Bored Ape Yacht Club Launches ApeCoin for NFT Holders

With the BAYC becoming the most popular NFTS owned by multiple celebrities, collectors are looking to make more use of their digital assets.

Luckily enough, according to a post on Twitter by ApeCoin, owners of the Bored Ape Yacht Club collection will get exclusive access to the ApeCoin DAO, moderated by a group of board members outside Yuga Labs, including Head of FTX Gaming Amy Wu and Co-founder of Animoca Brands Yat Siu.

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Based on the ApeCoin website, the market cap of the native coins will be locked at 1 billion, with 62% of the coins going towards the BAYC ecosystem that includes owners of the Bored Ape NFTs. Collectors will be able to claim their ApeCoins today, March 17th, at 8:30 AM Eastern time.

The distribution of the native coins will be determined by the floor prices of BAYC and MAYC NFTs. In fact, collectors that have Bored Ape Kennel Club NFTs will receive extra tokens. One user is able to receive up to 10,950 ApeCoins.

Other than that, Animoca Brands will bring in a native token for its new mobile game called Benji Bananas. More specifically, players will be able to purchase the Benji Bananas Membership Pass, which will allow them to earn native tokens just by playing the game. Then, the earned tokens will be eligible to be swapped for ApeCoins.

After the launch of ApeCoin, which will be happening in just a few hours after this article has been published, it will be listed on several major exchanges like Binance and Huobi.

Based on statistics by CoinGecko, the news on ApeCoin ramped up the floor price of the related NFT collections, with the BAYC going up by 18.5%, and the MAYC soaring by 22.7%.