As anticipated, ApeCoin (APE) has been launched and will be distributed to all NFT Bored Ape Yacht Club (BAYC) owners including Eminem, Steph Curry, Jimmy Fallon, and Mark Cuban.
Here we go. ☠️🦍⛵https: //t.co/zAqK24XCr4
- Bored Ape Yacht Club (@BoredApeYC) March 16, 2022
For the record, ApeCoin is not a project of Yuga Labs, the owner of the NFT BAYC project.
Instead ApeCoin was introduced by its community known as ApeCoin DAO consisting of Reddit co -founder Alexis Ohanian; head of FTX Ventures, Amy Wu; Animoca Brands executive chairman, Yat Siu; Sound Ventures executive officer, Maaria Bajwa; and Horizon Labs co -founder, Dean Steinbeck.
It is understood that 1 billion APEs will be distributed based on the following breakdown:
8% - belongs to the founder of BAYC
16% - owned by Yuga Labs crew
14% - owned by "launch contributors"
15% - owned by NFT BAYC collectors and Mutant Ape Yacht Club (MAYC)
47% - distributed in stages as DAO ecosystem funds
Interestingly, BAYC collectors can redeem 10,000 APE per NFT and MAYC collectors can only redeem about 2,000 APE per NFT.
Although APE is separate from Yuga Labs, this token still plays an important role in every new product and service launched by the entity.
According to Yuga Labs, APE will be the official token for the blockchain -based game that will be launched by nWay developers later this year as well.
APE will also be used in the play to earn (P2E) concept game, Benji Bananas founded by Animoca Brands.
So far there are still no signs of APE listing on the crypto exchange platform.
Meanwhile, Yuga Labs has revealed it will launch plot sales in the metaverse in an effort to generate a projected net worth of $ 455 million this year.
