BAYC Holders Rewarded in The Form Of ApeCoin

Holders of the Bored Ape Yacht Club NFT are getting another reward for being a part of the exclusive club, in the form of ApeCoin (APE).

The coin was launched on Wednesday, not by Yuga Labs, the developers behind BAYC. It was made by ApeCoin DAO to push more decentralization within the community.

Even though ApeCoin will be utilizing the BAYC logo, and Yuga Labs will be adopting the ApeCoin “as the primary token for all new products and services” including it yet to be shown blockchain game, coming later this year according to a press release.

As of today March 17th, the coin will also be implemented into the Animoca Brands blockchain mobile game Benji Bananas.

For the uninitiated, an NFT like Bored Apes are blockchain-based tokens that provide a proof of ownership over a physical or digital item, such as an image of a cartoon ape.

DAOs are decentralized autonomous organizations, which use community-specific cryptocurrencies as votes to allow for decisions to be made collectively

Dissimilar to other DAOs where NFTs can be used as votes, ApeCoin DAO only requires a member to be an active holder of ApeCoin to participate in voting and community based governance.

There will be 1 billion ApeCoins, with most already being given to interested parties. According to the ApeCoin website, 14% of coins will be given to “launch contributors”, 8% are being given to the 4 founders of Yuga Labs, 9.75% of the token will be held by Yuga Labs, and another 6.25% are being donated to the Jane Goodall Legacy Foundation.

Bored Ape and Mutant Ape NFT holders will both be able to claim a portion of the ApeCoin supply. BAYC holders are allowed up to 10,000 APE per BAYC NFT, while MAYC holders can claim up to 2,000 APE per NFT.

Not unlike the airdrop that came to Ethereum ENS service a couple of months ago, this coin is rewarding early investors while at the same time encouraging investors/collectors to get in on the ground floor of future projects.