Yuga Labs, the team behind the most successful NFT project so far – the ‘Bored Ape Yacht Club’, announced the release of ‘ApeCoin.‘ 15% of the tokens are set to be distributed among the owners of the exclusive BAYC NFTs.
The rest of the coins will be made available to traders and will soon appear on major cryptocurrency exchanges. The token will be managed by community-controlled organization ApeCoin DAO, which will receive funds through sales of ApeCoin.
Introducing ApeCoin ($APE), a token for culture, gaming, and commerce used to empower a decentralized community building at the forefront of web3. 🧵— ApeCoin (@apecoin) March 16, 2022
ApeCoin will be used for all of the new products and services of the BAYC, including the recently announced play-to-earn blockchain game being developed by BAYC, in partnership with developer nWay. The game is expected to launch before the end of 2022.
Shortly after the announcement, the floor price of BAYC NFTs rose from 92 ETH to 107 ETH, representing a floor price of almost $300,000 at the time of writing. BAYC plans to release 1 billion ApeCoins.