Yuga Labs announced the creation of ApeCoin, a cryptocurrency intended to be the “primary token for all new products and services” from the company. It looks like they aim to establish wider business around the Bored Ape Yacht Club non-fungible token (NFT) series. It also includes a new play-to-earn blockchain game that nWay will release later this year in collaboration with Yuga Labs.
ApeCoin is introduced by Bored Ape Yacht Club developer
ApeCoin will be the first in-game currency to have real value, and it’s being pitched as something that may be used outside of Yuga Labs’ games. Starting tomorrow, it’ll be accepted in Benji Bananas. It is a game developed by nWay-owned Animoca Brands.
ApeCoin was established independently of Yuga Labs. The token will be governed by a community-controlled organization called the ApeCoin DAO. Each token will be entitled to one vote. There will be 1 billion coins in circulation.
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
The Ape Foundation is a corporate parent that has been established to make decisions on behalf of the DAO. Alexis Ohanian, the co-founder of Animoca Brands, and other directors sit on the board of the Foundation.
The organization’s plan is to spend a significant amount of the money it receives on creating an ecosystem around the coin. This will include funding game development, events, and T-shirt production. A decentralized NFT marketplace will also be developed as part of the roadmap.
Yuga Labs will not be entirely excised from the DAO. In fact, it will have a significant voting weight in the group. The business will keep around 15% of all ApeCoins generated, and BAYC’s creators will get another 8%. Another 14% of the DAO tokens will go to those who contributed to its release. Then, another 15% of tokens will be made available to holders of Bored Ape NFTs first, leaving only about half of the overall supply for others who wish to purchase it in.
NFT sales reached $17 billion in 2021
Since its inception in April, Bored Ape Yacht Club has emerged as the most well-known name in the NFT industry, with multi-million dollar transactions and a growing list of famous owners.
While Bored Ape Yacht Club may be dedicated to the crypto industry, it appears to be focusing on games and other media in the future. ApeCoin’s debut might make Bored Ape Yacht Club the hub of a broader blockchain gaming universe.
