Yuga Labs has officially introduced its new token ApeCoin. According to its official website “Ape Coin will be the official token of all new products and services”. The Ape coin will be using a DAO system of governance. The only qualification to join this DAO is to just own Ape Coin.
Yuga Labs will use Ape Coin ($APE) to launch a variety of blockchain games and services for Metaverse enthusiasts, making it the official currency of the BAYC ecosystem. The company has distributed 15% of ApeCoin’s total supply to people who own OG (Bored) Ape, Mutant Ape, and Kennel NFT holders. This news comes just days after Yuga Labs bought the rights to CryptoPunks and Meebits, which was already causing quite a stir in the crypto world.
The number of Ape tokens allocated to you varies depending on what NFT you own. These include:
- 10,094 tokens if you only own OG (Bored) Ape
- 2,042 tokens if you own a Mutant Ape
- 10,950 tokens if you own both a Bored Ape + Kennel Club
- 2,898 tokens if you own both a Mutant Ape + Kennel Club
The token hopes to promote decentralised web and web 3.0. Their project objectives include having a DAO governance so that the community themselves can uphold the goals and vision of the company. Those who have Ape Coin will be able to gain exclusive access to merchandise, events, games, services and many more to come. There are several incentives to holding Ape Coin, one of them being the opportunity to use their ‘Bored Ape’ into their own projects in the form of online game avatars.
The Wolves of Crypto Street (TWCS) collectibles community currently own a Bored Ape (BAYC), Mutant Ape (MAYC) and a Bored Ape Kennel Club (BAKC). Using an innovative investment strategy TWCS were able to crowdfund buy all three of these NFTs and not only receive their new token but to also gain profit from their investments depending on how much they initially spent to enter this opportunity. As of today the investments are up $135,400. With those who invested the lowest amount standing at around $34 of profit and those who invested at the highest prices looking at around $1,022 of profit.