Bored Ape Yacht Club (BAYC) Hard Token Token (NFT) holders, including celebrity holders such as Eminem, Steph Curry, Jimmy Fallon and Mark Cuban, will receive a new token called ApeCoin (APE) as another incentive to join their digital-only active club.
The developer of the new token is the Decentralized Autonomous Organization (DAO) ApeCoin, which differs markedly from Yuga Labs.
BAYC NFT holders will be able to claim approximately 10,000 ApeCoin each, but the soon-to-be-released billion ApeCoin tokens will also be distributed to various parties.
According to the ApeCoin DAO website, 62% of the total supply will be added to the ecosystem fund, 14% will be given to “launch participants”, 9.75% of the tokens will be held by the creators of BAYC, Yuga Labs, 8% of the tokens will be given directly to the founders of Yuga Labs. and the remaining 6.25% will be donated to the Jane Goodall Foundation, a chimpanzee habitat conservation charity.
While the token itself remains technically separate from Yuga Labs, the company intends to fully use ApeCoin as the “underlying token for all new products and services” created by Yuga Labs. According to Yuga Labs, this includes a yet-to-be-released Blockchain (P2E) game that the Yuga Labs team plans to release later this year with game developer nWay.
ApeCoin will also be used in the upcoming commercial game Benji Bananas, a game from Hong Kong-based gaming company Animoca Brands, which also owns nWay.
Yat Siu, co-founder of Animoca Brands and member of the board of directors of ApeCoin DAO, told Cointelegraph that ApeCoin is a step forward in the development of NFTs.
“ApeCoin is a token that reflects the NFT zeitgeist today. It’s kind of an expression of modern NFT culture.”
He stated that ApeCoin will become “Dogecoin among NFTs, where the tool is built for the community and the community is valued.”
Sioux is optimistic about the future of ApeCoin, but notes that the tool will be available immediately through games:
“ApeCoin itself has a launch tool that will start with games and more in the future. The benefit will be the creative energy that brings together this combination of technology and culture already started by the BAYC community that will reach a much wider audience through the fungibility and conveyance of ApeCoin’s character.”
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Since its launch last April, the Bored Ape Yacht Club has grown into one of the NFT’s top bands and continues to add big-name celebrities to its list of owners, including Paris Hilton. Last week, Yuga Labs acquired two other major NFT projects, CryptoPunks and Meebits, expanding its reach in the booming NFT market.
According to the official website, ApeCoin will be available for purchase on all major exchanges.