Yuga Labs, creator of Bored Ape Yacht Club (BAYCs), has announced ApeCoin ($APE) launch.
$APE is the latest addition to BAYC’s metaverse.
What’s the utility of Apecoin
ApeCoin, as the creators stated in their Twitter account was a token for commerce, culture, gaming and entertainment. It will be used for the empowerment of a decentralised community, which is at the forefront web3.
The community will also own and operate $APE. This community-controlled organization is called ApeCoin DAO. To join DAO, you must have an Apecoin.
Yuga Labs will not completely remove itself from DAO, but it will retain a substantial voting share. The company will keep around 15% of all ApeCoins issued, while BAYC founders will receive an additional 8 percent. The DAO’s launch contributors will also receive an additional 14 percent. Holders of Bored Ape NFTs will receive an additional 15%.
BAYC has been the most prominent NFT company since its launch in April last year. The company was able to sell multi-million dollars and boast a growing list of celebrity owners.
While the company is primarily focused on crypto, it appears to be focusing more on games and other media in the future. Although ApeCoin may not be entirely controlled by the company, its launch of the token could place BAYC at center stage in a larger blockchain gaming industry.
Additionally, approximately 15% of APECoin’s ecosystem is made up of platforms based on the $APE token. $APE’s main goal is to be enrolled in major crypto exchange platforms as soon as possible.
Up to now, $APE was distributed via various contests, airdrops and bounties both within and outside of the APECoin community.
Apecoin ($APE), India’s most trusted Crypto Exchange, is now listed on ZebPay. Apecoin can be traded, bought, and sold now.
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