Yuga Labs is letting more people into its Bored Ape club, with the launch of its own ApeCoin token and a decentralized autonomous organization (DAO) to oversee it.
why is it important: Prior to the token’s launch, being part of the Bored Ape Yacht Club required owning one of the 10,000 NFTs issued by Yuga Labs.
- But even the cheapest Bored Apes cost hundreds of thousands of dollars.
- ApeCoin allows even those who are not rich in Ethereum to participate in the ecosystem by purchasing it through a variety of crypto exchanges.
Details: 8% of ApeCoin tokens will go to BAYC founders, 16% will go to Yuga Labs team, 14% to launch contributors (i.e. Yuga partners and investors), 15% to Bored Apes collectors and Mutant Apes, and 47% will go to be released as part of the DAO’s “ecosystem fund.”
- It is this last 47% that will become accessible to the general public.
To note : A portion of the allocation – equal to 1% of the total token supply – will be donated to the Jane Goodall Legacy Foundation.
Yes, but: While Yuga Labs will have quite a large number of ApeCoins at launch, the company is careful to separate itself from managing the token.
- Instead, ApeCoin is launching with a new parent company – the Ape Foundation – and a DAO governing it.
- “Building a legally compliant token and setting it up responsibly and sustainably is much more complicated,” Bored Ape said on Twitter. pages readafter being questioned in October about the release of coins.
- ApeCoin DAO board members include Reddit co-founder Alexis Ohanian, Amy Wu of FTX, Maaria Bajwa of Sound Ventures, Yat Siu of Animoca, and Dean Steinbeck of Horizen Labs.
What they say : “Today we are expanding the ‘Club’ with ApeCoin,” Ohanian said in a press release.
- “Web3 is increasingly integrated into our art, music and culture and it all starts with community. I believe that community will build, expand, connect and disrupt in a massive way.