Yuga Labs has just announced its next step, its own cryptocurrency called ApeCoin. This is the company responsible for the notorious Bored Ape Yacht Club NFTs, which have gone viral, most notably with Justin Bieber buying one for $1.3 million.
Initially, ApeCoin will be used as the in-game currency of the new play-to-earn blockchain game that the company simultaneously announced, in partnership with developer nWay, and which is expected to be released later in 2022.
Of course, starting today, ApeCoin will also be available in the game Benji Bananas, and the company aspires to gradually adopt it by even more titles or even evolve it into a general-purpose cryptocurrency.
To make its ambitions a reality, Yuga Labs points out that ApeCoin has been created as an independent entity. Specifically, the token will be overseen by a community-controlled organization called ApeCoin DAO.
This DAO (short for decentralized autonomous organization) will be funded by ApeCoin sales and controlled by members, with each token giving one vote.
At the same time, a parent company, the Ape Foundation, was established to execute the decisions of the ApeCoin DAO. It is worth noting that 1 billion ApeCoin coins will become available on the market.
Initially, DAO plans to spend a portion of the money raised to create an ecosystem around the cryptocurrency. More specifically, it intends to fund the development of more games, events and merchandise production.
In fact, ApeCoin DAO even intends to create its own decentralized NFT marketplace.
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