A new crypto is born: ApeCoin, the coin for the owners of NFT Bored Ape Yacht Club

The Bored Ape Yacht Club has launched its own cryptocurrency. The renowned collection of non-fungible tokens, though not the biggest and most popular, is not satisfied with non-fungible tokens alone.

A new crypto is born: ApeCoin, the coin for the owners of NFT Bored Ape Yacht Club
A new crypto is born: ApeCoin, the coin for the owners of NFT Bored Ape Yacht Club

Yuga Labs, the business behind these disillusioned-looking monkeys, has now announced ApeCoin ($APE), a fresh new cryptocurrency that will serve as the primary money for all of the firm's future services and products, as well as others.

It will be "a token for culture, video games, and commerce, which will help to create a decentralized community at the vanguard of Web 3.0," according to the firm.

The ApeCoin, for example, will be a key component of nWay's play-to-earn video game, which is now under development. The Benji Bananas game will also use it, and Yuga Labs seems to be in talks with other publishers to persuade them to use their crypto in their games.

The emphasis is on decentralization, and the DAO ApeCoin is in charge of the digital currency's governance, while the newly formed Ape Foundation will be the legal entity in control.

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Yuga Labs, on the other hand, maintains some decision-making authority and holds 15% of the tokens issued, while the NFT collection's creators get 8%. Contributors to the DAO launch will earn 14% of the tokens as well.

The balance of the coin will be dispersed to the community, with 62 percent of the supply going to them. To take advantage of the initial drop, which represents 15% of the anticipated billion tokens with a fixed supply, you'll need to acquire a Bored Ape or a Mutant Ape. It will never rise or fall in value.