The Bored Ape Yacht Club NFT makers are launching a brand new token called ApeCoin (APE). The holders of Bored Ape NFTs include celebrities like Mark Cuban, Eminem, Jimmy Fallon, and Steph Curry.
According to the developers of the token, and the decentralized autonomous organization (DAO), the token is another incentive for being part of the exclusive digital asset club.
BAYC NFTs owners will be able to claim about 10,000 ApeCash each. In addition, the developers will also release one billion ApeCoin, which will be distributed among a series of different parties.
ApeCoin DAO stated that 62% of the total supply of Apecoin will be sent to an ecosystem fund, while 9.75% of the tokens will be held by the BAYC token creators. Also, 8% of the tokens will be sent to the founders of the Yuga Labs, 6.25% will go directly to the Jane Goodall Foundation, while 14% of the tokens will be given to the “launch contributors. The Jane Goodall Foundation is a charity dedicated to preserving chimpanzees’ habitants.
Yuga Labs To Adopt Apecoin As Primary Token
Although the ApeCoin token is entirely different from Yuga Labs, the company said it will adopt ApeCoin as the primary token for all new products and services that are launched on Yuga Labs. The platform also has a play-to-earn (P2E) blockchain game that the team is looking to release this year. The blockchain game will be launched later this year in collaboration with game developer nWay.
Additionally, the soon-to-be-released game Benji Bananas has adopted ApeCoin as one of its tokens. The game is developed by Animoca Brands, a blockchain-based company that also owns nWay.
Animoca Looks To Develop More NFTs
Co-founder of Animoca Brands Tat Siu stated that Apecoin has taken a huge step toward NFT development. He stated that the token can be seen as the “Zeitgeist of NFTs today,” which is an expression of the present culture of NFTs. Siu added that ApeCoin is gradually becoming the ‘Dogecoin of NFTs”, where the utility is created and valued immensely by the community.
After launching last April Bored Ape Yacht Club has become one of the highest-profile collections, as it continues to add profile celebrities to its owners’ list.
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