Token Listings
January 16, 2024

Introducing ApeCoin: The New Token from the Creators of Bored Ape Yacht Club

ApeCoin (APE), an ERC-20 token on the Ethereum network, marks a new venture by Yuga Labs, known for the Bored Ape Yacht Club (BAYC) NFT collection. Launched in March 2022 by BAYC creators Greg Solano (Gargamel) and Wylie Aronow (Gordon Goner), along with Emperor Tomato Ketchup and No Sass, APE represents a significant evolution in the NFT and metaverse landscape.

The ApeCoin Airdrop: A Token for the Community

ApeCoin was introduced to the BAYC and MAYC community through a surprise airdrop, rewarding holders with 10,094 APE tokens per NFT - valued at approximately $70,000 USD at launch.

ApeCoin's Tokenomics: Understanding Supply and Distribution

With a total supply of one billion APE tokens, the distribution was strategically planned. The ecosystem fund received 62%, with 150 million allocated to BAYC and MAYC holders and 470 million to the DAO treasury. Yuga Labs received 160 million tokens, with a portion of the proceeds from 10 million tokens going to the Jane Goodall Legacy Foundation. Early investors received 140 million tokens, and the founding team received 80 million tokens.

APE: More Than Just a Token

ApeCoin, as an ERC-20 token, runs on the Ethereum blockchain. It serves as a medium of exchange within the Ethereum network and the ApeCoin ecosystem, including use in DeFi applications and paying transaction fees. APE is also the governance token for the APE ecosystem, playing a crucial role in the DAO, where token holders vote on project direction, partnerships, and board member elections.

ApeCoin vs. BAYC: Fungible vs. Non-Fungible

The key difference between APE and BAYC NFTs lies in their fungibility. APE tokens are interchangeable and hold equal value to each other, unlike BAYC NFTs, which are unique and non-fungible.

APE in Blockchain Gaming and the Metaverse

APE is integral to Yuga Labs' metaverse project, Otherside. Used for purchasing virtual land, APE's utility was highlighted in the initial land sale event in April 2022. Yuga Labs' partnership with Animoca Brands has further raised anticipation for APE’s role in blockchain gaming and the metaverse.

The Future of ApeCoin

Beyond being a memecoin, APE is poised to become a cornerstone of Yuga Labs' expanding ecosystem, with potential applications in its own metaverse and blockchain gaming. The development of Otherside and the integration of BAYC NFTs as playable characters in this virtual world are just the beginning of ApeCoin's journey.

Conclusion

ApeCoin represents a significant step in the evolution of the NFT and metaverse space, merging the worlds of digital art, gaming, and decentralized finance. As Yuga Labs continues to innovate, ApeCoin is set to play a pivotal role in this new digital era.

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Disclaimer: This article is for informational purposes only. Elbaite does not provide financial advice. We recommend seeking independent legal, financial, and taxation advice before making any investment decisions.

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