Bored Ape Yacht Club has launched yesterday a new coin – ApeCoin, “a token for culture, gaming, and commerce”, as the creators explained. This new ApeCoin will be supported and governed by ApeCoinDAO, a newly formed decentralised autonomous organisation, not BAYC or Yuga Labs.
BAYC issued ApeCoin token with a drop for holders of their NFTs, with 15% of the total supply of ApeCoin made available to those who own an original Bored Ape or a Mutant Ape. For a monkey worth $250k at the current exchange rate, they offer $80k somewhere.
The only condition for membership in the ApeCoinDAO is holding ApeCoin. ApeCoinDAO exists to give Ape token holders a vote on fund allocations, governance rules, projects, partnerships, and beyond.