Yuga Labs, the creators of the Bored Ape Yacht NFT project are making headlines again with the launch of their new crypto token ApeCoin, with NFT holders ready to buy up the new ApeCoin.
The new token is said to bolster the BAYC ecosystem by acting as its official currency, powering the BAYC products and services.
Moreover, the new token has been confirmed for listing on several crypto exchanges making it easier for the masses to trade and purchase the token. Let's take a quick look at how and where users can purchase the newly launched ApeCoin.
ApeCoin: How and Where To Buy The Token?
Several cryptocurrency exchanges have already started listing ApeCoin on March 17 - the day of its release. These include:
However, for holders of the Bored Ape Yacht Club or Mutant Ape Yacht Club NFTs, 15% of the total supply - or 150 million APE - has been allocated for these tokens in the ecosystem. 62% of the total supply is allocated to the treasury and existing NFT holders. The claim can be made through ApeCoin's website.
10,094 APE and 2,042 APE has been allocated per NFT for the BAYC and MAYC, respectively - although gas fees will also apply to this airdrop. Users will need to connect their MetaMask, and have 90 days to claim the ApeCoin, before it is sent to the Ecosystem Fund.
Members of the Kennel Club can also redeem their allocated tokens.
What Is ApeCoin?
ApeCoin is an ERC-20 governance and Utility token launched by Yuga Labs. It is defined as a token" for culture, gaming, and commerce used to empower a decentralized community building at the forefront of web3."
According to the official Twitter announcement, ApeCoin will be operated by a Decentralized Autonomous Organization or DAO, where each community holder will be given governance rights over the ApeCoin ecosystem funds.
Users who wish to become a member of ApeDAO are only required to hold the token. The DAO will further be operated by the ApeCoin foundation which will be responsible for managing the key proceedings made by the ApeCoin DAO Community.