Bored Ape Yacht Club is one of the most popular NFT projects on Ethereum, with a market cap of $1.3 billion. Owners of Bored Ape NFTs will likely receive the new tokens in an airdrop next year. The Bored Ape project promises a token with "dope utility and governance."
While it's easy to create and distribute an ERC-20 token, the Bored Ape project is stressing that this token will be "legally compliant," and they're working with Horizen Labs (ZEN) to help with the token launch. The token is expected to be used for governance of a possible decentralized autonomous organization (DAO) and potentially even a decentralized finance (DeFi) platform.
Bored Ape Yacht Club is one of the most successful NFT projects ever, and this token launch seems like a method of keeping the Bored Apes relevant without diluting the market by minting too many apes.