Yuga Labs, the company behind the Bored Ape Yacht Club (BAYC) and the Mutant Ape Yacht Club (MAYC), has launched ApeCoin, its own cryptocurrency. Within the BAYC ecosystem, it will be the primary token. It will be used for anything from games to commerce, according to the corporation.
BAYC NFT holders were given the opportunity to claim ApeCoin for free. Investors could either sell for a profit or hold after claiming. Those without a BAYC NFT can participate in the activity by purchasing ApeCoin. ApeCoin DAO, a community-controlled entity, will be in charge of the token. The DAO (short for decentralized autonomous organization) will be funded through ApeCoin sales (a total of 1 billion coins will be available) and run by members, with each token granting one vote. The Ape Foundation, a corporate parent, has also been established to carry out the DAO’s decisions.Though the DAO is not affiliated with Yuga Labs, the firm behind BAYC, it has adopted ApeCoin as its “main token for the BAYC ecosystem, as well as future Yuga products and services,” according to a tweet from Yuga Labs on Wednesday.
Some people have made a lot of money from it. Others, on the other hand, aren’t so sure. The price of ApeCoin has fluctuated, as it has with many other airdropped currencies. Those that sold their ApeCoin tokens that were airdropped at the top made a fortune. Those who bought in at the beginning have already lost money. Some “whales,” or persons who own a significant amount of cryptocurrencies or NFTs, have made millions of dollars by selling their ApeCoins. Other winners bought BAYC NFTs using bots after the airdrop was announced, with the intention of selling earned ApeCoins at peak prices.