ApeCoin: what is an Ethereum Bored Ape token and who gets it?

Briefly

• ApeCoin is a new Ethereum token based on the Bored Ape Yacht Club NFT project.
• Bored Ape NFT holders can receive free tokens, and they can also be purchased on exchanges.

After an official announcement just yesterday, ApeCoin (APE) — an Ethereum-based token for the growing Bored Ape Yacht Club ecosystem — is now flowing. Launched today for NFT holders, around 93 million tokens have already been fished. This is about 810 million dollars.

While current Bored Ape and Mutant Ape NFT holders will benefit the most initially, given that they all receive a free supply of valuable tokens that they can sell, anyone can buy APE on popular exchanges. But why do you need it? According to the APE team, the token naturally has plans, including exclusive games and services.

If you’re thinking about using APE in a fancy token, here’s a look at how ApeCoin works, who is eligible to claim their stash, and the various purposes ApeCoin DAO has in mind for the newly launched token.

What is ApeCoin?

ApeCoin is an Ethereum-based token designed for convenience and governance. There are 1 billion in total, with CoinMarketCap reporting that about 28% are currently in circulation. Many of the total supply of tokens will be transferred gradually over the next few years.

While ApeCoin is ostensibly the official token of the Bored Ape Yacht Club and acts as a reward for owners of Bored Ape NFT collectibles, the official story is that it was not created by Yuga Labs, the team behind Bored Apes.

Instead, the ApeCoin DAO is officially created, a new decentralized autonomous organization created to manage the token and its roadmap. Based on tweets from Yuga people and board members, it’s clear that there was a lot of emphasis on accurate and consistent messaging, likely for regulatory reasons.

ApeCoin DAO has hired some prominent people from the crypto community to serve on its original board, including Reddit co-founder Alexis Ohanian and FTX’s Amy Wu, and they will serve for six months before APE holders vote on the next members on an annual basis. .

Who understood?

If you have NFT Bored Ape Yacht Club or Mutant Ape Yacht Club in your wallet, you can get a certain amount of free tokens on the official ApeCoin website. Each NFT distributes tokens differently, so if you own a bunch of tokens, your token rewards will add up.

For the original holders of Bored Ape, 10,094 tokens amount to over $80,000 worth of ApeCoin at the time of this writing. For Mutant Ape 2042 token holders, they are now worth about $16,400. If you own the Bored Ape Kennel Club NFT by itself, then it won’t earn you any tokens. But if you have an NFT Kennel Club plus a bored or mutated monkey, you will get bonus tokens for keeping an NFT dog.

A total of 15% of the tokens will be allocated to NFT holders. Another 47% of the total supply will go to the DAO Treasury and resources, with the majority of this amount transferred over the next 48 months.

In addition, 15% will go to Yuga Labs, another 8% to the four founders of Yuga Labs, and 14% to other participants in the ApeCoin launch. In addition, 1% of the total will be donated to the Jane Goodall Legacy Fund in favor of real monkeys.

For those who don’t own Bored Ape NFT and didn’t help bring Bored Apes or ApeCoin to life, the token is currently traded on multiple cryptocurrency exchanges. Well-known exchanges such as Coinbase, FTX, and Gemini have listed APE.

What is APE for?

ApeCoin is meant to be used and managed. What does it mean? Well, it is a decentralized token that can be used for payments and transactions in Web3 applications of all kinds, even those not created or controlled by Yuga Labs or affiliated with the Bored Ape Yacht Club.

And since ApeCoin is run by the DAO, holders will be able to vote on community proposals that determine the future of the token. For example, there are already proposals for governance regarding things like the distribution of ecosystem funds and staking rewards. This may sound dry and boring to some, but it may affect future benefits for APE holders.

Crypto game maker Animoca Brands announces plans integrate APE into a “secret project” he is developing with the Bored Ape Yacht Club. This appears to be related to the recent launch of a website (somethingisbrewing.xyz) gathering information from interested parties.

Meanwhile, developer nWay announced that it will use APE in the upcoming “play to earn” game based on the Bored Ape Yacht Club, while Animoca’s unaffiliated game Benji Bananas will implement APE to reward with tokens. ApeCoin DAO has stated that certain future features will be reserved exclusively for APE holders, such as new games and services.

There is potentially much more on the horizon. For example, E11EVEN Residencies in Miami would be accept APE paymentsand the Florida-based SaltWater Brewery announced much the same about its beer.with discountNot less.

As a decentralized token, APE has the potential to be adopted by a wide range of businesses and projects. And this is the goal of ApeCoin DAO: the more useful, the more valuable it can potentially become. Since the Web3 industry is still potentially in its infancy, APE holders can only hope that it becomes the go-to payment method for the metaverse.

Denial of responsibility

The views and opinions expressed by the author are for informational purposes only and do not constitute financial, investment or other advice.