Bored Ape Yacht Club NFT owners (BAYC) will receive an additional incentive to be part of the exclusive digital asset club, ApeCoin (APE).
ApeCoin DAO is the developer of the new token and is distinct from Yuga Labs.
ApeCoin ($APE) is a token that allows for culture, gaming and commerce. It’s used to enable a decentralized community building process at the forefront web3.
— ApeCoin (@apecoin), March 16, 2022
Owners of BAYC NFTs can claim approximately 10,000 ApeCoin per owner, but the 1 Billion soon-to be released ApeCoin tokens may also be distributed to a variety of parties.
According to the ApeCoin DAO website 62% will be added into an ecosystem fund, 14% will go to “launch contributors”, 9.75% will be held the creators BAYC, Yuga Labs and 8% will go to Yuga Labs founders. The remaining 6.25% will be donated to Jane Goodall Foundation, which is a charity that works to preserve the habitats for chimpanzees.
Although the token is technically distinct from Yuga Labs’, the firm plans to adopt ApeCoin fully as the “primary currency for all new products or services that emerge from Yuga Labs.” Yuga Labs claims that this includes a play-to-earn, blockchain-based game that Yuga Labs will release later in the year, with game developer nWay.
ApeCoin will be used in the upcoming game play-to earn Benji Bananas. This game is from Hong Kong-based blockchain gaming firm Animoca Brands that also owns nWay.
AIPs 4 and 5 have been proposed by @animocabrands. They are available for viewing on Discourse. AIP 4 proposes a new staking mechanism that rewards @apecoin holders of BAYC ecosystem NFT. AIP 5 proposes the size and composition of the staking liquidity pool – 17.5% of total token allocation for 3 years
— Yat Siu (@ysiu) March 16, 2022
Yat Siu, co-founder of Animoca Brands, and ApeCoin DAO board Member told Cointelegraph ApeCoin was a significant step in the advancement of NFTs.
“ApeCoin is a token that represents today’s zeitgest for NFTs — it is in a sense the expression of current culture of NFTs.”
He said that ApeCoin will be the “Dogecoin for NFTs” where the utility is community-created and community-valued.
Siu is positive about the future ApeCoin’s, but noted that utility would not be available immediately through games.
“ApeCoin has some starting utility. [This will] launch with games and more to follow… The benefits will be the creative energies that combine this mixture of technology and culture that has been kicked off by the BAYC community already. [This will reach much greater audiences because of the fungible, transferable nature ApeCoin.”
Related: Gaming industry to have a ‘blockchain-connected’ future, studio execs say
Bored Ape Yacht Club was launched in April 2013. Since then, it has grown to be one of the most prominent NFT collections. It continues to add high-profile celebrities to its owners, including Paris Hilton. Yuga Labs purchased two other major NFT projects, CryptoPunks & Meebits last week, increasing its market dominance in the rapidly growing NFT market.
According to the official website, ApeCoin will soon be available for purchase on all major exchanges.
I am a technology and gaming writer by profession. I love NFT’s and play to earn gaming such as Axie Infinity. I love writing about anything on the blockchain, especially gaming and entertainment. I often sing, write or draw to portray my feelings. When it comes to my free time or you can say ‘ME-TIME’, I love to play with my cat, sleep an extra hour, or play my favorite video games.