BAYC and Animoca Brands join forces to create a NFT Game

Yuga Labs, developer of Bored Ape Yacht Club (BAYC), and Animoca Brands, owner of The Sandbox metaverse, have teamed up to bring consumers to the metaverse.

For the time being, the Bored Ape company has integrated the ApeCoin utility and governance token into its business model.

As part of the deal, the BAYC community will be able to use APE to buy NFTs from Animoca’s Play to Earn Benji Bananas game.

Yuga Labs’ goal is to expand into the Metaverse and focus on Web3 business models. The company wants APE to be used in all products and services developed by its user community.

The company defined APE “as a token for culture, gaming and commerce.” The announcement of the new Yuga Labs comes just days after announcing the purchase of CryptoPunks and Meebits, two of the most valuable collections of NFTs.

ApeCoin, the Web 3 token

ApeCoin, developed by ApeCoin DAO, has already debuted on major cryptocurrency exchanges. FTX, Kraken and Binance US announced the integration of the token into their platforms.

https://t.co/AZwoBOgsqS is excited to announce that we are listing ApeCoin $APE tomorrow! @apecoin

More details to come. https://t.co/ZypDS5Uy5K pic.twitter.com/1NobiA1ojP

— Binance.US 🇺🇸 (@BinanceUS) March 16, 2022

On its official website, the token’s founders detail that ApeCoin will help build the decentralized economy by creating new, community-driven initiatives and experiences to drive culture in the metaverse.

The development of ApeCoin (APE) will be in the hands of the user community and the Ape Foundation, which will be responsible for administering the new BAYC utility and governance token.

Token holders will maintain ownership and exercise governance through the decentralized ApeCoin DAO organization. Through APE, the developers of Bored Ape want to show the world the impact of blockchain on culture, combining its potential with NFTs, the metaverse and Web3.

As a utility token, ApeCoin (APE) offers all its holders an open currency that can be used without centralized intermediaries within the Bored Ape ecosystem. It also allows its holders to participate in decision-making about the development and future of the project and its community.

The company claims that token holders will be able to manage the DAO’s treasury, decide and oversee future partnerships and much more.

Bored Ape and Animoca Brands

The board of directors of The Ape Foundation is made up of highly influential people in the cryptocommunity. Such as Amy Wu, director of enterprise and gaming at FTX; Yat Siu, co-founder and president of Animoca Brands; Alexis Ohanian; co-founder of Reddit and Dean Steinbeck, president and general counsel of Horizen Labs.

We’re beyond excited to be a contributor to @apecoin , the official token of @BoredApeYC! Starting tomorrow, the BAYC community can use $APE to buy NFTs to activate play-to-earn for @BenjiBananas.
Learn more:https://t.co/Ak6QwpNZ3L

— Animoca Brands (@animocabrands) March 16, 2022

Through ApeCoin DAO and APE, the community will be able to organize accessible events in the metaverse, create new digital and physical products to bring greater value to its members and much more.

All APE token holders can be part of ApeCoin DAO, the developers stated on Twitter.

ApeCoin is owned and operated by the ApeCoin DAO, a decentralized organization where each token holder gets to vote on governance and use of the Ecosystem Fund. Holding ApeCoin is the only requirement for membership in the ApeCoin DAO.

— ApeCoin (@apecoin) March 16, 2022

62% of the total ApeCoin (APE) supply of 1 billion tokens will be allocated to the ApeCoin community. 15% of the total supply will be delivered in the form of airdrop to NFT holders of the BAYC, MAYC and BAKC collections, developed by Yuga Labs.

Company founders will receive 8% of the total ApeCoin supply. Yuga Labs gave 1 NFT of the BAYC collection to the Ape Foundation, along with all rights to this digital collectible.

Bored Ape Virtual Earth

Yuga Labs, as reported by The Block, is also preparing to launch its own metaverse. This is a metaverse focused on gaming and virtual earth.

The company’s goal is to diversify its revenue streams and raise about $450 million from the sale of digital land.

Within the Metaverse, users will be able to make use of ApeCoin (APE) for purchases, trades and much more.

The value of BAYC and MAYC soars

The integration of ApeCoin (APE) and plans to create a Metaverse of its own have skyrocketed the trading volume of cryptocurrencies BAYC and MAYC. In the past few hours, the volume of these NFTs collections grew 410% and 433%, respectively, according to Opensea data.

The minimum selling value of BAYCs is 108.5 ETH; up 14% from earlier in the week. MAYCs are selling for a minimum price of 23.9 ETH currently.

The founders of ApeCoin (APE) have also warned the community of potential scams brewing in the market due to the new launch.

It is worth clarifying that there is a token with the same name listed on CoinMarketCap that has been trading since 2020, but is not related to the Bored Ape’s NFT ecosystem.

However, as the platform shows, the value of this token grew almost 500% in a few hours, reaching $0.51 USD as it experienced explosive demand. At the close of this edition, its price fell to $0.22 USD.

Game launch between Bored Ape and Animoca Brands

BAYC and Animoca Brands have announced a joint venture to create and publish a blockchain game. The game will feature BAYC’s in-demand NFTs in 2021.

Initially, each BAYC will sell for 0.08 ether (ETH) each NFT. Individual Bored Ape Yacht Club NFTs have fetched hundreds of thousands, if not millions, of dollars at auction.

BAYC has a market capitalization of $2.05 billion and 9,972 BAYC traders have made 23,016 sales.

“We are delighted to cooperate with Animoca Brands to expand the BAYC world and benefit all Bored Ape NFT holders,” said a Yuga Labs spokeswoman. “Animoca Brands is an established leader in the blockchain gaming market. We can’t wait to tell you more about what we’re building.”

Bored Ape Yacht Club to launch a game in Q2 2022

In addition to the recent deal with Animoca Brands, BAYC has a number of partnerships in 2021.

BAYC has partnered with well-known companies such as Rolling Stone, Arizona Iced Tea and Universal Music Group. On the same day, Timbaland launched a BAYC-related entertainment project.

Adidas, the German sports footwear, apparel and accessories giant, has also managed to cooperate with BAYC. According to Yat Siu, co-founder and executive chairman of Animoca Brands, although there have been several NFTs this year, BAYC has left its mark on the business.

“NFTs have become cultural stores,” Siu said. “Bored Ape Yacht Club is one of the few emblems that can reflect the burgeoning world of NFTs as vividly as Bored Ape. We are thrilled and honored to be working on a game for this historic occasion.”

This would be the possible roadmap for 2022