ApeCoin launches for NFT Bored Ape Ethereum holders with Reddit, FTX, Animoca Execs on board

NFT Bored Ape Yacht Club owners are set to receive another club membership reward: ApeCoin (APE), which was launched on Wednesday.

Notably, the token was not created by Yuga Labs, the developer of BAYC. It was created by ApeCoin DAO to demonstrate decentralization.

ApeCoin has a BAYC skull logo, while Yuga Labs uses ApeCoin “as the primary token for all new products and services,” including its blockchain game coming later this year, according to a press release. And on March 17, blockchain game Benji Bananas from Animoca Brands will also implement ApeCoin.

As a reminder, NFTs such as Bored Apes are unique blockchain-based tokens that indicate ownership of a physical or digital asset, such as a picture of a cartoon monkey. DAOs are decentralized autonomous organizations, communities that use blockchain tokens as votes to make decisions collectively.

Introducing ApeCoin ($APE), a culture, gaming and commerce token used to build a decentralized community at the forefront of web3. 🧵

— Apecoin (@apecoin) March 16, 2022

Unlike some DAOs where NFTs can be used as votes, ApeCoin DAO requires a member to only have an ApeCoin token in order to participate in voting and community governance.

Although there is a total of 1 billion ApeCoins, many of them have already been distributed to interested parties. According to the ApeCoin website, 9.75% of the tokens will be owned by Yuga Labs, 14% will be donated to “launch contributors”, 8% will be donated specifically to the four founders of Yuga Labs, and another 6.25% will be donated to the Jane Goodall Legacy Foundation.

Bored Ape and Mutant Ape NFT holders will also be able to claim a share of the ApeCoin supply. BAYC holders can claim around APE 10,000 per BAYC NFT, while MAYC holders can only claim around APE 2,000 per NFT.

one/ @animocabrands suggested AIP 4 and 5, they are available for viewing in Discourse. AIP 4 covers new staking mechanism for rewards @apecoin and holders of the BAYC NFT ecosystem. AIP 5 offers staking liquidity pools of 17.5% of the total token allocation over 3 years.

— Yat Siu (@ysiu) March 16, 2022

Reddit co-founder Alexis Ohanian sits on the board of ApeCoin DAO along with FTX’s Amy Wu, Animoca Brands’ Yat Siu, Sound Ventures’ Maaria Bajwa, and Horizen Labs’ Dean Steinbeck.

Ohanian sees DAO as a way to expand BAYC’s reach and fan base.

“Today we are making The Club bigger with ApeCoin,” he said in a press statement. “Web3 is becoming more and more integrated into our art, music and culture every day, and it all starts with the community. I believe this community will build, expand, collaborate and disrupt on a massive scale.”