The NFT space seems to be experiencing some March Madness of its own. Only days after the Bored Ape Yacht Club acquired CryptoPunks and Meebits, the crew behind the influential project has announced the launch of a new token, ApeCoin ($APE).
Having originally announced the forthcoming token back in October, the BAYC team has now unveiled full details about what the $APE token is, how it will be distributed, and what it will be used for in the broader BAYC ecosystem. In short, it seems that $APE will serve as a token to govern the future of the Bored Ape community.
“The community’s been wanting ApeCoin for a long time now, so we’re excited to see it come to life through community ownership,” Nicole Muniz, CEO of Yuga Labs, said in a statement. “Yuga Labs will continue to be builders of products and experiences that bring new ideas and energy to the community.”
What is ApeCoin?
ApeCoin is billed as a “token for culture, gaming, and commerce used to empower a decentralized community building at the forefront of web3.” What does this mean? For starters, the expansion of the BAYC universe.
First and foremost, it’s important to note the new players in the BAYC ecosystem. The newly founded ApeCoinDAO is the creator behind the launch of ApeCoin, not Yuga Labs or the Bored Ape Yacht Club. ApeCoinDAO exists to give $APE token holders a vote on fund allocations, governance rules, projects, partnerships, and beyond. Holding ApeCoin is the only requirement for membership in the ApeCoinDAO.
The ApeCoinDAO is also supported by the Ape Foundation. The Ape Foundation is not the overseer of ApeCoin, but more of the steward of $APE. The foundation will act as the base layer upon which ApeCoin holders in the ApeCoinDAO can build.
The Ape Foundation will utilize the Ecosystem Fund, which is controlled by a multisig wallet. This fund will be used to pay expenses as directed by the ApeCoinDAO and provides an infrastructure for ApeCoin holders to collaborate through open and permissionless governance processes.
Finally, a special council on the Ape Foundation (the Board) will provide oversight of the Foundation administrators. The purpose of the Board is to administer DAO proposals and serve the vision of the community. It meets on proposals requiring administrative review under ApeCoinDAO rules.
The initial Board will serve for a term of six months, after which the ApeCoinDAO will vote on new members annually. Currently, the council consists of Alexis Ohanian (co-founder of Reddit, general partner and founder of Seven Seven Six), Amy Wu (head of ventures & gaming at FTX), Maaria Bajwa (principal at Sound Ventures), Yat Siu (co-founder and executive chairman of Animoca Brands), and Dean Steinbeck (president and general counsel at Horizen Labs).
Who gets ApeCoin?
$APE is an Ethereum token with a total supply of 1 billion. Initially, 62% of the total supply of ApeCoin is allocated to the ApeCoin community, with a portion claimable by BAYC NFT holders.
Starting tomorrow, March 17, at 8:30 a.m. ET, 15% of the total supply of ApeCoin will be made available to those who own an original Bored Ape or a Mutant Ape. Holders of Bored Ape Kennel Club Dogs will need to own either an Ape or Mutant to participate.
For all other NFT enthusiasts that don’t own a BAYC NFT, ApeCoin will be available to all in due time. The coin is expected to begin trading on major crypto exchanges in the very near future. The team said “ASAP,” but they failed to offer further details. Addittional announcements surrounding $APE will be made via the ApeCoin Twitter account. Learn more about ApeCoin and ApeCoin governance via the official ApeCoin website.
This was a developing story and was updated.
Source: NFT Now