There is no stopping the phenomenon that is Bored Ape Yacht Club. The founders of the company Yuga Labs recently announced the launch of a new cryptocurrency, ApeCoin, to be used to further the NFT ecosystem. As the main token for their products and services, it will be sure to make waves in the crypto world.
BAYC’s Impressive Track Record
Even those who have been living under a rock for the last few months have probably heard of the incredible success of Bored Ape Yacht Club. Their cartoon monkeys are some of the most sought-after NFTs in crypto, with the highest minimum price reaching 85 ETH ($238,000), far exceeding that of CryptoPunks (62ETH = $174,000). What sets them apart from the rest is not only the art (which, like many NFTs, is not particularly unique) but also the strong community they have built.
When you own a Bored Ape, you will be a part of an exclusive club with access to member-only benefits. This includes yacht parties in Miami, exclusive merchandise and prizes that are airdropped, and sometimes even intellectual property rights. This has attracted the attention of many celebrities, including Eminem, Snoop Dogg, Jimmy Fallon and Steph Curry, who have all purchased these items.
ApeCoin’s Future Plans
The founders have shown no signs of slowing down. Earlier this week, they announced the acquisition of the intellectual property rights for CryptoPunks. This is the second largest collection in the space and the news caused the price of BAYC to increase by 18%.
Now, they are launching ApeCoin to add to the rapidly growing NFT ecosystem. The community will oversee the coin DAO and governance, with each member having one token representing one vote. The DAO will be funded with one billion tokens and plans to use the funds to fund game development as well as additional events.
ApeCoin’s Tokenomics
Yuga Labs will still have a significant influence on the coin’s future developments, as 15 percent of the tokens will be retained by them. BAYC founders will receive 14%, and 15% will be given to early owners of Bored Apes. Those involved in the DAO release will get 8%.
This is an alarming amount of control held by its creators, in comparison to the token’s community-driven distribution. Nevertheless, the BAYC project has done an excellent job of making these cartoons mainstream, and this expansion of the blockchain gaming empire is a testament to its success. With a volume of $33 Million in 7 days, and many celebrities on board, this is sure to be a profitable venture.
