The Yuga Labs, the Bored Ape Yacht Club creator have taken its next step towards trying to create a broader media empire around the most popular Bored Ape Yacht Club non-fungible token (NFT) series today. The company has announced the same with the launch of the Bored Ape NFT Project cryptocurrency named “ApeCoin”.
The NFT token is meant to be the primary token for all of the new products and services from the company itself. This also includes a brand new announced play-to-earn blockchain game that the company plans to release later in this year in partnership with the developer named nWay. The company has also earlier published a couple number of battle games licensing IP from the entities including the Power Rangers and the WWE.
Here is the Twitter post of ApeCoin (@apecoin):
The initial use of the ApeCoin as the in-game cryptocurrency. However, it is being pitched as something that can be used beyond the confines of the titles of the Yuga Labs. From today itself, it will be supported in a game from the house of Animoca Brands named “Benji Bananas” that also owns nWay. And it could be hoped that it might be adopted in even more titles or might also be used as a more general purpose cryptocurrency.
In the bid to make that occur, the Bored Ape NFT Project token ApeCoin has been set up independently of Yuga Labs. The token will also be overseen by a community controlled organization known as the ApeCoin DAO. The Decentralized Anonymous Organization (DAO) will be funded by the sales of the ApeCoin where 1 billion coins will be made available and controlled by the members where each token awards a single vote.
A corporate parent called the Ape Foundation, has also been created in the bid to execute decisions on behalf of the DAO. The board of the foundation includes Alexis Ohanian as well as the co-founder of the Animoca Brands, amongst several others. As of now, the Bored Ape NFT price is over $2 million (most expensive Bored Ape NFT) while the cheapest Bored Ape ones sell for approximately $300,000.
Initially, the DAO is planning to spend a chunk of the money that it raises on building out an ecosystem round the coin. This also includes funding of the game developments, merch production and events. The roadmap also proposes launching of the decentralized NFT marketplace. The best part is that Binance.US and KuCoin have also announced their listing of ApeCoin ($APE) on their platform.
However, the Yuga Labs would not be completely removed from the DAO. But the fact is that it will possess a pretty sizable voting share in the organization. The company will also retain nearly 15% of all the ApeCoins minted. The founders of BAYC will receive another 8% for the BAYC nft. The contributors to the launch of DAO will receive another 14% of the tokens as well. The remaining 15% of the tokens will be offered to the first holders of the Bored Ape NFTs. This leaves a little less than half of the complete supply for everyone else who might want to purchase it.
Following the launch of Bored Ape NFT Project owner Bored Ape Yacht Club last April, the company has become the biggest name in the NFT world possessing multi-million dollar sales as well as a growing list of the celebrity owners. It has been heard that the company has currently been in the multi million dollar investment. It is not unknown that Eminem and Paris Hilton are the members of the Bored Ape Yacht Club, which is transforming from an internet curiosity to an influential company.
Additionally, in just the previous week, the company has also acquired two of the other biggest names in the world of non-fungible tokens or NFTs in the bid to expand its portfolio namely, CryptoPunks and Meebits.
“I don’t know how big Bored Ape Yacht Club can be, that’s not to say that I don’t imagine it to be big, but I think — I hope — Yuga will be big and that we will be able to create lots of things that are unique and special and speak to the greater community in different ways,” Yuga CEO Nicole Muniz said in an interview last month with the D3 Network.
The company might also be focused on the cryptocurrency world. However, it seems to be orienting itself around the games as well as other media going forward. And while it might not control the ApeCoin, the launch of the NFT token could also position the Bored Ape Yacht Club as the center of a much broader blockchain gaming universe. The Bored Ape nft OpenSea is available.
To top it off, it can be stated that the Bored Apes are slowly integrating themselves into fashion. Adidas has launched its very first Bored Ape NFT Project named “Into The Metaverse” and it is heard that there are also other NFT projects that the fashion company has been involved in. The fashion company that bought a Bored Ape Yacht Club NFT, now adorns its Twitter page with it.