A leading non-fungible token company has announced plans for a long-rumored token. Here are the details about APEcoin (CRYPTO: APE) and who is eligible to claim the new token.
Yuga Labs announced the launch of ApeCoin Wednesday with a Twitter Inc thread, a new Twitter account and a website. The token will be used for culture, gaming and commerce to build out the Web3 efforts for the company.
What is ApeCoin?
ApeCoin (APE) is a token for culture, gaming, and commerce used to empower a decentralized community building at the forefront of web3. ApeCoin is owned and operated by the ApeCoin DAO, a decentralized organization where APE token holders get to vote on governance and use of the Ecosystem Fund.
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.
Multimillion dollar monkey pictures and monkey money are likely not the future you were expecting to capture the undivided attention of Silicon Valley VCs, but Yuga Labs hopes that the new game and token will inspire a mainstream crypto economy built around their their IP, which further expanded last week to include the highly valued CryptoPunks and Meebits NFT collections after Yuga acquired the assets from Larva Labs.
$APE is an Ethereum token with a total supply of 1 billion. Initially, 62% of the total supply of ApeCoin is allocated to the ApeCoin community, with a portion claimable by BAYC NFT holders.
Starting tomorrow, March 17, at 8:30 a.m. ET, 15% of the total supply of ApeCoin will be made available to those who own an original Bored Ape or a Mutant Ape. Holders of Bored Ape Kennel Club Dogs will need to own either an Ape or Mutant to participate.
For all other NFT enthusiasts that don’t own a BAYC NFT, ApeCoin will be available to all in due time. The coin is expected to begin trading on major crypto exchanges in the very near future. The team said “ASAP,” but they failed to offer further details.
