ApeCoin Debuts for Ethereum Bored Ape NFT Owners, With Executives from Reddit, FTX, and Animoca Participating
Members of the Bored Ape Yacht Club (BAYC) NFT community have yet another reason to celebrate: the launch of ApeCoin (APE) this Wednesday. Interestingly, Yuga Labs, the entity behind BAYC, is not the creator of this token. Instead, ApeCoin DAO has taken the reins to embody the spirit of decentralization.
Despite this, ApeCoin proudly carries the BAYC skull logo and has been selected by Yuga Labs as the “primary token for all new products and services,” as per a recent press release. This includes a blockchain-based game set for release later this year. In addition, the Animoca Brands blockchain game, Benji Bananas, will also begin utilizing ApeCoin from March 17.
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
In a departure from some DAOs—where voting power is tied to NFT ownership—the ApeCoin DAO allows members to participate in voting and community governance solely by holding an ApeCoin token. Of the total 1 billion ApeCoins minted, a significant number have already found their way to various stakeholders.
As per information from ApeCoin’s website, Yuga Labs is set to retain 9.75% of the tokens, while 14% will be allocated to “launch contributors.” The four founders of Yuga Labs will receive 8% of the tokens, and an additional 6.25% will be donated to the Jane Goodall Legacy Foundation.
Owners of Bored Ape and Mutant Ape NFTs will also be eligible to claim a portion of the ApeCoin supply. Specifically, BAYC NFT holders can claim approximately 10,000 APE per BAYC NFT, while MAYC NFT holders can claim around 2,000 APE per NFT.
1/ @animocabrands has proposed AIPs 4 & 5, these are live on Discourse for viewing. AIP 4 covers a novel staking mechanism to reward @apecoin and BAYC ecosystem NFT holders. AIP 5 proposes the size of the staking liquidity pools – 17.5% of the total token allocation over 3 years— Yat Siu (@ysiu) March 16, 2022
ApeCoin DAO’s board boasts impressive members, including Reddit co-founder Alexis Ohanian, FTX’s Amy Wu, Yat Siu of Animoca Brands, Maaria Bajwa from Sound Ventures, and Dean Steinbeck of Horizen Labs. Ohanian views the DAO as a platform to widen the influence and fanbase of BAYC.
“With the launch of ApeCoin, we’re expanding the ‘Club’,” Ohanian shared in a press statement. “Web3 is becoming an integral part of our art, music, and culture on a daily basis, and it all begins with community. I firmly believe this community has the potential to build, grow, partner, and create massive disruptions.”
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