Recently, BAYC’s “ecology” has made rapid progress. First, its parent company Yuga Labs announced the acquisition of the CryptoPunks and Meebits NFT series developed by Larva Labs, and plans to provide all the commercial rights of these two NFT series to holders. Later, The Block revealed that “Yuga Labs hopes to raise hundreds of millions of dollars by selling virtual land.” Today, the decentralized organization ApeCoin DAO announced the official launch of ApeCoin (APE), a token associated with the Bored Ape Yacht Club (BYAC) NFT ecosystem. These news undoubtedly brought a lot of surprises to BAYC supporters and the entire NFT market.
BAYC (Boring Ape) is definitely the OG in the NFT project. Although the series was only officially launched in April last year, it quickly detonated the Internet, and the price also rose. The unit price once reached millions of dollars. In January this year, the floor price of BAYC exceeded 100 ETH, reaching a new milestone. Compared with the CryptoPunks series, which is considered to be “Bitcoin in NFT”, BAYC crushes the former in terms of gameplay richness, community activity, ecological openness, etc. It is also often referred to as “Ethereum in NFT”.
As soon as the news came out this morning, BAYC’s 24-hour transaction volume exceeded 6,693 ETH (worth more than $17 million), topping the OpenSea platform’s transaction volume in the past 24 hours.
At the same time, affected by this, the transaction volume of the “Ape Monkey” series (now a huge NFT group) has increased significantly in the past 24 hours. Among them, the transaction volume of “mutant ape” Mutant Ape Yacht Club reached 5094.36 ETH, and the transaction volume of Bored Ape Kennel Club reached 2372.05 ETH, ranking second and third in the past 24 hours of NFT series transaction volume.
For the early supporters of BAYC, just holding and trading NFT does not seem to meet their expectations of the community, and building a more complete economic ecology around BAYC’s IP is what the title should mean. This time, the launch of ApeCoin is the prelude to BAYC’s follow-up series of extended actions.
Five things you need to know about ApeCoin
First, ApeCoin is owned and operated by the decentralized organization ApeCoin DAO , and BAYC parent company Yuga Labs is not directly involved in the issuance of ApeCoin (for regulatory reasons).
Every ApeCoin holder can vote on the governance and use of the Ecosystem Fund, and holding ApeCoin is the only requirement for ApeCoin DAO membership. This DAO is supported by the Ape Foundation. The main function of the foundation is to act as a legal steward and manage the decisions made by the ApeCoin DAO community. (Note from Planetary Daily: There is no official proposal on its Snapshot, but in the official forum , the “Staking proposal” proposed by Animoca Brands has a lot of views.)
As an ERC-20 governance and utility token, ApeCoin will be used throughout the Ape ecosystem with the following basic uses :
- Governance: ApeCoin is the governance token of the ecosystem, allowing ApeCoin holders to participate in the ApeCoin DAO;
- Uniform Spending: ApeCoin is the utility token of the ecosystem, providing a shared and open currency for all participants that can be used without a centralized intermediary;
- Right to use: ApeCoin provides access to certain parts of the ecosystem that are otherwise unavailable, such as exclusive games, goods, events and services;
- Incentives: ApeCoin is a tool for third-party developers to participate in the ecosystem by integrating APEs into services, games, and other projects.
In terms of economic model , the total supply of ApeCoin is 1 billion pieces, of which 62% will be allocated to the ApeCoin community, 15% will be open for airdrop application at 8:30 ET on March 17 (20:30 Beijing time), 16% Allocated to Yuga Labs and the charities it supports, 14% to project start-up contributors, and 8% to Yuga Labs and the four BAYC co-founders. For more details, see the official website.
Among them, Ape family holders are most concerned about airdrops .
Airdrops will be offered to holders of serial NFT combinations such as BAYC/MAYC NFT holders (Bored Apes and Mutant Apes, and BAKC dogs paired with BAYC or MAYC). Those who hold only 1 Bored Ape NFT can receive 10094 APEs; those who hold only Mutant Ape can receive 2042; those who hold both Bored Ape and Kennel Club can receive 10950; those who hold both Mutant Ape and Kennel Club can receive 2898 pieces.
Some players who have “miscalculated” or want to get more airdrop APE are trying to “try harder” before claiming, such as buying potions frantically to increase token distribution. But according to official sources, this is not counted.
There are also community members who only hold BAKC dogs and cannot apply for airdrops, so they “match on the spot” on social media and in the community to get rid of the tragic fate of “single dogs”.
Future Development of ApeCoin
Although, most people are happy to hear the news of the “coin issuance” of the top NFT projects. However, we have also seen that some NFT project communities have gradually grown to bring about a wave of emotions by issuing coins, but they have not discussed the specific utility of the tokens in detail, and have not developed the project sustainably, so that their prices have plummeted. It even affects the reputation and support of the original NFT series.
ApeCoin has apparently fully assessed the market outlook and learned past lessons from some “short-lived” projects.
It is currently known that BAYC will cooperate with nWayPlay, an NFT trading platform owned by Animoca Brands, to develop new P2E games, and will use ApeCoin as the in-game currency.
In addition, Yuga Labs is also planning to build a game-centric Metaverse called MetaRPG, compatible with many NFTs. An “in-game app store” in the project will allow players to use NFTs they own or create characters from scratch and use them in-game. According to related news, Yuga Labs will use ApeCoin for in-game transactions.
These “roadmap events” are solidifying and strengthening ApeCoin’s fundamentals.
In addition, amid the noise, Odaily Planet Daily also reminded:
(1) ApeCoin has announced the official smart contract address on Twitter: 0x4d224452801ACEd8B2F0aebE155379bb5D594381. The airdrop activity will not start before 20:30 on March 17, Beijing time, and fraudsters have already appeared. Apecoin.com is the only official website, users should always be on high alert when connecting their wallets to the website and never enter any wallet mnemonics.
(2) ApeCoin has not yet been listed on major crypto exchanges. Some leading exchanges, such as FTX, Coinbase, OKX, Huobi, Binance US, etc. announced the news that they will be launched soon, but they will not be launched before 20:30 on March 17, Beijing time, please look for the official news (official push : https://twitter.com/apecoin), do not FOMO to prevent counterfeit coins.
Posted by:CoinYuppie，Reprinted with attribution to:https://coinyuppie.com/about-apecoin-bayc-holders-should-pay-attention-to-these-five-points/
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