The Non-Fungible Token (NFT) project “Bored Ape Yacht Club” recently introduced its cryptocurrency ApeCoin, which will be used to fund games, events and marketing of the project.
ApeCoin will be the “main token for all new BAYC products and services,” Yuga Labs stated.
ApeCoin will serve the functions of a token in the game “Benji Bananas,” developed by Hong Kong-based Animoca Brands, owned by nWay.
According to Bored Apes Yacht Club, ApeCoin may be adapted to more video games and even have more general uses as a cryptocurrency.
What is ApeCoin?
ApeCoin is an Ethereum-based token designed for utility and governance. There are a billion of them in total, and CoinMarketCap reports that about 28% are currently in circulation. Much of the total token supply will be gradually released over the next few years.
While ApeCoin is ostensibly the official token of the Bored Ape Yacht Club and acts as a reward for holders of Bored Ape NFT collectibles, the official line is that it was not created by Yuga Labs-the team behind the Bored Apes.
A total of 1 billion ApeCoins will be available on the market and will be regulated by a community called “ApeCoin DAO”. Of this total amount, 15% will be distributed for free in airdrops as of this Thursday.
The “Ape Foundation”, a parent company that will make decisions on behalf of ApeCoin DAO, was also created. The Foundation’s board of directors includes Reddit co-founder Alexis Ohanian and Animoca Brands co-founder, among others.
Every ApeCoin token holder will be able to vote on the governance and use of the Fund, the digital asset’s Twitter account stated.
“Having ApeCoin is the only requirement to be a member of ApeCoin DAO,” the Foundation wrote, while noting that 62% of the total token supply will be allocated to the community.
Who gets it
If you are a millionaire owner of a Bored Ape Yacht Club or Mutant Ape Yacht Club NFT in your wallet, you can claim a certain amount of free tokens on the official ApeCoin website.
Each NFT gets its own token allocation, so if you have several, your token rewards will accumulate.
Welcome to the club.
ApeCoin ($APE) is now available on Coinbase! @BoredApeYC is on board too. pic.twitter.com/i9DeNJtbzJ
— Coinbase (@coinbase) March 17, 2022
The goal is to grow the community
The ApeCoin DAO community plans to spend a portion of the money it raises on building an ecosystem around the digital asset.
Among its proposals is creation of a decentralized Non-Fungible Token (NFT) market.
Yuga Labs will retain about 15% of all ApeCoins minted, and the founders of Bored Apes Yacht Club will get 8%.
Contributors to the DAO launch will get 14% of the tokens. Then, another 15% of the ApeCoins will be offered primarily to those who own BAYC NFTs, leaving just under half to those who want to buy the digital asset.
WARNING: This is an informational article. Geek Metaverse is a media outlet, it does not promote, endorse or recommend any particular investment. It is worth noting that cryptoasset investments are not regulated in some countries. They may not be appropriate for retail investors, as the full amount invested could be lost. Check your country’s laws before investing.
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