Bored Ape NFT Holders Receive ApeCoin: ‘The Dogecoin of NFTs’

Owners of Bored Ape Yacht Club (BAYC) NFTs – including celeb holders such as Eminem, Steph Curry, Jimmy Fallon and Mark Cuban – will receive a brand new token called ApeCoin (APE) as yet another incentive to be part of the exclusive digital asset club.

The developer of the new token is the ApeCoin DAO and is notably separate from Yuga Labs.

BAYC NFT owners can claim approximately 10,000 ApeCoin each, but the 1 billion soon-to-be-released ApeCoin tokens will also be distributed across a range of different parties.

According to the ApeCoin DAO website62% of the total supply will be added to an ecosystem fund, 14% will be given to “launch contributors”, 9.75% of the tokens will be held by the creators of BAYC, Yuga Labs, 8% of the tokens will go directly to the founders of Yuga Labs, and the remaining 6.25% will be donated to Jane Goodall foundationa charity dedicated to preserving the habitats of chimpanzees.

While the token itself will remain technically separate from Yuga Labs, the company plans to fully utilize ApeCoin as the “primary token for all new products and services” emerging from Yuga Labs. According to the Yuga Labs, this includes a yet-to-be-released play-to-earn blockchain game that the Yuga Labs team plans to release later this year with game developer nWay.

ApeCoin will also be used in the upcoming play-to-earn game Benji Bananas, a game from Hong Kong-based blockchain gaming company Animoca Brands, which also owns nWay.

Animoca Brands co-founder and ApeCoin DAO board member Yat Siu told Coin-Crypto that ApeCoin is a step forward in the advancement of NFTs.

“ApeCoin a token that represents the zeitgeist of NFTs today – it is in a sense the expression of the current culture of NFTs”

He stated that ApeCoin will become the “Dogecoin of NFTs where the utility is community created and valued by the community.”

Siu is optimistic about the future of ApeCoin, but noted that the utility would be provided through games right away:

“ApeCoin itself has a launch utility, [which will] kick off with games and much more… the benefits will be the creative energy that combines this mix of technology and culture that the BAYC community has already launched, [which] will reach a much wider audience due to ApeCoin’s expendable and transferable nature.”

Related: Gaming industry has a ‘blockchain-connected’ future, studio execs say

Since its launch in April last year, Bored Ape Yacht Club has grown to become one of the most prominent NFT collections and continues to add prominent celebrities to its roster of owners, now including Paris Hilton. Last week, Yuga Labs acquired two of the other largest NFT projects – CryptoPunks and Meebits, extending its dominance in the burgeoning NFT market.

According to the official website, ApeCoin will be available for purchase on all major exchanges,

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