Members of the Bored Ape Yacht Club (BAYC) have been patiently waiting for the launch of the cryptocurrency that will be used for the BAYC ecosystem. Well, that wait is over. ApeCoin is coming soon. Here’s what’s happening:
BAYC Owners to Receive ApeCoin
According to a recent announcement from the Bored Ape Yacht Club, owners, including a long list of celebrities like Eminem, Seth Curry, and Mark Cuban, will be receiving a new token known as ApeCoin.
The ApeCoin will only be given to club members as an incentive for being part of this exclusive collector community.
According to the announcement, Bored Ape Yacht Club owners will be able to claim about 10,000 ApeCoins each. However, the billion coins that are expected to be released soon will also be distributed among a series of other market participants.
The ApeCoin DOA website launched, stating that 62% of the total supply of the coin will be added to an ecosystem fund, 14% will be given to launch contributors, 9.75% will be held by Yuga Labs, the creators of the Bored Ape Yacht Club, 8% will go to the founders of Yuga Labs, and the remaining 6.25% will be donated to the Jane Goodall Foundation, a charity dedicated to serving the habitats of chimpanzees.
In the announcement, the BAYC said the token itself remains technically separate from Yuga Labs, but the firm is going to fully adopt the coin as the primary token for all new products and services that emerge from Yuga Labs.
This is expected to include a coming play-to-earn blockchain game from the team at Yuga Labs and a game developer by the name of nWay. That game is expected to hit the web later this year.
ApeCoin is also expected to be used in an upcoming play-to-earn game known as Benji Bananas. The game is from a Hong Kong-based blockchain gaming company known as Animoca Brands, one that also owns nWay.
In a statement, Yat Siu, co-founder of Animoca Brands and the ApeCoin DAO, had the following to offer:
“ApeCoin a token that represents the zeitgest of NFTs today. It is, in a sense, the expression of the current culture of NFTs.
Dogecoin of NFTs where the utility is community created and community valued.”
ApeCoin itself has some starting utility, which will kick off with games and more to come. The benefits will be the creative energy that combines this mix of technology and culture that the BAYC community has kicked off already which will reach much larger audiences due to the fungible and transferable nature of ApeCoin.”
The Bottom Line
The Bored Ape Yacht Club is one of the most successful NFT projects to ever hit the tape, and with the coming drop of the new ApeCoin, investors in the collection are set for more perks. All told, this is great news for BAYC members.