One large collection stands out above every other collection we’ve seen so far in the world of blockchain JPEGs.
According to DappRadar, this collect is presently leading the lists of top NFT sales in the previous 24 hours and ranks 5th overall in terms of transaction volume in the NFT arena.
The Bored Ape Yacht Club NFT collection is a collection of 10,000 one-of-a-kind Bored Ape NFTs that live on the Ethereum blockchain.
Yuga Labs, founded by Wylie Aronow and Greg Solano in 2021, designed the line. Eminem, Steph Curry, Jimmy Fallon, and Mark Cuban are among the celebs who own the collection.
The company is expanding its reach in the NFT field as a result of the success of the NFT project, as it recently obtained the Intellectual Property (IP) rights to the CryptoPunks and Meebits NFT collections from Larva Labs.
As an added incentive for becoming a member of the exclusive digital asset club, the site has now released its own cryptocurrency, the ApeCoin, with the ticker APE.
“Introducing ApeCoin ($APE), a cryptocurrency for culture, gaming, and commerce used to empower a decentralized community building at the forefront of web3,” according to the statement on Twitter.
What you need to know about ApeCoin
ApeCoin is an ERC-20 governance and utility currency used within the APE ecosystem to enable decentralized community formation at the forefront of web3.
The coin has a one-billion-token supply that will never run out.
The creators explained that the contract interface does not offer any minting functionality, hence the overall supply will never increase.
Similarly, the contract interface hides any capacity to burn tokens, ensuring that the overall supply remains constant.
A percentage of the tokens for contributors to the project will be initially locked, as is the customary procedure.
Locked tokens will be unlocked over the course of 48 months, starting on March 17, 2022, in accordance with the established unlock timetable.
The ApeCoin will be used “as the primary token for the Bored Ape Yacht Club ecosystem as well as future Yuga products and services,” according to Yuga Labs on Twitter.
The ApeCoin DAO will also manage the new token
“APE is a token created to support what’s next, governed and built on by the community,” according to the ApeCoin website.
It will act as a decentralized protocol layer for community-led efforts aimed at advancing culture into the metaverse.”
The APE Foundation, characterized as a steward for ApeCoin, will be in charge.
“The Foundation allows decentralized and community-led governance and is planned to become increasingly decentralized over time,” according to the release.
It is in charge of carrying out the ApeCoin DAO’s choices, as well as day-to-day administration, accountancy, project management, and other activities that ensure the DAO community’s ideas receive the support they require to become a reality.”
“ApeCoin DAO exists because decentralized governance is important to developing and managing a globally distributed community – and hence critical to the sustainability of the APE ecosystem,” according to the website.
ApeCoin DAO members will eventually have the ability to make decisions about Ecosystem Fund allocations, governance rules, projects, partnerships, and more. All ApeCoin holders are eligible to join the ApeCoin DAO.
The ApeCoin DAO members are referred to as “The Board” by the initiative. Alexis Ohanian, Co-Founder of Reddit and General Partner & Founder of Seven Seven Six, is a member of the board.
Amy Wu, FTX’s Head of Ventures and Gaming, Maaria Bajwa, Sound Ventures’ Principal, Yat Siu, Co-founder and Chairman of Animoca Brands, and Dean Steinbeck, Horizen Labs’ President and General Counsel.
The Board’s mission, according to the website, is to administrate DAO proposals and serve the community’s vision.
The ApeCoin DAO Board will convene to consider proposals that require administrative review.
The first Board will serve for six months, following which DAO members will vote on board members annually.
A special airdrop for BAYC and MAYC members only
Beginning March 17, 2022, BAYC/MAYC members will be able to claim tokens through the claim website.
The allocation is guided by the difference in floor price between each collection of NFTs, roughly a month prior to the token claim launch, to ensure a fair launch of ApeCoin to BAYC and MAYC NFT holders.
The quantity of ApeCoin will be claimed by each Bored Ape or Mutant Ape NFT who has a companion Bored Ape Kennel Club NFT.
Bored Ape only has 10,094 tokens, Mutant Ape only has 2,042 tokens, Bored Ape + Kennel Club (token IDs do not have to match) has 10,950 tokens, and Mutant Ape + Kennel Club (token IDs do not have to match) has 2,898 tokens.
Since its debut in April of last year, Bored Ape Yacht Club has grown to become one of the most well-known NFT collections, with a growing roster of high-profile personalities among its owners.
Aside from the celebrities mentioned above, the collection is also owned by Paris Hilton and Justin Bieber.
According to the ApeCoin DAO website, 62 percent of the total supply will go to an ecosystem fund, 14 percent to “launch contributors,” and the rest would be distributed.
The inventors of BAYC, Yuga Labs, will hold 9.75 percent of tokens, while 8% will go directly to the founders of Yuga Labs and the remaining 6.25 percent will be donated to the Jane Goodall Foundation, a charity dedicated to protecting chimp habitats.
While the coin remains technically independent from Yuga Labs, the company plans to use ApeCoin as the “primary token for any new products and services” that come out of the company.
This includes a yet-to-be-released play-to-earn (P2E) blockchain game that Yuga Labs expects to release later this year with game developer nWay, according to the company.
ApeCoin will also be utilized in the upcoming play-to-earn game Benji Bananas, which is owned by Animoca Brands, a Hong Kong-based blockchain gaming startup.
ApeCoin began trading on March 17th, and by the end of the day, it had risen 3,840 percent from its beginning price of $1 per token to $39.40.
It, on the other hand, ended the day at $8.52 a token, a 78.38 percent drop from the day’s high. It is currently trading at $11.48, down 14 percent as of this writing.