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.
