The Bored Ape Yacht Club (BAYC), the official project behind the popular Bored Ape NFT collection, announced on Wednesday the launch of a native token dubbed ApeCoin (APE).
Bored Ape Yacht Club Launches ApeCoin
The project noted that Bored Ape NFT holders will receive a free airdrop of the newly launched Ape coin in their account within 90 days.
Here we go. ☠️????⛵https://t.co/zAqK24XCr4
— Bored Ape Yacht Club (@BoredApeYC) March 16, 2022
BAYC describes APE as a governance and utility token that runs on the Ethereum network and is used to empower a decentralized community building at the forefront of web3.
In other words, ApeCoin will serve as the official currency for the BAYC ecosystem, empowering the community to build blockchain games and services, host events in the metaverse or in real life, and create digital and physical products.
The NFT project also noted that holding the token is the only requirement for membership into the ApeCoin decentralized autonomous organization (DAO).
According to BAYC, about 62% of the total supply of ApeCoin will be allocated to the ApeCoin community while 15% of the total supply will be used as airdrops for BAYC and MAYC NFT holders.
Binance Lists ApeCoin
While the airdrop is only available to NFT holders, the project noted that the token will be available to everyone once it is listed on major cryptocurrency exchanges.
As at the time of writing, ApeCoin has been added to CoinMarketCap and is currently around $8.15.
Following the launch of ApeCoin, Binance announced on Thursday that it will list the token on its platform. The exchange will add support for APE/BTC, APE/BUSD and APE/USDT trading pairs.
While many BAYC NFT holders and crypto users are happy with the token launch, others are skeptical about the new token, describing it as the latest pump and dump scheme.
