ApeCoin is the own token of Yuga Labs ecosystem with the current market capital of the token is $2,259,210,176 and full emission is supposed to reach about $7,361,499,979. BAYC and MAYC holders will take 62% of the whole allocation. It’s stated that 16% of proceeds will be going back as financing to the company and its charity organization, 14% to those who were involved in the launch and 8% to the BAYC founders.
Therefore, 4 main purposes of the ApeCoin are Governance, Access, Incentivization and Unification of Spend. Alongside DAO and decentralized use of currency without participation of centralized intermediates you will be able to buy exclusive content and physical objects from Yuga Labs and the token also provides an integration platform for the 3rd-party developers.
Yuga Labs introduced the claim of the token on July 2nd of 2022 and it will be closed on August 3rd of 2022. All holders of the BAYCs and MAYC were eligible for the claim of the special amount of the token. Also holders of the Kennel Club were able to participate in this event. On the main website of the ApeCoin you can check your possibility of claiming and the allocated amount of tokens for you. 150 million of tokens were stored for the claim. It is about 15% of the total supply. The claim was a hype, but it’s expected that as soon as it’s closed the price will drop drastically.
ApeCoin banner (Finance Magnates)
ApeCoin is an ERC-20 governance and utility token of Yuga Labs and it will be used in the whole ecosystem of the developer and will create a whole forefront of the web3. You will be able to use it during all next drops and activities in the BAYC ecosystems. It will be used in a DAO project and obviously in The Otherside Metaverse. ApeCoin DAO will be based on the token and all members of this Decentralized Governance organization will be able to make decisions with their ApeCoins - allocations, partnerships, new different projects and governance rules. More opportunities to use ApeCoins inside of DAO will be added in the future too. Also there will be a Board of this DAO with the behest members and all Foundation admins. They will formulate the vision of the future community development.
But not only Yuga Labs projects work with the token. Gucci introduced the acceptance of the ApeCoin lately and it is a big step for the currency. In the future we can see a lot more other fashion and luxury brands that will accept ApeCoin. If we consider the interest of such companies in the web3 and NFTs it seems as a real and possible future. And more other brands from different spheres of life can use ApeCoin in the future too.
Owning of the ApeCoin give a lot of opportunities - you can become the member of the ApeCoin DAO which will closely work with the ecosystem of Yuga Labs, you will be able to participate in the different activities of BAYC and MAYC creators, for example exclusive clothes drops or items in The Otherside.
Stay tuned and be the first to find out the update on ApeCoin on our News page.