The Bored Ape Yacht Club (BAYC) has been multiplying its initiatives lately, and seems determined to explode beyond the non-fungible token (NFT) and profile picture sector. The decentralized autonomous organization (DAO) linked to the project has announced the launch of a token that will support the whole ecosystem: the ApeCoin (APE).
The ApeCoin (APE) is coming for Bored Ape Yacht Club fans
As we explained yesterday, the launch of the ApeCoin accompanies the arrival of Yuga Labs, the company behind the BAYC, in the metaverse. The availability of the tokens was announced yesterday.
The goal of ApeCoin is clear: to become the cryptocurrency that will support the entire architecture of the ecosystem that is developing. At least this is what the project teams explained:
“A token for culture, video games and commerce, which will serve to empower a decentralized community that builds elements at the cutting edge of Web 3.0.”
Note the emphasis on decentralization: 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 it, 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 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.
BAYC’s outsized ambition
Several high-profile 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 shows its excessive ambition. However, it has reason to be confident: its NFTs regularly appear at the top of the rankings of the most popular non-fungible tokens, and are still being snapped up at a high price.
