ApeCoin
ApeCoin (APE) is the native currency of the Bored Ape Yacht Club (BAYC) metaverse.
While the Bored Ape Yacht Club is a non-fungible token (NFT) collection that comprises 10,000 images of apes, APE is a fungible ERC-20 token with a maximum supply of 10 billion.
Background
- Yuga Labs is the original developer of Bored Ape Yacht Club.
- The ApeCoin Foundation who officially launched ApeCoin is governed by a board that “administer[s] DAO proposals and serve[s] the vision of the community.”
- The ApeCoin DAO, is a separate organizational unit governed entirely by token holders.
Launch
ApeCoin (APE) were airdropped to BAYC, Mutant Ape Yacht Club (MAYC) and Bored Ape Kennel Club (BAKC) NFT holders directly into their Ethereum wallets on March 16, 2022.
How does it work?
ApeCoin is a fungible governance token built on the Ethereum blockchain and offers membership to the ApeCoin DAO. It is also a utility token within the Yuga Lab ecosystem and other web3 decentralized applications and games. For example, holders of ApeCoin can also use the token to buy assets within the ApeCoin metaverse, such as virtual land in Yuga Labs’ NFT world, Otherside.
Sources & Resources
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