The Bored Ape Yacht Club (BAYC) NFT collection has launched its ERC-20 utility and governance token, ApeCoin. This is a step towards diversification for profile-picture projects (PFP) and a focus on culture, play and commerce in the Web3 space.
The asset was created and released by the decentralized autonomous organization (DAO) ApeCoin, a legal entity separate from Yuga Labs, which established a six-month board of directors led by Alexis Ohanian, Amy Wu, Maaria Bajwa, Yat Siu , and Dean Steinbeck to manage the DAO.
The ApeCoin team said obtaining the APE will be "the only requirement for joining ApeCoin DAO". Holders of BAYC NFT, including prominent personalities such as Neymar and Eminem, will get a portion of the overall supply as an airdrop.
Bored Ape Yacht Club (Bayc)
Bored Ape Yacht Club is a community of 10.000 NFT Apes with distinct characteristics. Some features are rare, which means collectors give you a higher premium. As a member of BAYC, you can acquire future collections, special access to other exclusive features and other benefits.
ApeCoin's official Twitter account announced on Thursday that members of the BAYC ecosystem would have 90 days to claim their share of 10.000 tokens starting at 12:30 UTC on the same day.
As a result, investors rushed to buy BAYC NFT to acquire the new token. According to Opensea, the base price of BAYC NFTs rose from 92 ETH to around 107 ETH in a day or so.
This indicates that each BAYC NFT was worth around $ 300.000. However, the same has dropped and, at the time of writing, stands at 90 ETH (here the quotation in real time).
In any case, others have taken advantage of the market frenzy by releasing similarly named tokens, such as APECoin.dev. The project has over $ 1,5 million in market capitalization and is selling for $ 0,145.
The ApeCoin Ape price drops 80% on its debut day
The native token of the Bored Ape Yacht Club (BAYC) NFT collection, ApeCoin (APE), rose to $ 40 before dropping to $ 6,4 after its listing on various cryptocurrency exchanges. The price of the ApeCoin is fluctuating between $ 10 and $ 20 currently.
On the first day of trading, APE holders suffered as the price of their coins fell rapidly right after listing. At the time of writing, the APE coin was trading at $ 8,23 with a market cap of $ 2,3 billion.
