The owners of Ford Ebay Yacht Club (PAOC), the renowned NFT collection, announced on Twitter on Friday that the company will launch its own Ethereum-based crypto-token in early 2022.
For the uninitiated, BAYC NFTs is a popular collection of 10,000 unique boring monkeys created by Yuga Labs. It is worth noting that according to Dappradar.com estimates, this collection has sold half a billion dollars to date.
The official BAYC Twitter account posted: “Good evening, monkeys. I asked a question around the club: Did we go? Wen token really … First things first: Starting an ERC-20 token is nonsense; This will take minutes. “
What is an ERC-20 Token?
ERC-20 tokens are blockchain based assets that can be valued and sent and received and are identical in Bitcoin, Litcoin and any other cryptocurrency. The difference, however, is that ERC-20 tokens are issued on the Ethereum network instead of running on their own blockchain network.
The ERC-20 token is easy to launch and takes a minute but legal issues, as well as other concerns such as usage, administration, ownership benefits and audience reach, the company notes in a thread posted on Twitter. Tricky.
“Not to mention the thoughtful use and management of craft incentives. Benefit our club members and bring the BAYC ecosystem to a wider audience. For the sake of our members and the wider NFT community, we want to do this in a good way,” the BAYC social media account added.
Meanwhile, the BAYC team warned its fans to look for fake tokens and scammers. “We believe that fraudsters will have full power to deceive people into buying all kinds of fake tokens. If there is no information from our official @boredapeyc or @yugalabs Twitter, it is not us. Be safe, monkeys. It will be a wild year.”