The crypto startup behind the Bored Ape Yacht Club NFTs, Yuga Labs, officially announced the launch of a new currency called ApeCoin. The company plans to fund all its products with this currency, including a much-anticipated new play-to-earn gaming project to be released in the upcoming months.
ApeCoin will be featured in titles pertaining to other marketers as well, such as the Benji Bananas by Animoca Brands. Still, Yuga Labs hopes to establish a general-purpose top-rated cryptocurrency that will flourish in the mainstream crypto economy.
However, Yuga Labs won’t be taking the credits for releasing the new token, although it is entitled to approximately 15 percent of the total output. Instead, ApeCoin will be launched and controlled by ApeCoin DAO, an organization consisting of members of the NFT community unrelated to Yuga Labs’ operations. Any decisions made on behalf of ApeCoin DAO will be executed by a newly-founded parent organization — the Ape Foundation.
ApeCoin DAO will raise its fund by selling one billion ApeCoins in total. The organization is set to build a community centered around the token, so it plans to invest in various events, merch, and new gaming projects. There are also rumors of a decentralized marketplace for NFTs.
Although Yuga Labs has publicly detached itself from this project, business is definitely booming as the BAYC maker bought the rights for CryptoPunks and Meebits NFT collections only last week. The company’s future prospect is to expand its operations to include gaming and other types of media.