NFT

World’s No 1 NFT Creator, Bored Ape Yacht Club Launches Cryptocurrency

World’s No 1 NFT, Bored Ape Yacht Club Launches Cryptocurrency

  • Yuga Labs, the creator of foremost NFT, Bored Ape Yacht Club, have launched a cryptocurrency for the collection
  • The crypto token called “Ape coin” will be used to access new products and services from the company
  • The company has also revealed plans to release a new play-to-earn crypto currency blockchain game before the year runs out

The startup behind the popular NFT project Bored Ape Yacht Club (BAYC), has announced that it is set to launch its cryptocurrency.

Bored Ape Yacht Club

Despite being released only in April last year, the NFT project has made astronomical progress, becoming the most valuable NFT project by market cap.

The minimum price of admission for any of the company’s 10000 NFT images currently stands at $240,000 worth of the Ethereum cryptocurrency.

Following the success of its NFT projects, Yuga Labs is now looking to expand by launching a play-to-earn game built around the ApeCoin crypto token.

Apecoin

Yuga Labs is counting on the new game and cryptocurrency to inspire a crypto economy built around its IP.

This comes after the company took a major step in securing its position as the world’s leading NFT creator, which the acquisition of CryptoPunks and Meebits NFT collections from Larva Labs.

The crypto token will be released by an entity called ApeCoin DAO made up of council members that are connected to the NFT project but not members of the Yuga Labs startup.

Holders of this crypto will be granted access to a community that has the right to vote on decisions in the DAO, while the council “will carry out the decisions of the community,”.

Read also: Mark Zuckerberg Breaks Instagram NFT Plans With Development Underway

Although the token won’t be officially launched by Yuga, the company will own nearly 25 percent of the total supply.

Another 15% of the total token allocation will be distributed among owners of the Bored Ape Yacht Club and Mutant Apes NFTs.

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