An airdrop means that 15% of APE's total supply is going to be distributed to those who own Bored Apes and Mutant Apes — and overall, 62% of tokens have been earmarked for the community.
A new cryptocurrency linked to Bored Ape Yacht Club has been unveiled.
ApeCoin describes itself as "a token for culture, gaming and commerce used to empower a decentralized community building at the forefront of Web3."
Known as APE for short, this digital asset is "owned and operated" by a decentralized autonomous organization — giving investors the ability to vote on governance matters and benefit from an ecosystem fund.
An airdrop means that 15% of APE's total supply is going to be distributed to those who own Bored Apes and Mutant Apes — and overall, 62% of the tokens have been earmarked for the community.
But according to an official announcement, ApeCoin will be available to everyone — and will "begin trading on major crypto exchanges as soon as possible." Binance (which owns CoinMarketCap) has already confirmed that APE will be available in trading pairs against Bitcoin, Binance USD and Tether.
On its website, ApeCoin said that culture "has found new expression in Web3 through art, gaming, entertainment, and events," adding:
"The possibilities for blockchain’s impact on culture are so endless that they can’t possibly all be predicted yet. APE is a token made to support what’s next, controlled and built on by the community."
ApeCoin is underpinned by the Ape Foundation, which is designed to "act as the legal steward of ApeCoin and administer the decisions made by the community" — put in other words, the project's official Twitter account says this organization intends to "sign the checks."
It's hoped that the foundation will become more decentralized over time — and ensure the ecosystem grows "in a fair and inclusive way."
A special council has been established "to administer DAO proposals and serve the vision of the community" as well. They will initially serve a six-month term, and from here, DAO members will be able to vote annually on the composition of the board. Reddit co-founder Alexis Ohanian is among the five original board members, alongside Amy Wu from FTX Ventures and Yat Siu from Animoca Brands.
One of the main use cases for ApeCoin has already emerged, as it will now be accepted in Animoca Brands' Benji Bananas game.
'Making the Club Bigger'
Announcing his involvement in the project, Ohanian said:
"Today we're making the ‘Club’ bigger with ApeCoin. Web3 is being integrated into our art, music, and culture more and more every day and it all starts with community. I believe this community will build, expand, partner, and disrupt in a massive way."
And Yat Siu said he is "thrilled" to have a front row seat as APE launches — noting that the gaming world is changing rapidly as the potential of play-to-earn titles emerges.