NFT collectible BAYC launches its native token ApeCoin
Bored Ape Yacht Club NFT, the most valuable Non-Fungible Token collectible to date, has launched its native crypto token, ApeCoin on Thursday. The token also got listed on major exchanges like Binance, Coinbase, FTX, Huobi, OKX, and Kraken.
It is noteworthy to mention that though the token is native to the BAYC universe, Yuga Labs, the creator of BAYC, has kept its distance from the launch of the token. The Securities and Exchange Council of the United States has largely been keeping its distance from NFT projects but has been diligently targetting crypto start-ups. Many experts believe that this is the reason why the new token was created by ApeCoinDAO, a decentralised autonomous organisation which is distinct from Yuga Labs.
One billion ApeCoin tokens would be in circulation. 62 per cent of the total supply will go into the ecosystem fund, 14 per cent would be used for new launches. 9.75 per cent of the tokens will go to BAYC Yuga Labs, 8 per cent will go to Yuga Labs founders, and 6.25 per cent will go to the Jane Goodall Foundation, a charity dedicated to protecting chimpanzee habitats.
The ApeCoin team announced that the token will be the “primary token for any future products and services” that Yuga Labs develops. This includes a play-to-earn (P2E) blockchain game that Yuga Labs hopes to release later this year with game developer nWay.
ApeCoin will also be utilised in Animoca Brands’ new play-to-earn game Benji Bananas, which also owns nWay.
Since its debut in April last year, Bored Ape Yacht Club has become one of the most sought-after NFT collections. Last week, Yuga Labs bought two more major NFT projects, CryptoPunks and Meebits, further consolidating its market domination.
BAYC is one of the most expensive NFT collectibles, ranging anything from $200,000 to $3 million. This collection features still images of Apes and it exists on the Ethereum blockchain. Mark Cuban, Eminem, Snoop Dog, Justin Bieber, Post Malone, Jimmy Fallon, Steph Curry, etc. are some celebrities who own the BAYC NFTs.