During the last 24 hours, the cryptocurrency community has been discussing the launch of a new token called apecoin (APE), released by the newly-formed Apecoin DAO. At launch, the token exchanged hands for $10.36 per coin but dropped more than 40% to $6.21. Since the token’s all-time low and Bored Ape Yacht Club (BAYC) owners getting a sizable airdrop, the price of APE moved closer to the price it saw when it first came out.
ApeCoin, a token linked to the famous Bored Ape Yacht Club (BAYC) NFT project, just hit the market, and for many in the crypto community, the fear of missing out is strong.
ApeCoin was airdropped this morning to BAYC NFT holders with the option to claim for free. After claiming, investors could either sell for a profit or hold. Those without a BAYC NFT could get in on the action by buying ApeCoin upon its launch.
As the startup reportedly looks to bank funding at a $5 billion valuation (a spokesperson for the company declined to comment on that figure), Yuga Labs is looking toward the future, detailing a new partnership for a play-to-earn gaming title built around a much-hyped token called ApeCoin.
Multimillion-dollar monkey pictures and monkey money are likely not the future you were expecting to capture the undivided attention of Silicon Valley VCs, but Yuga Labs hopes that the new game and token will inspire a mainstream crypto-economy built around their IP, which further expanded last week to include the highly valued CryptoPunks and Meebits NFT collections after Yuga acquired the assets from Larva Labs.
The ApeCoin team announced that the token will be the “primary token for any future products and services” that Yuga Labs develops. This includes a play-to-earn (P2E) blockchain game that Yuga Labs hopes to release later this year with game developer nWay.
ApeCoin will also be utilized in Animoca Brands’ new play-to-earn game Benji Bananas, which also owns nWay.
Since its debut in April last year, Bored Ape Yacht Club has become one of the most sought-after NFT collections. Last week, Yuga Labs bought two more major NFT projects, CryptoPunks and Meebits, further consolidating its market domination.
BAYC is one of the most expensive NFT collectibles, ranging anything from $200,000 to $3 million. This collection features still images of Apes and it exists on the Ethereum blockchain. Mark Cuban, Eminem, Snoop Dog, Justin Bieber, Post Malone, Jimmy Fallon, Steph Curry, etc. are some celebrities who own the BAYC NFTs.
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