Yuga Labs, the company behind the most valuable NFT project by market cap Bored Ape Yacht Club or BAYC, has announced that it is launching a native token called ApeCoin (APE).
BAYC NFT project launches ApeCoin
Yuga Labs is continuously in the headlines for its partnerships and active actions in the crypto industry. It is looking forward to the future, highlighting a new partnership focused on a play-to-earn gaming title revolving much-hyped token called ApeCoin.
Yuga Labs hopes to build a new game aiming to mainstream the crypto economy built around its new token. Yuga Lab’s last week’s acquisition of assets from Larva Labs to include highly valued CryptoPunks and Meebits NFT collections has expanded the mission.
Yuga Labs is taking great efforts to keep itself out of the public eye as the token is released via an entity called ApeCoin DAO, which is made up of council members who are associated with the NFT initiative but are not Yuga Labs employees or executives.
The ApeCoin DAO will be governed by the APE Foundation, which will oversee the ApeCoin DAO’s choices. The council members include Reddit co-founder Alexis Ohanian, Amy Wu from FTX, Maaria Bajwa from Sound Ventures, Yat Siu from Animoca Brands, and Dean Steinbeck from Horizon Labs.
The primary aim of ApeCoin is to expand its roots in the Web3 industry. It states:
“APE is a token made to support what’s next, controlled and built on by the community. It will serve as a decentralized protocol layer for community-led initiatives that drive culture forward into the metaverse.”
ApeCoin, which has a supply of 1 billion, has been distributed in the following way:
- 8% of APE will go to BAYC.
- 14% of APE will go to “launch contributors,” which will supposedly be made up of Yuga partners and investors.
- 15% of APE will go to the Bored Apes and Mutant Apes collections.
- 16% of APE will go to the Yuga Labs team.
- 47% of APE will be released as part of the DAO’s “ecosystem fund,” as time passes.