Quick take:
- ApeCoin will be used as the primary token for Yuga Lab’s new products and services.
- ApeCoin will be listed on Binance, Coinbase, FTX, Huobi, OKX, and Kraken.
- Yuga Labs plans to expand the BAYC universe through virtual land sales and games.
Yuga Labs, the creator of blue-chip NFT project Bored Ape Yacht Club (BAYC) announced the launch of its native token, ApeCoin, late Wednesday.
However, Yuga Labs distanced itself from the token which was created by the newly setup ApeCoin DAO for decentralisation reasons. The DAO will give token holders governance rights to the DAO’s “Ecosystem Fund”.
According to the Twitter thread announcing ApeCoin, holding ApeCoin is the only requirement for membership in the ApeCoin DAO.
62% of the total supply of ApeCoin is allocated to the ApeCoin community, 15% of which is available to claim via airdrop starting Mar 17 at 8:30 am ET. BAYC and MAYC holders can claim a portion of the ApeCoin supply. BAYC holders can claim 10,000 coins per NFT while MAYC holders can claim 2,000 coins per NFT.
BAYC founders will hold 8% of ApeCoin’s total supply. 16% will go to Yuga Labs and 6.25% of Yuga Lab’s holdings will be donated to the Jane Goodall Legacy Foundation. The remaining 14% will be distributed to launch contributors.
ApeCoin DAO comprises council members who are connected to BAYC but are not executives or employees at Yuga Labs. The DAO will be overseen by big names in Web3 such as Reddit co-founder Alexis Ohanian, FTX’s Amy Wu, Sound Ventures’ Maaria Bajwa, Animoca’s Yat Siu and Horizen Labs’ Dean Steinbeck.
“Today we’re making the ‘Club’ bigger with ApeCoin,” said Ohanian. “Web3 is being integrated into our art, music, and culture more and more everyday and it all starts with community. I believe this community will build, expand, partner, and disrupt in a massive way.”
An organisation called APE Foundation will administer the decisions of the DAO and is responsible for day-to-day administration, bookkeeping, project management.
Yuga Labs is adopting ApeCoin as the primary token for all new products and services, including a blockchain game launching later this year. Animoca Brands blockchain game Benji Bananas will implement ApeCoin today.
Following the launch of ApeCoin, seven leading cryptocurrency exchanges have announced that they will be listing the token today.
ApeCoin will be listed on Binance, Coinbase, FTX, Gemini, Huobi, OKX, and Kraken. Kucoin and ByBit have also announced that they will be listing ApeCoin. According to Binance, several trading pairs including APE/BTC, APE/BUSD, and APE/USDT will open for trading at 2.30pm UTC today.
According to The Block, which obtained a Yuga Labs pitch deck yesterday, the company plans to expand its offerings to include virtual land sales to expand the BAYC universe, and is also planning to “build a gaming-focused metaverse named MetaRPG that will be compatible with a host of NFTs.”
There will be an in-game app store that allows users to create characters using NFTs or from scratch. The deck states that ApeCoin will be used to make purchases in Yuga’s planned app store.
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