ApeCoin (APE) launched on Wednesday as the official token of the Bored Ape Yacht Club NFTs and has prominent individuals like the co-founder of Reddit is one of the DAO’s board member.
According to a press statement, ApeCoin will be used “as the primary token for all new products and services,” including a blockchain game coming later this year, and Yuga Labs will use ApeCoin “as the primary token for all future products and services.” ApeCoin will also be implemented in the Animoca Brands blockchain game Benji Bananas on March 17.
The token was not generated by Yuga Labs, the company that developed BAYC. ApeCoin DAO designed it in order to demonstrate decentralization.
To refresh your memory, NFTs like Bored Apes are one-of-a-kind blockchain-based tokens that represent ownership of a real or digital commodity, such as a cartoon ape image.
Although there are 1 billion ApeCoins in circulation, many have already been transferred to interested parties. According to ApeCoin’s website, Yuga Labs will hold 9.75 percent of tokens, 14 percent will be given to “launch donors,” 8% will be given to Yuga Labs’ four founders explicitly, and 6.25 percent will be donated to the Jane Goodall Legacy Foundation.
Holders of Bored Ape and Mutant Ape NFT will be able to claim a piece of the ApeCoin supply as well. MAYC holders will only be able to claim roughly 2,000 APE per NFT, but BAYC holders will be able to claim over 10,000 APE per NFT.
ApeCoin DAO board members
ApeCoin DAO’s board includes Reddit co-founder Alexis Ohanian, FTX’s Amy Wu, Animoca Brands’ Yat Siu, Sound Ventures’ Maaria Bajwa, and Horizen Labs’ Dean Steinbeck.
Decentralized autonomous organizations (DAOs) are groups that use blockchain currencies as votes to make decisions collectively.
Unlike some DAOs, which allow NFTs to be used as votes, the ApeCoin DAO simply requires members to own an ApeCoin token in order to vote and participate in community-based governance.
The DAO, according to Ohanian, is a method for the BAYC to broaden its reach and fan base.
“With ApeCoin, we’re making the ‘Club’ bigger today,” he added in a news release. “Every day, Web3 is becoming more and more integrated into our art, music, and culture, and it all starts with community.” This community, I believe, will grow, expand, partner, and disrupt in a big way.”