The Bored Ape Yacht Club (BAYC) has been ramping up its initiatives lately, and seems determined to explode beyond the non-fungible token (NFT) and profile picture sector. The decentralised autonomous organisation (DAO) linked to the project has announced the launch of a token that will support the entire ecosystem: the ApeCoin (APE).
The ApeCoin (APE) is coming to Bored Ape Yacht Club fans
As we explained yesterday, the launch of ApeCoin accompanies the arrival of Yuga Labs, the company behind BAYC, in the metaverse. The availability of tokens was announced yesterday.
The goal of ApeCoin is clear: to become the cryptocurrency that will underpin the entire architecture of the ecosystem that is developing. This is at least what the project teams explained:
Introducing ApeCoin ($APE), a token for culture, gaming, and commerce used to empower a decentralized community building at the forefront of web3.
– ApeCoin (@apecoin) March 16, 2022
“A token for culture, video games and commerce that will serve to empower a decentralised community building elements at the cutting edge of Web 3.0. “
The emphasis on decentralization is noted: the launch of this cryptocurrency was managed by ApeCoin DAO, not Yuga Labs.
How is ApeCoin distributed?
We also learn that the cryptocurrency will be mostly distributed to the community, which will receive 62% of the supply. 15% of this amount will be made available tomorrow via an airdrop. To take advantage of this, you must have a Bored Ape (or a Mutant Ape).
9.75% of the tokens will be kept by the company Yuga Labs, 14% will be distributed to the contributors who participated in the launch of the project, 8% will go into the pockets of the four founders, and 6.25% will be sent to the Jane Goodall Legacy Foundation. This is an environmental charity linked to a great ape specialist.
The overweening ambition of the BAYC
Several major investors participated in the DAO. They include Reddit co-founder and notorious cryptofan Alexis Ohanian, as well as Amy Wu, a video game executive at FTX. Also on the call is Yat Siu, the co-founder of the Animoca Brands studio.
The Bored Ape brand is thus showing its excessive ambition. However, it has reason to be confident: its NFTs regularly appear at the top of the most popular non-fungible tokens rankings, and are still being snapped up at a high price.
