ApeCoin is the name of an Ethereum token offered in association with the Bored Ape Yacht Club project. ApeCoin isn’t like the Bored Apes NFTs or other collectibles; instead this coin is used for “governance and utility” allowing those who own it to take advantage of certain privileges.
Specifically that means those who hold ApeCoin tokens will not only have access to rewards, games, and perks associated with the token. Owning one also means having voting rights in discussions about the future of the coin and how the project may be operated.
ApeCoin is technically not under the perview of Bored Apes Yacht Club (BAYC); instead it is governed by ApeCoin DAO, established specifically for this project. The DAO is supported by a foundation charged with making the project’s goals happen.
Who Gets ApeCoins?
ApeCoins can be purchased by anyone, but those who own Mutant Ape Yacht Club or Bored Ape Yacht Club NFTs are provided access to them automatically. You have to claim your ApeCoin tokens at the official site.
There are nuances to this offering. If you own an original Bored Ape Yacht Club or Mutant Ape Yacht Club NFT, you are rewarded with ApeCoin tokens you can claim. But if you own Bored Ape Kennel Club NFTs, the offer is not open to you unless you already own one of the other previously mentioned NFTs.
ApeCoin DAO and the APE Foundation
ApeCoin DAO makes the decisions about the future of the project, and the APE Foundation is tasked to carry out the decisions made by the DAO. The foundation provides stewardship for the project but does not exercise control over it. The word “foundation” in the name is meant to be taken literally with those who own ApeCoins being responsible for building upon that foundation.
ApeCoin and the Foundation are designed to be community led and the aim is to take what is already decentralized and make it more so as the project moves forward.
The APE Foundation Board
The board was created to serve the ApeCoin community, and members of the board serve for limited terms and must be voted on annually. At press time, the APE board consisted of some impressive names including the co-founder of Reddit, Alexis Ohanian, Dean Steinbeck at Horizen Labs, and Amy Wu from FTX.
Uses For ApeCoin
Aside from voting rights and other perks, third parties see ApeCoin as a way to encourage the token’s owners to take part in online gaming events and platforms open to those who have the token.
Some game developers including nWay announced special in-game surprises or rewards exclusively for ApeCoin owners. At least one real estate company has announced it may accept ApeCoin for “in real life real estate” in Miami.
ApeCoin in the Metaverse
The recently announced metaverse called the Otherside by Yuga Labs could possibly feature a new use case for the APE coin. At this point in time, little is known about the new metaverse but the company has claimed that it will be “powered by ApeCoin”.
Unlike NFT projects, planned scarcity does not seem to inform the strategy behind ApeCoin. Some sources report the total number of tokens issued or to be issued is a whopping one billion.
Those who hold qualifying NFTs from Bored Ape Yacht Club Or Mutant Ape Yacht Club tap into a supply of 150 million tokens with a limited amount of time to claim them. The ApeCoin DAO had 470 million coins earmarked for its treasury
Some 150 million ApeCoins were intended for Yuga Labs with other amounts set aside for those who contributed to the launch as well as the four original Bored Ape Yacht Club founders. But the most interesting number in this list is the some 10 million ApeCoins set aside for the Jane Goodall Legacy Foundation, which benefits real-world apes.
At least a portion of the ApeCoin supply has been subject to a 12-month hold but those who hold qualifying NFTs are free to claim and trade their tokens immediately.
Many of the allocations have a 12-month lockup. ApeCoins allocated to NFT holders that were claimed Thursday were free to be traded right away.
Where To Buy ApeCoin
You can purchase ApeCoin at any of the following exchanges:
Joe Wallace has covered real estate and financial topics, including crypto and NFTs since 1995. His work has appeared on Veteran.com, The Pentagon Channel, ABC and many print and online publications. Joe is a 13-year veteran of the United States Air Force and a former reporter for Air Force Television News.