Yuga Labs took the next step in trying to build a broader media empire around the Bored Ape Yacht Club series of non-fungible tokens (NFTs) today with the announcement of a cryptocurrency called ApeCoin that will be the โmaster token for all new products and services. From the company. That includes a recently announced blockchain play-to-win game that the company plans to release later this year in partnership with developer nWay.
ApeCoin's initial use will be as in-game currency, but it is presented as something that can be used beyond the limits of Yuga Labs titles. Starting tomorrow, it will support benji bananas, a game by Animoca Brands, which also owns nWay. And the hope seems to be that it could be adopted in more titles or even used as a more general-use digital currency.
For that to happen, ApeCoin has been set up independently of Yuga Labs. The token will be overseen by a community-controlled organization called ApeCoin DAO. The DAO (short for decentralized autonomous organization) will be funded by ApeCoin sales (1 billion coins will be available) and will be controlled by members, with each token giving only one vote. A corporate parent, the Ape Foundation, has also been created to execute decisions on behalf of the DAO. The Foundation's board includes Alexis Ohanian and the co-founder of Animoca Brands, among others.
Initially, the DAO plans to spend a portion of the money it raises building an ecosystem around the coin. That includes funding game development, events and merchandising production. The roadmap also proposes to launch a decentralized NFT marketplace.
However, Yuga Labs will not be completely removed from the DAO; in fact, you will have a fairly sizable voting share in the organization. The company will retain about 15 percent of all ApeCoins minted, with the founders of BAYC getting another 8 percent. Contributors to the DAO launch will also get another 14 percent of the tokens. Then another 15 percent of the tokens will be offered first to Bored Ape NFT holders, leaving just under half of the total supply for everyone else who wants to buy.
Since its launch last April, Bored Ape Yacht Club has become the biggest name in the NFT world, with multi-million dollar sales and a growing list of famous owners. Yuga Labs is now in talks for a multi-million dollar investment, and last week acquired two of the other biggest names in NFT โ CryptoPunks and Meebits โ to expand your portfolio.
The company may be focused on the world of cryptocurrencies, but it seems to be gearing itself around games and other mediums in the future. And while it may not control ApeCoin, the token's launch could position Bored Ape Yacht Club as the hub of a larger blockchain gaming universe.
