Bored Ape Yacht Club announced ApeCoin and an attached DAO (Decentralized Autonomous Organization). This announcement came days after Yuga labs, the creators behind BAYC, announced they had acquired CryptoPunks and Meebits from Larvalabs.
Yuga labs stated that ApeCoin would be the primary token for all new products and services launched by their company. Including the new play-to-earn blockchain game, which they plan to release later this year. The development for which they partnered with nWayPlay.
Introducing ApeCoin ($APE), a token for culture, gaming, and commerce used to empower a decentralized community building at the forefront of web3. 🧵— ApeCoin (@apecoin) March 16, 2022
What Is a Bored Ape NFT?
If you are not familiar with the Bored Ape NFT or Bored Ape Yacht Club, it is a non-fungible token. The NFT collectible is built on the Ethereum blockchain. There are 10,000 Bored Apes with a floor price of 101.69ETH, so they are costly and sort after.
With the hype around the NFT, celebrities like Justin Bieber, Jimmy Fallon, Steph Curry, Steve Aoki are part of the BAYC.
What You Need To Know About the Apecoin
The ApeCoin—ticker APE—was launched on March 17, 2022. It is an ERC-20 token that was introduced on the Ethereum blockchain. As a result, Ethereum’s proof-of-work (POW) consensus protocol secures it.
A fixed rate of 1,000,000,000 tokens are in supply and with no further ability to mint in the future. A fixed token supply is a great sign for ensuring the price of an asset is forced to increase due to inflation.
Ape NFT coin has a market cap of 3,358,696,941. The NFT coin started at $20 and is currently valued at $12.02. However, Yuga labs aren’t just throwing Apecoin out to the general public. They will retain 15% of the minted Apecoin. BAYC founders will get 8%. The contributors of the Dao launch will get 14%, and finally, another 15% will go to the Bored Ape NFT holders.
What Makes the Apecoin Project Unique?
ApeCoin and Its Governing Body
Since Yuga labs hope Apecoin can have used outside their ecosystem, they created the DAO(Decentralized autonomous organization) to oversee the development and future use of Apecoin. The Dao has a pretty standard setup, with its funding coming from the sale of ApeCoins that will be used to create future development for ApeCoin. It will have a setup where 1 ApeCoin =1 vote.
The DAO has been getting a lot of hype because of its prominent board members like:
- Alexis Ohanian, co-founder of Reddit
- Amy Wu, head ventures and gaming at FTX
- Maaria Bajwa, principal at sound ventures
- Yat Siu, co-founder and executive chairman of Animoca Brands
- Dean Steinbeck, president and general counsel at Horizon Labs.
The DAO board members are represented by their respective Bored Ape NFTs.
ApeCoin Project Tokenomics
The tokens will be distributed as follows: 150,000,000 airdropped + 470,000,000 goes to the DAO treasury = 62% to the Ecosystem Fund.
The 150,000,000 tokens from ApeCoin’s ecosystem are airdropped to holders of the BAYC and related clubs need to be claimed within 90 days from its launch date.
- Bored Ape NFTs holders get 10,094 tokens
- Mutant Ape NFTS holders get 2,042 tokens
- Bored ape +Kennel Club get 10,950 token
- Mutant Ape+Kennel Club get 2,898 tokens
16% of the tokens go to Yuga Labs and 10% to charity: 150,000,00 to Yuga Labs and 10,000,000 in donations.
14% was allocated for the start-up Contributors: 140,000,000tokens, with a defined lock-up period and unlocking windows
8% to the founders of BAYC: 80,000,000 tokens
The lock-up period requires investors to hold the amount for a certain period, so no rug pull or massive liquidity exits the market.
Where You Can Buy APE
You can store, exchange, buy, and send APE with Guarda.
- Download the Guarda app, or access it via browser and chrome extensions.
- If you are a new user, create an account. For existing users, sign in with your password.
- Go to the ‘buy’ window on your screen. Choose APE as the coin you want to buy. Insert the amount and hit the ‘buy’ button.
- Choose your preferred payment method. It is better to choose Visa and Mastercard as the transaction is instant.
- Add your card details and verify your identity. Hit pay and that is all. Your ApeCoin is ready to be used however you like.
APE is still a speculative coin, and given the volatility of the crypto market, it is really hard to predict its price movement. Therefore, the token’s growth will depend on the ecosystem’s development and functionality.
Keep in mind that a lot of this is driven by hype, and NFT holders could dump the price more. You should not put all of your money into the project out of fear and greed. Be responsible when making your trades and do your research before making a purchase.