If having an ape NFT from the popular non-fungible token collection Bored Ape Yacht Club (BAYC) was not enough, here comes a coin.
Yuga Labs, the creators of the BAYC collection, did not make the APE Coin launch announcement on March 16, but rather its own ApeCoin DAO for decentralised purposes.
APE is a token for “culture, gaming, and commerce used to empower a decentralised community building at the forefront of web3,” according to the creators.
The ApeCoin DAO, which intends to grow the Ape ecosystem, will reportedly use the ERC-20 token as a governance token.
The ApeCoin community, which includes NFT holders, will receive 62% of the total supply of APE. On March 17, a portion of this, which equals 15% of the total supply, will be up for claim. Holders of BAYC will be able to claim 10,094 APE per NFT, while MAYC holders will be able to claim 2,042 tokens per NFT, according to the DAO.
Yuga Labs and philanthropic projects will receive 16% of the entire supply of a billion tokens. The launch founders will receive 14%, while the BAYC founders will receive the remaining 8%.
ApeCoin will be used “as the primary token for all new products and services” by Yuga Labs. It wants to introduce a blockchain game later this year as part of this.
Reddit co-founder Alexis Ohanian, FTX’s head of ventures and games Amy Wu, and Yat Siu, co-founder and chairman of Animoca Brands, are among the Ape Foundation’s board members.
Coinbase was the first exchange to accept APE, announcing a listing on March 17 under the “experimental asset.” This is a unique category for tokens with low liquidity, which the company advises against dealing.
An NFT platform announced to give away four of the rare Apes worth £0.99 million earlier this month.
BAYC was the top-selling NFT collection in the last 30 days, according to CryptoSlam, with a sales volume of £86.8 million. As Ape craze continues to spread, a total of £37.4 million has been traded in the last week. The sister Mutant Ape Yacht Club (MAYC) is the second hottest NFT collection in terms of weekly sales volume.