The Bored Ape Yacht Club has been making headlines recently. Following the rise of the CryptoPunks collection, the decentralized autonomous organization will launch its own cryptocurrency token: the ApeCoin (APE)
The Yuga Labs, is behind the bored ape yacht club and has developed its own currency after revealing its intention to enter the metaverse. This will be important to the new ecosystem.
The Yuga Labs Ecosystem Has A New Token At Its Heart.
The Bored Ape Yacht Club is expanding its focus outside the NFT sector. Yuga Labs, the group behind the creation of NFTs, has elected to develop its own token: ApeCoin, to promote its diversification in the metaverse (APE).
As a result, Apecoin is expected to become the central token of the whole Yuga Labs ecosystem. As the new token’s Twitter account revealed yesterday:
We present to you ApeCoin ($APE), a token for culture, gaming and commerce used to strengthen a decentralized community that is building at the forefront of web3.
ApeCoin (APE): A Crypto For The Community!
The group intended to continue to fully promote decentralization with the creation of the token. ApeCoin DAO, an autonomous entity, was in charge of promoting the new token. The project’s tokenomics also lays a heavy focus on community. As a result, the community will receive 62 percent of the tokens. An estimated 15% of these tokens will be delivered tomorrow through airdrop to NFT Bored Ape or Mutant Ape owners.
Yuga Labs should retain ownership of 9.75% of the tokens in circulation. The tokenomics also provides for the payout of 14 percent of the tokens to the contributors who participated in the project’s launch. The four founders will keep 8% of the tokens, while a little more than 6% will be sent directly to the Jane Goodall Legacy Foundation, a non-profit organization dedicated to environmental conservation.
From a statistical standpoint, it is evident that the launch was extremely turbulent. As a result, according to CoinMarketCap statistics, the token’s price fluctuated between 1 and 39 dollars. The item is now selling at $7.37 at the time of writing.
Yuga Labs has a voracious appetite!
This token launch is not a stand-alone effort. Yuga Labs recently revealed that it had obtained the rights to another popular NFT collection, CryptoPunks. The CryptoPunks collection, highlighted by Larva Labs, ruled dominant in the NFT market for several months. For many observers, it is also THE collection that sparked the interest in the NFT industry.
This “repurchase” news was made public 5 days ago. The laboratory then claimed that it possessed the brand and copyrights for the CryptoPunks but also Meebits collections at the initiative of the Bored Ape Yacht Club (BAYC) and Mutant Ape Yacht Club (MAYC) collections. This deal also included the purchasing of 423 CryptoPunks and 1,711 Meebits.
