March has been a busy month for Bored Ape Yacht Club creators Yuga Labs. After acquiring the CryptoPunks and Meebits projects from Larva Labs in the past few days, they are back for more, introducing a new “ApeCoin” token this week.
This is Yuga Labs’ first token for Bored Ape Yacht Club, one of the most dominant names in the NFT market. Let’s take a look at what we know about this new announcement and everything you need to know about this new token.
The very first Bored Ape Yacht Club token
ApeCoin describes itself as “a decentralized protocol layer for community initiatives that advance culture in the metaverse.”
Like many traditional community-driven protocols, the token will be complemented by ApeCoin DAO and ApeCoin Foundation. A special advisor has also been formed for the Foundation to serve as DAO “board members,” including Reddit co-founder Alexis Ohanian, FTX Ventures & Gaming head Amy Wu, Animoca co-founder and president. Brands Yat Siu, and more. . All five board members are, of course, Bored Ape holders.
Although we have limited knowledge of ApeCoin’s tokenomics, we do know that it is an ERC-20 token focused on four major pillars: governance, unified spending, access, and incentive. The token site also provided an initial token allocation:
A full breakdown is available on the ApeCoin site, and as hinted in this graphic, an airdrop of ApeCoin tokens to Bored Ape Yacht Club (and Mutant/Kennel + Ape) holders.
The altcoin top 10 has been showing strong performance in recent days. ApeCoin (APE) is soon to become a new altcoin that is likely to be on many trader's radars. | Source: ALT10-USD on TradingView.com
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Big moves for Yuga Labs
While the NFT market has stuttered over the past month – and generally, to start 2022 – Yuga Labs hasn’t even considered hitting the brakes. While Bored Ape Yacht Club is just under a year old, more mature projects in CryptoPunks and Meebits came into Yuga just days ago following an acquisition from Larva Labs. The NFT startup is rumored to be eyeing a $5 billion valuation and will seek to use the ApeCoin token to start building a game-to-win title in partnership with leading NFT specialists, nWayPlay.
In its entirety, this week’s announcement was largely unexpected – as some trading of the ApeCoin token is expected to begin tomorrow, March 17 – but supported exchanges were not disclosed. Expect the token to gain support on some of the biggest exchanges, however, given its board size and NFT project’s positioning in the market.
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Featured image from apecoin.com, Charts from TradingView.com The writer of this content is not associated or affiliated with any of the parties mentioned in this article. This is not financial advice.
