Yuga Labs, the breakthrough crypto startup behind the most valuable NFT project by market cap, Bored Ape Yacht Club, is now launching its own crypto token called ApeCoin (APE). The announcement comes after the company successfully acquired full commercial rights to NFT projects CryptoPunks and Meebits.
The token will be independent of Yuga labs and controlled by a decentralized community called the ApeCoin DAO (decentralized autonomous organization), and a steward organization called the APE Foundation will be tasked with administering and facilitating the collective decisions of the DAO.
ApeCoin will initially be used as an in-game token for Yuga Labs titles starting with action-adventure mobile game Benji Bananas. Going forward, ApeCoin sales will be used to fund various digital and physical projects. Each token awards a single vote allowing individual holders to have a say on future ventures.
Only 1 billion ApeCoins will be minted in perpetuity, and 9.75% will be held by Yuga Labs, 14% will go to launch contributors, 8% to the Yuga Labs founders, and 6.25% will be donated to the Jane Goodall Legacy Foundation aimed at preserving chimp habitats and inspiring the youth to care for wildlife and the planet.
Current Bored Ape and Mutant Ape NFT holders will receive 15% of the total allocation, and 47% of the total supply will be released to the general public over time as part of the APE Ecosystem Fund. Yuga Labs expects the APE token to be traded on major crypto exchanges in the near future.
“The possibilities for blockchain’s impact on culture are so endless that they can’t possibly all be predicted yet,” reads the ApeCoin website. “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.”
While the full scope of ApeCoin’s utility is still unclear, Yuga Labs is currently developing various games including a play-to-earn title with WWE Undefeated and Power Rangers: Battle for the Grid game studio nWay. Stay tuned for more updates.
Elsewhere, AMBUSH® launches its first metaverse space, SILVER FCTRY.
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