Question, Wen Token? Answer, Soon.
The Bored Ape Yacht Club answered one of its’ members most pressing questions this afternoon, after the club announced that it is looking into issuing a token during the first quarter of 2022.
“Good evening, apes, The BAYC tweeted. “Been hearing a question around the club a lot: WEN TOKEN? Wen token indeed . . . Some thoughts below.”
The BAYC went on to explain that it is “stupid easy” to create an ERC-20, but making an ERC-20 token that is legal and valuable is much more complicated.
“First things first: It's stupid easy to launch an ERC-20 token; it takes minutes, they tweeted. “It’s much more complicated to construct a legally compliant token and set it up in a responsible, sustainable way. Not to mention thoughtfully craft dope utility and governance, benefit our club members, and bring the BAYC ecosystem to a much wider audience. For the sake of our members and the broader NFT community, we want to do this in a sound way.”
In order to ensure that the token is make legally and adds value to holders, the BAYC has teamed up with Fenwick & West LLP, a business law firm headquartered in Mountain View California, to assist them legally.
The BAYC working with Fenwick & West is not new. BAYC Creator, Gargamel confirmed that the BAYC has been talking to with Fenwick & West for a while, in a Twitter reply to NFT Influencer, Beanie, after the announcement.
“FWIW We've been talking with Fenwick since before you tweeted about it, Gargamel tweeted at Beanie. “We just don't tweet about every legal team we work with. Need our own Beanie to hype+ leak all our shit maybe.”
Many apes were happy to learn that the BAYC is working with such a well-known and established law firm. “Smart, smart. There are so many projects, including many well-known ones, ignoring legal and compliance, and walking into legal issues w/o thinking about it,” BAYC member Mutant Ape Law tweeted. “@FenwickWest is one of the world’s best law firms, and having them on board is for @BoredApeYC long term.”
The BAYC not only announced that they’re working with one of the world’s top law firms, but also the club announced that it was partnering with the creators of Zen coin, Horizen Labs. Horizen Labs recently got Zen coin listed on Coinbase Pro. This is quite the accomplishment given Coinbase’s lengthy guidance and requirements for an asset to be listed on their exchange.
“We are thrilled to partner with @BoredApeYC to bring something exciting to the #BAYC community," Horizen Labs tweeted after the announcement. “Stay tuned for more!”
After the announcement of the coin and partnerships, Gargamel confirmed that the entire BAYC ecosystem will be involved with the token.
