic.

Image Credits: Shutterstock, Pixabay, Wiki Commons, Dappradar.com, Sotheby’s, boredapeyachtclub.com

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