The Bored Ape Yacht Club team has released its new native token aptly named “ApeCoin”. The token will be distributed to all owners of the BAYC NFTs. Following after the announcement of ApeCoin, the floor price to purchase a Bored Ape Yacht Club (BAYC) NFT jumped to over 100 Ethereum (ETH), which translates at the current price to over $281,000 US Dollars.
What is BAYC’s ApeCoin?
Yuga labs who owns the BAYC has said that the new ApeCoin token will be the “primary token for all new products and services” from the company. That will include a newly announced blockchain play to earn game that Yuga Labs will release later this year. ApeCoin will be used initially as in game currency, but the company has plans for its use case outside of just the game. As of tomorrow, the coin will be able to be used within another game named “Benji Bananas” from Animoca Brands. Many believe the ApeCoin token will be integrated into several other games in the future and it may be used as a general digital currency as well.
To assist ApeCoin’s success, the token has been setup to be independent from Yuga Labs and Bored Ape Yacht Club. It will be overseen and managed by a Decentralized Autonomous Organization (DAO) named ApeCoin DAO. The DAO will be using funds from the sales of ApeCoin, which has exactly 1 billion coins. Each coin will amount to 1 vote in the DAO. Initial plans for the DAO include building an entire environment around the ApeCoin token including events, merchandising, its own NFT marketplace and blockchain game development.
What is Yuga Labs?
Yuga Labs is the quite simply the brains and backing behind the most popular NFT to date, the Bored Ape Yacht Club. Since BAYC as released last Spring, it has made headlines and headlined the rise of the NFT market with multi-million dollar sales, a skyrocketing floor price and celebrity owners. Just this week, Yuga labs announced the purchase of 2 of its closest competitor NFT projects “CryptoPunks” and “Meebits” adding to the companies dominance in the NFT industry.
ApeCoin’s Airdrop Performance
ApeCoin was released to BAYC NFT owners todays via and airdrop that called upon the owners to claim the coin. Before the airdrop BAYC floor price reached an all time high above 108 ETH. The airdrop itself went off without a hitch, however immediately afterward the floor price did drop by almost 30%. At this current moment, the floor price sits at 79 ETH which is a large drop from todays highs, however the blue chip NFT project has always proved itself to be resilient and thus far, rise in the longer term.