Shortly after the announcement of the acquisition of CryptoPunks and Meebits NFT collections by Larva Labs, Yuga Labs is making another big statement. The point is that the company's cult Bored Ape Yacht Club NFT collection has launched its new token ApeCoin ($APE).
$APE is an Ethereum token defined as a “token for culture, gaming, and commerce used to empower a decentralized community building at the forefront of web3.”
It’s worth noting for the new BAYC community members that the ApeCoin is supported and governed by the ApeCoinDao, not by Yuga Labs or the Bored Ape Yacht Club. Being part of the ApeCoinDao will allow the $APE token holders to vote on the operations inside the community, including fund allocations, partnerships, and more.
In addition, the Ape Foundation was created to support the ApeCoinDAO. It will curate the $APE transactions within the Ecosystem Fund. The fund will allow the token holders to collaborate within the open infrastructure of the community.
On top of that, special management of the Ape Foundation, named The Board, will be administering DAO proposals requiring compliance with the ApeCoinDAO rules. The current Board consists of the most prominent participants of the NFT realm and is chosen for six months only. Later the ApeCoinDAO will vote on the candidates annually.
Initially, there's a total supply of 1 billion $APE tokens. According to Yuga Labs, 62% of $APE tokens will be widely used by the ApeCoin community, with 15% available for claiming by BAYC, the original Bored Ape or Mutant Ape holders on March 17th. As for the Bored Ape Kennel Club Dogs owners, they will need to hold either an Ape or Mutant to claim their $APE.
Another area of $APE application is the world of P2E gaming. Thus, the top-ranking blockchain game developer Animoca Brands will shortly integrate the $APE token payment option in its Bangio Bananas P2E game, alongside its and BAYC joint the secret project, which is to see the world soon.
Finally, the new token will be listed on all influential cryptocurrency stocks, including Binance and Coinbase. The two crypto trading giants have already announced the early $APE listing later today.