Yuga Labs, the creator of the Bored Ape Yacht Club (BAYC) NFT series, announced a new cryptocurrency called ApeCoin that’s supposed to act as the primary token for all new products and services from the company. The announcement also includes a play-to-earn blockchain game coming later this year developed in partnership with nWay.
ApeCoin is established independently of Yuga Labs and is overseen by a community-controlled organisation called ApeCoin DAO (Decentralised Autonomous Organisation). The crypto’s sale will fund the DAO. One billion coins will be available initially, controlled by members, with each token equal to one vote.
A separate corporate parent entity called the Ape Foundation has also been established to execute decisions on behalf of the DAO. The current board members include Alexis Ohanian, Amy Wu, Maaria Bajwa, Yat Siu and Dean Steinbeck.
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New crypto, new uses
The new cryptocurrency will be first used as an in-game currency, but the company intends to extend the use beyond their games. Starting Thursday, the currency will be supported in Benji Bananas, a game from Animoca Brands, owner of nWay.
The DAO first plans on building an ecosystem around the coin, including funding game development, events and merch production. A decentralised NFT marketplace is also in the books. Yuga Labs, however, will still have a say in what the organisation does.
The company will also retain 15% of all ApeCoints minted, separate from another 8% that will go to the founders of the BAYC. DAO’s contributors get another 14% of the tokens, and then another 15% of the tokens are on offer exclusively to BAYC NFT holders. This leaves less than half of the coins in the supply chain for everyone else who wants to join the party.
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