Bored Ape yacht Club NFT members are about to receive an additional reward for their membership: ApeCoin (APE), launched Wednesday.
The ApeCoin contract address is: 0x4d224452801ACEd8B2F0aebE155379bb5D594381
Yuga Labs was not responsible for creating the token. ApeCoin DAO created it in an effort show decentralization.
Introducing ApeCoin ($APE), a token for culture, gaming, and commerce used to empower a decentralized community building at the forefront of web3. 🧵— ApeCoin (@apecoin) March 16, 2022
For those who don’t know NFTs like Bored Apes, are unique tokens that use blockchain technology to indicate ownership of physical or digital assets. An example is a cartoon ape. DAOs decentralized autonomous organisations, communities that use blockchain tokens to vote to allow collective decisions to be made.
Unlike other DAOs, where NFTs can be used to vote, the ApeCoin DAO requires that a member has an ApeCoin token to participate in voting and community-based Governance.
There are currently 1 billion ApeCoins, but many have been distributed to interested parties. ApeCoin’s website states that Yuga Labs will hold 9.75%, 14% is going to launch contributors, 8% to the founders and 6.25% to Jane Goodall Legacy Foundation.
The ApeCoin supply will also be available to Mutant Ape Holders and Bored Ape. BAYC NFT holders can claim approximately 10,000 APE, while MAYC NFT holders will be limited to 2,000 APE.
Alexis Ohanian, Reddit’s co-founder, is on ApeCoin DAO ‘s Board with FTX’s Amy Wu and Yat SIu from Animoca Brands. Maaria Bajwa, Sound Ventures’ Maaria Bajwa, and Dean Steinbeck, Horizen Labs.
Ohanian views the DAO as an opportunity to increase the reach and fan base of the BAYC.
He said that ApeCoin is making the “Club” more popular. ” HTML3 is becoming more integrated into our culture, art, and music every day. It all starts with community. This community will grow, expand, partner and disrupt in a huge way, I believe.