Yuga Labs, the makers of Bored Ape Yacht Club (BAYC), has created a crypto currency called ApeCoin to expand its footprint. The crypto will be the “primary token for all new products and services” from the company. However, the coins initial use will as currency in the play-to-earn blockchain game planned for later this year.
What Is Bored Ape Yacht Club (BAYC)?
Bored Ape Yacht Club (BAYC) is a 10,000 image NFT collection of cartoon apes. BAYC are ERC-721 tokens that are traded on Ethereum (ETH). They became one of the premeire NFTs and have maintained a floor price over 100 ETH ($250,000+). (Want to learn more about NFTs? See NFT post here)
One of the unique aspects of BAYC is the NFT acts as your entrance to various members only events. BAYC has had numerous meet-ups and even rented out a spaces for celebrations.
Yuga labs has made some innovative additions to the BAYC so far. For instance they released 10,000 Mutant Ape Serums, one to each NFT holder. The serums would generate a separate Mutant Ape Yacht Club NFT when combined with the BAYC. Yuga also released 10,000 more serums to the public which were selling for 3ETH themselves. BAYC owners also received a Bored Ape Kennel Club (BAKC). These free mint NFTs are part of second genreration NFTs.
Additionally, Steph Curry famously paid 55ETH to owns BAYC.
Lsstly, BAYC has a community project, “the BAYC Bathroom”. Each ape holder can paint 1 single pixel on a virtual bathroom wall to make a collaborative piece of art.
Who is Yuga Labs?
Yuga Labs are the minds behind Bored Ape Yacht Club (BAYC), Mutant Ape Yacht Club (MAYC), Bored Ape Kennel Club (BAKC), and now ApeCoin.
Additionally, Yuga Labs recently purchased the CryptoPunks and Meebits NFT collection from Larva Labs. With the purchase, Yuga Labs also promised to give the commercial rights of the NFTs to the individual holders, something LArva Labs refused to do. CryptoPunks is another 10,000 NFT collection and also one of the most highly priced.
The Yuga Labs team is 4 pseudonymous core members who go by their ape avatars:
- Gargamel
- Emperor Tomato Ketchup
- Gordon Goner
- No Sass
What is ApeCoin from Yuga Labs?
ApeCoin is the primary token for the BAYC Universe. The token will start as in-game currency for a recently announced play-to-earn (P2E) game. Overtime, the goal is for ApeCoin to be used for all Yuga Lab and BAYC activities. The money raised from ApeCoin is going to help fund the development of the P2E game, merchandise, and events.
ApeCoin will be set up largely indepently from Yuga Labs and run by a decentralized autonomous organization (DAO). It will be an ERC-20 governance and utility token. The DAO will be overseen by the Ape Foundation, a 5-member group. Each member will have 6-month terms and then be voted on by the community. The Ape Foundation will be tasked with executing the decisions on behalf of the DAO.
There will be 1 billion ApeCoins available. Of the 1 billion ApeCoins:
- 150 million are claimable for BAYC and MAYC memeber
- 470 million go to the DAO treasury
- 150 million will go to Yuga Labs with a 12-month lock-up
- 10 million will go to the Jane Goodall Legacy Foundation
- 140 million goes to launch contriutors
- 80 million goes to 4 core founders of BAYC with 12-month lockup
Almost 25% of the tokens will go to Yuga Labs and the 4 BAYC founders. Each ApeCoin accounts for a single vote to direct the Ape Foundation. Yuga Labs is distinc from the Ape Foundation and ApeCoin.
The tokens will be claimable at 8:30AM on Thursday March 17, 2022. Coinbase will be listing the coin.
Wrap Up: ApeCoin From BAYC Creator Yuga Labs
Yuga Labs appears to be focusing on creating a minor media empire. The ApeCoin launch will raise money for Yuga Labs to move forward with their planned P2E games. BAYC doesn’t seem to show any signs of slowing down its use of NFTs to get into exclusive events in real life. Expect more to come from this group.
