ApeCoin: The Metaverse’s New Currency of Choice
But, what does this mean for the BAYC and its members? How can you get your hands on these tokens? And what even is ApeCoin? You’ll have to read on to find out!
What is ApeCoin?
Simply put, ApeCoin is a token built for the future of the internet. I know what you’re thinking: what the heck does that mean? To answer this question we have to take a look back at the history of the web.
If you look at the internet as we know it today, it’s considered “centralized”, meaning that it’s controlled mainly by large companies like Google, Meta, Amazon…you get the point. The future of the web is moving towards a decentralized model – built by the people, for the people.
In other words, we’re moving toward an online landscape that’s built on blockchain technology with a much larger level of freedom for users—known as decentralization. This is the web of the future, or Web3.
So, how does ApeCoin fit into this idea? According to the creators, “it will serve as a decentralized protocol layer for community-led initiatives that drive culture forward into the metaverse”.
The coin itself is an ERC-20 governance token which allows holders to participate in ApeCoin DAO (more on that later). In a nutshell, the token is an open currency—you don’t need intermediaries to use it, for example, a bank. As a holder of ApeCoin, you’ll gain access to “otherwise unavailable” parts of the APE ecosystem, like “games, merch, events, and services”.
How does it work?
The token entity will be managed by the APE Foundation. Just like any house, the foundation will serve as a solid base layer upon which the token holders can build the future of the coin. In crypto terms, this group of holders would be referred to as a DAO (decentralized autonomous organization).
This may sound familiar—if it does, great job…you were paying attention. Just like with decentralized web platforms, a decentralized organization means that the people behind the coins (token holders) have a say in the future of the coin.
That said, there has to be a solid foundation to start from—enter the APE Foundation. This foundation will be responsible for the behind-the-scenes administrative duties that will ensure the future success of the coin—for example, day-to-day tasks, bookkeeping, and putting forth the actions decided upon by the DAO. This way, what the people say will actually go, as the APE Foundation will work to make their decisions possible.
When it comes to the DAO, they’re just as integral to the success of the coin as the APE Foundation. Members will be allowed to make decisions on how the “Ecosystem Fund” will be distributed – in other words, APE coin funds that will be used for expenses, infrastructure, and future projects/partnerships, etc.
Now, I know what you’re thinking—how in the world will a decentralized organization ever agree on anything? With so many voices trying to be heard, the decision-making process would basically be like the comments section on a heated Facebook post.
This is where the DAO’s Board comes in. The purpose of the board is to oversee Foundation activities and “administer DAO proposals” that “serve the vision of the community”. Board members are voted on annually to keep decentralization at the heart of the operation.
How to get ApeCoin
Let’s get down to the nitty-gritty: how to get your hands on some APE. In total, there are 1 billion tokens available. This is a fixed number, so there will only ever be 1 billion available. Simple, right?
From here, the tokens are distributed across 4 main groups – the Ecosystem Fund, Yuga Labs and a charity (the Jane Goodall Legacy Foundation), launch contributors, and BAYC founders.
For holders of BAYC and MAYC (Mutant Ape Yacht Club), tokens were allocated on March 17th, 2022 and distributed based on the NFT held (or combination of NFTs like BAYC and BAKC, or Bored Ape Kennel Club). The claim period for APE ends 90 days after launch – so run, don’t walk if you’re a BAYC/MAYC holder.
You can check if your tokens are eligible to claim APE with Yuga Labs’ NFT Claim Check and you can only claim once – now is not the time to procrastinate! Any unclaimed tokens will simply be added to the Ecosystem fund.
What does this mean for Yuga Labs?
From the get go, Yuga Labs has made community a priority while hoping to shape the future of Web3. They have had incredible success with the BAYC/MAYC/BAKC and will no doubt continue to impress in the future.
With the development of ApeCoin, it’s a significant moment for Yuga Labs and their entire ecosystem, as this will now be the token of choice for future projects. It will be interesting to see how they can continue to push the boundaries of Web3 with APE and their loyal community.
The only thing we know for sure is that Yuga Labs will continue to serve their ecosystem with innovative experiences!