The startup is behind the NFT project Bored Apes Yacht Club (BAYC), which only launched in April of last year but has quickly grown to become the most valuable NFT project by market cap. The price of admission to purchase the cheapest of the 10,000 images currently sits at around $240,000 worth of the Ethereum cryptocurrency. As the startup reportedly looks to bank funding at a $5 billion valuation (a spokesperson for the company declined to comment on that figure), Yuga Labs is looking toward the future, detailing a new partnership for a play-to-earn gaming title built around a much-hyped token called ApeCoin.
According to an announcement posted this morning of March 17, ApeCoin (APE) is an ERC-20 token created on the Ethereum platform, with a total supply of 1 billion tokens.
APE will be the official coin of ApeCoin DAO, a decentralized self-governing organization where token holders can vote and participate in project decision making. In addition, APE can also be used as a payment currency in the Bored Ape Yacht Club ecosystem, as well as providing access to new products in the future.
The full breakdown of the token allocation of 1 billion APE coins is as follows:
- 8% will go to the founders of Bored Apes Yacht Club.
- 16% will go to the Yuga Labs team (a portion of which equal to 1% of the total token supply will be donated to the Jane Goodall Foundation Legacy Foundation).
- 14% will go to “launch contributors,” which will assumedly be made up of Yuga partners and investors.
- 15% will go to owners of the Bored Apes and Mutant Apes collections.
- 47% will be released over time as part of the DAO’s “ecosystem fund.”
By the way, ApeCoin also announced the project’s advisory team, including many famous names such as Reddit co-founder and 776 investment fund founder Alexis Ohanian, FTX Ventures manager Amy Wu and Animoca founder Brands Yat Siu.
Immediately, APE was announced by many major US exchanges such as Coinbase, FTX, Kraken, Gemini, Binance US, … on March 17.
The APE token release is just the first step in Yuga Labs’ ambition to expand the Bored Ape Yacht Club universe in 2022. The NFT developer also plans to sell the metaverse land and use APE as a premise to build an NFT game co-developed with Animoca Brands.
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