Yuga Labs, the team that created the most successful NFT project so far – the Bored Ape Yacht Club, announced the release of ApeCoin, of which 15% of the tokens will be distributed among the owners of the exclusive BAYC NFTs.
The rest of the coins will be available to everyone and will soon appear on major cryptocurrency exchanges. The token will be managed by community-controlled organization ApeCoin DAO, which will receive funds through the ApeCoin sales.
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 new products and services of BAYC, including a recently announced play-to-earn blockchain game that the BAYC, in partnership with developer nWay. The game should launch by the end of 2022.
Shortly after the announcement, the floor price of BAYC NFTs went from 92 ETH to 107 ETH – a floor price of almost $300,000 at the time of writing. BAYC plans to release 1 billion ApeCoins.
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