ApeCoin (APE) Launched for Bored Ape Yacht Club NFT Owners

If owning a Bored Ape Yacht Club (BAYC) non-fungible asset wasn’t enough, a new token has been launched for holders of the popular collection.

The March 16 launch announcement of APE Coin was not made by the producers of the BAYC collection, Yuga Labs, but its own ApeCoin DAO for decentralization purposes.

The latest token to join the 13,217 already listed on CoinGecko has been touted as one for “culture, gaming, and commerce used to empower a decentralized community building at the forefront of web3.”

The ERC-20 token will apparently function as a governance token for the ApeCoin DAO which aims to expand the Ape ecosystem.

Aping into the DAO

The ApeCoin DAO stated that 62% of the total supply of APE will be allocated to the ApeCoin community which includes NFT holders. A portion of this, 15% of the total supply will be available to claim on March 17. BAYC holders can claim 10,094 APE per NFT, while holders of the mutant collection MAYC will be able to claim 2,042 tokens per NFT.

16% of the total supply of a billion tokens will go to Yuga Labs and charitable endeavors. 14% will go to the launch founders while the remaining 8% will go to the BAYC founders.

Yuga Labs will be adopting ApeCoin “as the primary token for all new products and services.” This will include a blockchain game it plans to launch later this year.

Ape Foundation board members include Reddit co-founder Alexis Ohanian, head of ventures and gaming at FTX, Amy Wu, and co-founder and chairman of Animoca Brands, Yat Siu among others.

The first exchange to embrace the ape was Coinbase which announced a listing on March 17 under the “experimental asset label.” This special category is for low liquidity assets that the company advises caution over trading them.

Earlier this month, an NFT platform offered to give away four of the elusive Apes worth $1.3 million.

BAYC tops NFT sales

According to CryptoSlam, BAYC has been the top-selling NFT collection over the past 30 days with a sales volume of $113.7 million. There has been a volume of $49 million sold over the past week as Ape fever shows no sign of abating.

The second most popular NFT collection in terms of weekly sales volume is the sibling Mutant Ape Yacht Club (MAYC) which has shifted $40 million for the period.

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