The owners of Bored Ape Yacht Club NFTs are in for a treat as they will be receiving a new token called “ApeCoin” (APE). This is an incentive for being part of the exclusive digital asset club. BAYC NFT holders can claim up to 10,000 ApeCoin each. One billion ApeCoin tokens will be released. It will be distributed among different parties.
62% of the total supply, as per information on the ApeCoin DAO portal, will be added to an ecosystem fund. 14% of the token will be issued to launch contributors and 9.75% will be held by the creators of BAYC and Yuga Labs. The founders of Yuga Labs will get 8% of the tokens to their credit, while the remaining 6.25% would be donated to the Jane Goodall Foundation.
This new token is separate from Yuga Labs. It will fully adopt ApeCoin as the primary token for all new products and services that come out of Yuga Labs. And this includes yet-to-be-released P2E blockchain game which will be released later this year with game developer nWay.
ApeCoin can be used in Benji Bananas, an upcoming P2E from Hong Kong-based Animoca Brands. Yat Siu, the co-founder of Animoca Brands and ApeCoin DAO board member, said the ApeCoin is a step forward in the progression of NFTs. The new token represents the zeitgest of NFTs. Siu described ApeCoin as an expression of the current culture of NFTs. He believes it will emerge as the “Dogecoin of NFTs”. ApeCoin is community-created and community valued.
Siu highlighted that ApeCoin has some starting utility. It can be used with games. ApeCoin, through its fungible and transferable nature, will reach larger audiences.