Major news just broke in the NFT space with a tweet from Bored Apes Yacht Club (@BoredApeYC), check out the tweet below:
Good evening, apes. Been hearing a question around the club a lot:
WEN TOKEN? ?
Wen token indeed . . . Some thoughts below.
— Bored Ape Yacht Club (@BoredApeYC) October 8, 2021
Why This News is Important
Bored Apes Yacht Club is doing what many in the NFT space have been looking for, for a long time. The fact is that there are still many legal gray areas that concern those interested in holding these valuable pieces of art.
In their tweet, BAYC pointed to the fact that creating an NFT is a relatively simple process, but constructing a legally compliant token is a whole different story. To that end, the team said they are currently working with Fenwick & West (@FenwickWest), a legal team known for working on some of the largest projects in the blockchain industry.
So, what the project will end in is a new token, the WEN token (not the actual name, just a fun way of asking when it will be coming out), that will allow for seamless, decentralized, verifiable ownership of digital assets, but do so in a completely legally compliant way, one that’s backed by some of the best legal minds in the blockchain industry.
In the post, BAYC also answered the WEN question, saying that the token is expected to launch in the first quarter of 2022.
Bored Apes Are Trading Like Crazy
Within minutes of the announcement from the Bored Ape Yacht Club, Bored Ape and Bored Ape Kennel Club NFTs started trading like wildfire, and for good reason. BAYC is one of the first major success stories in the NFT space that has decided to create a token that will appease both, the audience for decentralized technologies, and the legal bodies that are charged with overseeing the transfer of financial assets.
That’s a valuable step in the right direction. So, it’s only natural that demand for the NFTs that act as the face of this evolution in the space is climbing.
The Bottom Line
The bottom line here is simple. Bored Apes is once again making history by bringing NFT consumers what they want, when they want it. The BAYC’s focus on providing quality tokens and innovating in the space could quickly lead to a pivotal shift that results in a safer, more equitable marketplace for all involved.