BAYC unveils ApeCoin with immediate listing on eToro
The company behind hugely popular NFT collection Bored Ape Yacht Club – Yuga Labs – has launched a new token for use within the BAYC ecosystem.
Known as ‘ApeCoin’ (APE), the token has been given an open ‘claim period’ of 90 days as it embarks on airdropping 15 per cent of the total supply to BAYC holders.
Yuga has also established the Ape Foundation to oversee allocations and community interaction before it provides 62 per cent of the supply to its community.
Social investment network eToro also announced earlier it has added ApeCoin (APE) to its investment platform on its first day of trading.
ApeCoin DAO is a decentralised autonomous organisation (DAO), where each holder of APE can vote on how the organisation will be governed. A special council, made up of some of the most forward-thinking leaders and veterans in web3, gaming, and technology will administer the decisions of the community.
Yuga Labs will adopt ApeCoin as the primary token for all new products and services.
Bored Ape Yacht Club is a collection of 10,000 non-fungible token (NFT) Apes, each with their own unique traits. By purchasing an Ape NFT, owners receive commercialisation rights for the NFT, and get exclusive access to other perks as a member of the community.
“The community behind the Bored Ape Yacht Club has exploded over the last year,” said Guy Hirsch, Managing Director, NFTs, at eToro.
“ApeCoin is the first token generated off the back of a social movement powered by community support. As a social investment network with a community of over 27 million users, it is a natural step for eToro to make this token available to its investors.
“ApeCoin represents a milestone moment for the NFT and digital asset ecosystems.”