The ApeCoin token is a cryptocurrency created by Yuga Labs, to which we already owe the NFT Bored Ape Yacht Club project. Notably, this token will be used as a virtual currency for the video games in development by the startup. Find out everything you need to know about this new venture.
The Yuga Labs doubles down on success over the past few months. In April 2021, she launched the Bored Ape Yacht Club NFT project which quickly became the most valuable NFT project. Of the 10,000 images in this collection, the cheapest is currently priced at over $240,000 in Ethereum.
Last week, Yuga Labs expanded its grip on the NFT market By redeeming CryptoPunk and Meebits مجموع From Larva Labs.
Now, Yuga Labs has announced A new partnership around a video game To win a cryptocurrency token called ApeCoin. This novelty aims to develop a crypto economy around the intellectual property of the startup.
ApeCoin: Yuga Labs’ futuristic video game cryptocurrency
The exact benefit of ApeCoin has not been clarified at the moment. According to the first information, it can be used as currency In video games made by Yuga Labs.
Among these games, a title will be developed in partnership With studio nWay based in San Francisco. Previously, this studio produced many fighting games based on franchises like Power Rangers or WWE.
a A mechanism called “play to win” It will allow you to earn ApeCoin tokens by playing a video game. This mechanic was popularized by the game Axie Infinity, which has amassed billions of dollars in transactions over the past year. The capitalization of its developer Sky Mavis amounted to 3 billion dollars.
According to Yuga Labs, this new game will be released sometime in 2022. Previously, another video game In collaboration with Animoca Brands It has been announced. In addition, ApeCoin can be used in Animoca’s Benji Bananas game.
Meanwhile, according to The Block magazine, Yuga Labs is also planning Another game called MetaRPG launched. This title will be compatible with a wide range of NFT projects, and virtual land sales could begin this year. In all, Yuga Labs hopes revenue from these efforts will reach $455 million.
ApeCoin DAO: A New Entity to Avoid Legal Risk
However it will be Necessary to ensure legal compliance from the project. While the Securities and Exchange Commission hasn’t looked much into NFT projects yet, it has hunted down many startups selling cryptocurrency without first registering.
To avoid such penalties, Yuga Labs cares about class Publicly release the token. This will be launched by An entity called ApeCoin DAO.
The group will consist of board members associated with the NFT project, but not employees or executives of Yuga Labs. a An organization called the APE Foundation He will also be trained to manage ApeCoin DAO decisions.
This is amazing DAO will also support official brand From the BAYC project and represented by Blue NFT logo Courtesy of Yuga Labs. In this way, the company avoids the wrath of regulators.
within DAO . membersWe count Alexis Ohanian, co-founder of Reddit, Amy Wu of FTX, Maaris Bajwa of Sound Ventures, Yat Siu of Animoca, and Dean Steinbeck of Horizen Labs.
The Token holders will be able to vote DAO decisions. The private council will be responsible for implementing the decisions of the community.
Bored monkey holders will receive 15% of the total ApeCoins
Although Yuga Labs will not officially release the token, based on Ethereum, it will hold a quarter of the total tokens. The Boring Monkey and NFT Mutant Monkey Carriers He will receive 15% of the total.
In total, Over 1 billion ApeCoin8% will be allocated to the founders of the Bored Apes Yacht Club, 16% to the Yuga Labs team, 14% to partners and investors who contributed to the launch, 15% to NFT Bored Apes and Mutant Apes holders, and 47% will be launched over time under “System Funding” Ecological” by DAO.
ApeCoin token launch: when and on what exchange?
According to a Yuga Labs spokesperson, Trade ApeCoin It should start very soon on major exchanges like Coinbase, FTX, eToro, Kraken, OKX, Gemini, FTX, Binance, and Binance US.
The The phenomenon of NFT continues to grow. While Twitter already allows them to be used as profile pictures, Instagram just announced the upcoming addition of NFTs in the same way as Stripe.
however, Many critics criticize This is the new fashion. Video game fans, in particular, fear this technology will bring more micro-transactions into the gaming industry that has already been plagued by such mechanics over the past decade. Other skeptics are concerned about the environmental impact of NFT minting on power-hungry blockchains…
Despite some players’ reluctance towards NFTs, Yuga hopes to establish itself as a major player in Emerging ‘Blockchain Games’ Market . ApeCoin token aims to allow this hack…