Yuga Labs, the creator of the enormously popular Bored Ape Yacht Club (BAYC) NFT collection, announced the launch of ApeCoin (APE), a new cryptocurrency for use on the BAYC ecosystem. Later today, Yuga will also airdrop 15% of total APE supply to BAYC holders.
The company stated it has established the Ape Foundation to manage the token, as well as a decentralized organization to regulate the token.
Yuga revealed the decision on Twitter, claiming that the community will receive 62 percent of APE’s total supply. The token airdrop will begin today at 8:30 a.m. ET, and the claim period will last 90 days.
The APE Foundation has stated that the token will be available for trading on major cryptocurrency platforms as soon as practicable. Binance stated that the coin will be listed later today, whereas Coinbase appeared to have an early listing of the coin.
Yuga Labs is benefiting from a surge in the NFT sector.
The token sale comes shortly after Yuga Labs acquired the rights to Larva Labs’ CryptoPunks and Meebits NFT collections. Yuga’s position as the largest player in the NFT market was effectively cemented by the transaction.
According to Coinmarketcap, the Bored Ape Yacht Club, which is built on the Ethereum blockchain, is worth around 971,747 ETH—roughly $2.7 billion. Mutant Ape Yacht Club, a BAYC spinoff, is worth 388,613 ETH ($1.1 billion), and CryptoPunks is worth 777,349 ETH ($2.1 billion). They are the market’s three largest NFT collections.
An NFT boom in 2021 looks to be showing no signs of abating this year. Several more high-profile entrants, including large Wall Street businesses and A-list celebrities, continue to enter the market.
APE Coin is being acquired by gaming companies.
Animoca Brands, one of the world’s top blockchain game creators, said that NFT purchases with APE would be available in its pay-to-earn (P2E) game Benji Bananas. The company also stated that it would use APE for a “secret project” it is working on with BAYC.
nWayPlay, a P2E game producer, said that it will use APE in a new P2E game it is developing with BAYC.