Yuga Labs announced today the launch of ApeCoin, a cryptocurrency that will serve as the “main token for all new products and services” from the company. This includes a recently announced play-to-earn blockchain game that the business wants to introduce in collaboration with developer nWay later this year.
ApeCoin will initially be used as in-game currency, but it is being marketed as a currency that can be used outside of Yuga Labs’ titles. It will be enabled beginning tomorrow in Benji Bananas, a game developed by Animoca Brands, which also owns nWay. And it appears as though the expectation is that it will be used in further titles or perhaps used as a more general-purpose digital money.
ApeCoin was established independently of Yuga Labs to accomplish this. The token will be managed by ApeCoin DAO, a community-controlled entity. The DAO (short for decentralized autonomous organisation) will be funded through ApeCoin sales – 1 billion coins will be made accessible — and will be governed by members, with each token granting one vote. Additionally, a corporate parent, the Ape Foundation, has been established to carry out DAO decisions. Among the Foundation’s board members are Alexis Ohanian and the co-founder of Animoca Brands.
The DAO intends to initially spend a portion of the funds raised on developing an ecosystem around the token. This includes sponsoring the development of games, events, and merchandising. Additionally, the plan proposes the establishment of a decentralized NFT marketplace.
Yuga Labs, on the other hand, will not be completely cut off from the DAO – in fact, it will retain a large voting stake in the organization. The corporation will retain around 15% of all ApeCoins created, while BAYC’s founders will receive an additional 8%. Contributors to the DAO’s launch will also receive an additional 14% of the tokens. Then, another 15% of tokens will be distributed first to holders of Bored Ape NFTs, leaving little less than half of the total quantity available to anybody else interested in purchasing.
Since its April inception, Bored Ape Yacht Club has grown to be the most recognisable brand in the NFT world, with multimillion-dollar sales and an ever-growing roster of celebrity owners. Yuga Labs is now in talks for a multimillion-dollar investment, and it recently bought two of the largest brands in NFTs — CryptoPunks and Meebits — in order to diversify its portfolio.
While the company is currently focused on the crypto realm, it appears to be shifting its focus to gaming and other forms of media in the future. And, while it does not own ApeCoin, the debut of the currency could establish Bored Ape Yacht Club as the epicentre of a larger blockchain gaming world.
