Bored Ape Yacht Club launches which is linked to the Token
A hotly expected token attached to the non-fungible token (NFT) project Bored Ape Yacht Club has been declared. The project’s official Twitter handle highlighted the “Apecoin” fall late Wednesday.
An accompanying press release took huge pains to move ApeDAO’s token launch away from Bored Ape Yacht Club, possibly for valid reasons. Club-style NFTs with perks for long-term members may resemble investment contracts, which are available in the U.S. in, are overseen by the Securities and Exchange Commission (SEC); NFTs, at least so far, are not.
Yuga Labs is planning to “adopt AppCoin as the primary token for all new commodities and services,” but press materials contend that ApeCoin is the product of a new organizational unit called the Apecoin DAO.
The token will be owned and governed by ApeCoin DAO, a decentralized autonomous organization that lends token holders governance rights over the DAO’s “Ecosystem Fund”. According to the Twitter thread, membership is required for the DAO to only hold Apecoin.
Web3 celebs like investor Alexis Ohanian have said they will initially be on the council overseeing the token’s governance.
According to the ApeCoin Twitter account, 62% of the total supply of tokens will be allotted to the ApeCoin community, with 15% available to claim in an airdrop on March 17th, according to a press release.
A trademark filing for the token implies plans for the DAO to sell physical goods as well as virtual goods, including jewelry, books, beverages, and clothes.