Yuga Labs, the entity behind the hugely popular Bored Ape Yacht Club, has announced the launch of the eagerly awaited ApeCoin. ApeCoin’s Twitter handle, while announcing the launch, described ApeCoin as a token for culture, gaming, and commerce that would empower a decentralized community at the forefront of Web3.
Details Of The Token
The ApeCoin token will be released, owned, and operated by the ApeCoin DAO. The ApeCoin DAO is a decentralized organization consisting of council members connected to the project. Token holders can vote on governance and the use of the ecosystem fund. Any community member holding ApeCoin is eligible for membership in the ApeCoin DAO. The DAO’s council members will include FTX’s Amy Wu, Sound Ventures’ Maaria Bajwa, Animoca Brand’s Yat Sui, Horizon Labs Dean Steinback, and Reddit co-founder Alexis Ohanian.
Furthermore, the DAO will be supported by a new foundation called the Ape Foundation. The foundation was created to administer critical decisions made by the ApeCoin DAO community, acting as a legal steward of the ApeCoin token.
Token To Start Trading Soon
Yuga Labs will not be officially launching the token; it will, along with the Bored Ape Yacht Club founders, own nearly a quarter of the total supply of ApeCoin. Additionally, community members who own Bored Apes and Mutant Apes NFTs will receive 15% of the token allocation.
A spokesperson from Yuga Labs further stated that the new token would be trading soon on major exchanges such as Gemini, FTX, Binance, Binance US, OKX, eToro, Kraken, and Coinbase.
Out of the 1 billion APE tokens, 8% will go to the founders of BAYC. 16% will be allocated to the Yuga Labs team, out of which 1% will be donated to the Jane Goodall Legacy Foundation. Launch contributors will receive 14% of the allocation, and a further 15% will be allocated to owners of Bored Apes and Mutant Apes NFT collections, while the remaining 14% will be released as part of the DAO’s ecosystem fund.
Scope Of The Token
So far, there is no clarity about the scope of the token. The token could be used as an in-game currency for certain game titles. This also includes an unnamed title being developed in partnership with game studio nWay. The title will utilize play-to-earn, enabling gamers to earn tokens depending on the time spent playing the game.
This title will be in addition to a previously announced play-to-earn title which will be released in collaboration with Animoca Brands. ApeCoin will have some utility in Animoca Brand’s Benji Bananas. In addition to this, Yuga Labs is also planning a separate title compatible with a host of NFT projects called MetaRPG and is also diversifying into virtual land sales.
Disclaimer: This article is provided for informational purposes only. It is not offered or intended to be used as legal, tax, investment, financial, or other advice.