The Bored Ape Yacht Club is getting it’s very own “ApeCoin”

By Jesse Coghlan
March 17, 2022 0

Owners of the Bored Ape Yacht Club (BAYC) are set to receive another perk, with the launch of a new cryptocurrency, ApeCoin (Ticker: APE) being made available for holders.

The token wasn’t created by Yuga Labs, the company behind the BAYC, but instead was created by the ApeCoin DAO, a decentralised autonomous organisation featuring a board made up of key players in the crypto industry.

According to the ApeCoin website, the board includes Amy Wu, Head of Ventures & Gaming at FTX, Alexis Ohanian, Co-founder of Reddit, and Yat Siu, Co-founder & Chairman of Animoca Brands, which owns the Sandbox metaverse.

Yuga Labs has stated that it plans to adopt ApeCoin as the primary token for its BAYC ecosystem, including for future products.

There are a total of one billion tokens available, with 38 per cent of the available supply split between Yuga Labs (16 per cent), launch contributors (14 per cent), and the BAYC founders (8 per cent). The website states that 6.25 per cent of Yuga Labs’ allocation will be donated to the Jane Goodall Legacy Foundation, a conservation charity focused on protecting great apes.

Holders of a Bored Ape NFT will be able to claim 10,094 tokens per NFT, with Mutant Ape holders able to claim 2,042 tokens per NFT held, equating to 15 per cent of the total supply.

A number of exchanges have signalled their intention to list the token, including Kraken, FTX, Binance US, and Gemini, which will be available to the public at 11:30pm tonight (AEDT).

A big news week for Yuga Labs

Yuga Labs has been making headlines this week, on Saturday, Yuga announced that it had purchased the intellectual property of the CryptoPunks and Meebits NFT collections from Larva Labs, immediately giving full commercial rights to holders.

The floor price of the BAYC collection jumped by 25 per cent, rising to 95 ETH at the time, and made Yuga Labs the IP holder for three of the top five NFT collections by all-time sales volume, with Meebits in first place.

Early Wednesday, The Block broke a story that it had received an investor pitch deck created by Yuga Labs, allegedly detailing plans for a metaverse, land sales, and the ApeCoin token. Founders of the BAYC called the deck “old and outdated” in response.


Jesse Coghlan

Journo for CryptoVista - reporting on all things crypto, NFT, blockchain, metaverse, and DeFi.

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