Yuga Labs, the brains behind the Bored Ape Yacht Club (BAYC) and Mutant Ape Yacht Club (MAYC), has launched its own in-house token – ApeCoin (APE). The coin will be used as the primary token for the BAYC ecosystem, and there are also lofty plans to use it for future Yuga products and services, from gaming to commerce. With the launch of ApeCoin, Yuga Lab further solidifies its position as a powerhouse in the NFT space.
What does ApeCoin do for BAYC?
ApeCoin (APE) is positioned as a token for culture, gaming, and commerce, and it will be used to empower the decentralised community building of the APE ecosystem called the ApeCoin DAO (decentralised autonomous organisation). The APE ecosystem includes the community of the BAYC and the MAYC, which are two of the largest NFT collections on the Ethereum blockchain today. Unlike some DAOs where only NFTs can be used as votes, the ApeCoin DAO only requires a member to hold an ApeCoin token in order to participate in voting and community-based governance. If you’ve always wanted to ape in on these 2 largest NFT projects but owning the NFT is beyond your budget, you can now be part of the ApeCoin DAO instead without actually owning the NFT.
What is Bored Ape Yacht Club (BAYC)?
Bored Ape Yacht Club (BAYC) is a collection of 10,000 NFTs created on the Ethereum blockchain and launched by Yuga Labs in April 2021. Each Bored Ape is randomly generated from over 170 possible traits consisting of expression, headwear, background colour, and more. Since its release, BAYC has been a huge success, with the most expensive NFT from the collection sold for a whopping $3.59 million (769 ETH) and its floor price hitting approximately $260,000 (100 ETH).
But more than just the high prices, BAYC has managed to fulfill its promise of creating a thriving community that is posed to be a major player in entertainment and culture for years to come. Their detailed roadmap and realistic expectations of the benefits set helped investors and traders get an overview of what the future entails for them. Some benefits include exclusive merch, a treasure hunt, Ape breeding, and many other ways to collaborate with Ape friends.
What is Mutant Ape Yacht Club (MAYC)?
Mutant Ape Yacht Club (MAYC) is a collection of 20,000 Mutant Apes which are created either by introducing a Bored Ape to the Mutant Serum or minting a Mutant Ape during the public sale. The existing 10,000 members of BAYC were randomly airdropped the mutant serum for free, whereas the remaining 10,000 MAYC NFTs were sold in an auction. The MAYC was a way of rewarding the BAYC holders with an entirely new NFT, while also allowing newcomers into the BAYC ecosystem at a lower tier of membership. The whole MAYC NFT collection was auctioned for $96 million in less than an hour.
Users can now deposit their BAYC and MAYC NFTs on the Crypto.com NFT Marketplace as our platform now supports NFTs that are minted and hosted on the Ethereum blockchain.
Buy and Trade APE, Now in Crypto.com App, and Soon on Exchange
In support of the recent launch of APE, and in recognition of the role of the Bored Ape Yacht Club and Mutant Ape Yacht Club in growing the NFT industry, Crypto.com has officially listed APE in the Crypto.com App and is planning to add it to the Crypto.com Exchange soon. Starting today, you can trade APE in our App, which also offers 250+ cryptocurrencies. Check out our App Listing Announcement here.
