Bored Ape NFT Owners To Be Given ApeCoin, Dubbed “Dogecoin of NFTs”

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A new play-to-earn gaming ecosystem will be unleashed into the market by Yuga Labs and the Animoca brands, with the Apecoin the new token to be used there.

Holders of the BAYC NFT pieces are to be given ApeCoin to move to the new ecosystem as part of the plan by the network to explore new grounds.

As an appreciation to the owners of the Bored Ape Yacht Club NFTs, another incentive (the Apecoin) will be distributed to them for being part and parcel of the highly exclusive digital asset community. The notable personalities to benefit from the Apecoin incentive are Mark Cuban, Eminem, Steph Curry, and others.

For emphasis, Yuga Labs is not the creator of the new Apecoin token, Apecoin DAO is, and both are independent of one another. The APE token is a specially created digital currency for gaming, culture, and transactional purposes in a decentralized space.

Distributing the ApeCoin

The Apecoin will first be released to the holders of BAYC NFTs, and each of the owners is eligible to claim about 10,000 APE. The yet to be released ApeCoin tokens, once ready, would be distributed among different categories of entities.

The ApeCoin DAO website revealed that 62% of the token supply is to be moved to the centralized ecosystem fund, while 14% of the tokens are distributed to the initial contributors. 

9.75% will be in the custody of the founders of BAYC and Yuga Labs. Another 8% goes to the creators at Yuga Labs, and lastly, 6.25% will be donated to a charity organization concerned with protecting the chimpanzees’ ecosystem.

Yuga Labs may not be the creator of the ApeCoin, but the firm is planning to adopt the use of the $APE as the primary token for products and services produced by Yuga Labs.

Both Yuga Labs and Animoca Brands are working on a series of Blockchain play-to-earn games developed by the same company, nWay. Additionally, both have opted to use ApeCoin as the primary token for purchasing their blockchain games and other related services.

According to the co-founder of Animoca Brands, Yat Siu, who also doubles as a board member of the ApeCoin DAO, ApeCoin is the way forward for the growth of NFT. Siu told Cointelegraph that ApeCoin is the token that resonates with the yearnings of the NFT industry. It is an expression of the present shared vision expected of the NFT.

Yat believes that in no time at all, the ApeCoin will evolve to become the Dogecoin of NFTs because the token signifies community creation and values. 

A Long Walk In The Metaverse

Following its launch, last April, Bored Ape Yacht Club is continuously growing in heaps and is on the way to becoming one of the leading NFT collection platforms. It has high profile people in its owner’s database and is working on bringing more celebrities on board its platform.

The NFT space is multiplying, and BAYC is poised to take a leading role in its expansion.

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