Bored Ape Yacht Club (BAYCs)’s creator Yuga Labs have announced the launch of ApeCoin ($APE).
$APE is the newest addition to BAYC’s metaverse.
What is the utility of Apecoin?
As the creators have said in their Twitter account, ApeCoin will be a token for culture, gaming, and commerce. It will be used to empower a decentralised community that is building at the forefront of web3.
Not just that: the community will own and operate $APE and the community-controlled organisation is called ApeCoin DAO. As a requirement to join DAO, all you need to do is hold an Apecoin.
Yuga Labs won’t totally remove itself from the DAO though — It will have a sizable voting share. The company will retain around 15 percent of all ApeCoins minted, and BAYC’s founders will get another 8 percent. Contributors to the DAO’s launch will get another 14 percent too. Then, another 15 percent will be offered up first to holders of Bored Ape NFTs.
Since its launch last April, BAYC has emerged as the biggest name in the NFT world. There were multi-million dollar sales and a burgeoning list of celebrity owners.
The company may be focused on the crypto world, but it seems to be gravitating towards games and other media going forward. While it may not entirely control ApeCoin, the token’s launch could position BAYC at the center of a broader blockchain gaming world.
Furthermore, around 15% of the APECoin ecosystem includes platforms built around the $APE token. The major goal importantly for $APE is to get itself enlisted in major crypto exchange platforms soon.
So far, $APE has been distributed through various airdrops, contests, and bounties inside and outside the APECoin community.