Bored Ape Yacht Club (BAYC) is one of the world's most successful NFT projects--a collection of 10,000 unique artistic renditions of Apes created by the company Yuga Labs. Bored Apes currently have a floor price of $250,000 (90 ETH) and are the biggest NFT project by market cap, which is currently $2.5 Billion.
And today (March 17), ApeCoin ($APE) is officially launching. This comes after an announcement yesterday on Twitter. Here's the tweet from ApeCoin, "Introducing ApeCoin ($APE), a token for culture, gaming, and commerce used to empower a decentralized community building at the forefront of web3."
Holding ApeCoins will give you membership in ApeCoin DAO, which gives you a say in the future direction of the Bored Ape Yacht Club community. The total supply of ApeCoins will be 1 Billion tokens, with 15% of that being allocated to current owners of Bored Apes or their adjacent NFT projects Mutant Ape Yacht Club and Bored Ape Kennel Club. So if you already own one of these NFTs, you'll be able to claim a certain number of $APE tokens. At the current market price, this means your claimable tokens could be worth tens of thousands of dollars or more.
The official ApeCoin website says that holders of $APE will become members of ApeCoin DAO, which allows them to "make decisions regarding Ecosystem Fund allocations, governance rules, projects, partnerships, and more..." While the specifics of this may not be entirely clear, we know that BAYC is involved in several projects. There's an upcoming play-to-earn game being created in partnership with Animoca Labs and plenty of discussion around building out a broader ecosystem that includes merchandise, events, and more. The Yuga Labs team also recently acquired the IP to the similarly famous CryptoPunks and Meebits NFT collections.
Putting aside any Web3 jargon, you could think about Bored Apes as a new decentralized entertainment franchise with ownership spread across a global community of members who are able to vote on decisions. There are many notable celebrity owners of Bored Apes, which makes this one of the most hyped projects in the NFT space.
Launching the token is the admirable first step to create a Bored Ape media universe. While this is truly an exciting kmoment, the team will still have to deal with regulation, future token price, and several other challenges. Regardless of how ApeCoin progresses, it shows us what kind of things are possible in the world of NFTs and broader Web3.
BAYC launched on April 2021 and less than a year later, so much has happened. We're just at the beginning of the NFT journey...