Bored Ape Yacht Club (BAYC) NFT holders, including celebrities such as Eminem, Steph Curry, Jimmy Fallon and Mark Cuban, will receive a new token called ApeCoin (APE) as another incentive to participate in the exclusive digital promotion. active club.
The developer of the new token is ApeCoin DAO, which is different from Yuga Labs.
Introducing ApeCoin ($APE), a culture, gaming, and commerce token used to build a decentralized community at the forefront of web3. — ApeCoin (@apecoin) March 16, 2022
BAYC NFT holders will be able to claim approximately 10,000 ApeCoin each, but the soon-to-be-released 1 billion ApeCoin tokens will also be distributed to various parties.
According to the ApeCoin DAO website, 62% of the total supply will be added to the ecosystem fund, 14% will be given to “launch participants”, 9.75% of the tokens will belong to the creators of BAYC, Yuga Labs, 8% of the tokens will go directly to the founders of Yuga Labs. and the remaining 6.25% will be donated to the Jane Goodall Foundation, a chimpanzee habitat conservation charity.
While the token itself remains technically separate from Yuga Labs, the firm intends to fully adopt ApeCoin as “the main token for all new products and services” that emerge from Yuga Labs. According to Yuga Labs, this includes a yet-to-be-released blockchain game that the Yuga Labs team plans to release later this year with game developer nWay.
ApeCoin will also be used in the upcoming money-making game Benji Bananas, a game from Hong Kong-based blockchain gaming company Animoca Brands, which also owns nWay.
1/ @animocabrands suggested AIP 4 and 5, they are available for viewing in Discourse. AIP 4 covers a new staking mechanism to reward holders of the @apecoin and BAYC NFT ecosystem. AIP 5 offers staking liquidity pools of 17.5% of total token allocation over 3 years – Yat Siu (@ysiu) March 16, 2022
Animoca Brands co-founder and ApeCoin DAO board member Yat Siu told Cointelegraph that ApeCoin is a step forward in the development of NFTs.
“ApeCoin – a token that reflects the NFT zeitgeist today – is, in a way, an expression of the current NFT culture.”
He stated that ApeCoin will become “Dogecoin among NFTs where utility is created by the community and valued by the community.”
Sioux is optimistic about the future of ApeCoin, but noted that utility will be provided immediately through games:
“ApeCoin itself has some starting utility, [которая] will start with games and more… the benefits will be the creative energy that combines this combination of technology and culture that the BAYC community has already launched, [которое] will reach a much larger audience due to the fungible and transferable nature of ApeCoin.”
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Since launching last April, the Bored Ape Yacht Club has become one of NFT’s most prestigious collections and continues to add famous celebrities, including Paris Hilton, to its list of owners. Last week, Yuga Labs acquired two other major NFT projects, CryptoPunks and Meebits, expanding its reach in the growing NFT market.
According to the official website, ApeCoin will be available for purchase on all major exchanges.