A non-fungible token collection just got its own fungible token.
Yuga Labs, the startup behind the Bored Ape Yacht Club NFT collection, has taken another step forward to build a crypto empire around the most expensive NFT collection to date. The startup has now adopted the newly created ApeCoin as the official currency of the BAYC ecosystem.
Here we go. ☠️🦍⛵https://t.co/zAqK24XCr4
— Bored Ape Yacht Club (@BoredApeYC) March 16, 2022
Interestingly, the startup went to great lengths to dissociate itself from the making and functioning of the token. ApeCoin is being created by ApeCoin DAO, a decentralized autonomous organization with Reddit co-founder Alexis Ohanian, FTX’s Amy Wu, Animoca Brands’ Yat Siu, Sound Ventures’ Maaria Bajwa, and Horizen Labs’ Dean Steinbeck as board members.
Those who wish to be a part of the ApeCoin DAO are only required to hold some supply of the token. Each token holder will participate in the governance process and vote on the use of the ecosystem fund. The DAO is further supported by the Ape Foundation, a foundation “created to act as the legal steward of ApeCoin and administer the decisions made by the ApeCoin DAO community.”
Over one billion tokens will be created to distribute amongst the community. Of the total, 62% of the token’s total supply will be allocated to the ApeCoin community, and 15% will be distributed in the form of airdrop on March 15.
In addition, 80 million APE Coins will be distributed to the founders of Yuga Labs, with no distribution for the first 12 months and 2,222,222.22 tokens unlocked every month for the next three years.
For everyone else who wants to ape in: ApeCoin will be available to all and is expected to begin trading on major crypto exchanges soon.
— Bored Ape Yacht Club (@BoredApeYC) March 16, 2022
