Owners of Bored Ape Yacht Club (BAYC) nonfungible tokens (NFTs) – including celebrities like Eminem, Steph Curry, Jimmy Fallon, and Mark Cuban – will be rewarded with a new cryptocurrency called ApeCoin (APE) as an added incentive for being part of the select group of digital assets. The ApeCoin decentralized autonomous organization (DAO) developed the new currency, not by Yuga Labs. Owners of BAYC NFTs will get APEcoins and will be used as the “primary token” in a new ecosystem of play-to-earn games from Yuga Labs and Animoca Brands. People who own BAYC NFTs will be able to claim about 10,000 ApeCoin each. But soon, one billion ApeCoin tokens will be released and given to different people. The Jane Goodall Foundation, a charity dedicated to preserving the habitats of chimpanzees, will receive 6.25% of the total supply (62 percent) according to ApeCoin DAO’s website. 14% will go to “launch contributors,” 9.75% of coins will be kept by the creators of BAYC, Yuga Labs, and 8% of tokens will go directly to the founders of Yuga Labs. Yuga Labs plans to use ApeCoin as their primary token for all new products and services. This includes a play-to-earn blockchain game that is set to come out later this year. ApeCoin may also be used in the upcoming play-to-earn game Benji Bananas, a title developed by Hong Kong blockchain gaming firm Animoca Brands. nWay is another company owned by Animoca Brands. Yat Siu, co-founder of Animoca Brands and ApeCoin DAO board member, said that ApeCoin is a step forward in the progression of NFTs.
“ApeCoin a token that represents the zeitgeist of NFTs today. It is, in a sense, the expression of the current culture of NFTs.”
He predicts that ApeCoin will become popular like Dogecoin because the community will create value for it. He also believes that ApeCoin’s utility will be evident immediately through games.
“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.”
Bored Ape Yacht Club, which launched in April 2017, has grown to become one of the most well-known NFT collections and has included high-profile figures to its roster, including Paris Hilton. Last week, Yuga Labs purchased two of the other largest NFT projects: CryptoPunks and Meebits, extending its market dominance. Related Articles
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According to the official website, ApeCoin will be available for purchase on all major exchanges.