Future. Bored Ape Yacht Club is minting ApeCoins, a new cryptocurrency that will act as the protocol for games, products, and other branded experiences within the BAYC universe. Considering how nearly every major brand now accepts crypto as a form of payment, ApeCoins could soon be used as a way to purchase products made in collaboration with BAYC (like adidas) or to pay for drinks or merch at BAYC-branded parties.
ApeCoin in the wild
BAYC now has its own currency.
- BAYC creator Yuga Labs has launched a branded crypto called ApeCoin that will be the “primary token for all new products and services” from the brand.
- At the outset, it’ll be used as an in-game currency for the title Benji Bananas, which was developed by Animoca Brands.
- ApeCoin is technically independent of Yuga Labs. Ape Coin is controlled by a DOA named after the crypto that will be directly funded by sale fees.
- Money raised will also be used to fund events, games, and merch within the BAYC ecosystem.
To carry out decisions made by the DAO, Yuga Labs created the Ape Foundation, which includes Web3 enthusiasts such as Seven Seven Six founder Alexis Ohanian and Animoca Brand founder Yat Siu.
So, how can you cop an ApeCoin? Amazingly, 1 billion tokens are available with each token representing a single vote in the DAO… but Yuga Labs will keep around 15% of them, BAYC’s founders will keep another 8%, contributors to the DAO’s launch will get another 14%, and then another 15% are reserved Bored Ape NFT holders. That leaves 48% of minted coins up for grabs.
Some crypto investors aren’t too happy about that distribution structure, but BAYC is a community-first project, so it makes sense that those already invested in the BAYC ecosystem will be rewarded first.
Vice reported that ApeCoin sales have so far been… volatile. Upon launch yesterday, they spiked to $40, then dropped to $8, and have probably rollercoastered up and down half a dozen times since this email landed in your inbox.