- Yuga Labs announced its new partnership for a play-to-earn token ApeCoin.
- BAYC NFTs holders are about to receive ApeCoin tokens as a reward.
- According to Yuga Labs, APE is used as a primary token for play-to-earn games from Yuga labs and Animoca Brands.
Yuga Labs has had a particularly explosive year among the fastest-growing crypto startups. The startup is behind the NFT project Bored Apes Yacht Club (BAYC), which only launched in April 2021. Nevertheless, it has quickly grown to become the most valuable NFT project by market cap.
Moreover, Bored Ape Yacht Club BFT holders will also receive a new token called ApeCoin (APE). The reward is for being part of the exclusive digital asset club. BAYC NFTs holders will be able to claim approximately 10,000 APE tokens each.
Introducing ApeCoin ($APE), a token for culture, gaming, and commerce used to empower a decentralized community building at the forefront of web3. 🧵
— ApeCoin (@apecoin) March 16, 2022
Notably, the ApeCoin was not created by Yuga Labs, the creator behind BAYC. The developer of the new token is the ApeCoin DAO, separate from Yuga Labs. DAO (decentralized autonomous organization) is a community that uses blockchain tokens as votes to allow for decisions to be made collectively.
Unlike some DAOs where only NFTs can be used as votes, ApeCoin only requires the member to hold an APE token to partake in voting and community-based governance.
Aside from voting, ApeCoin will also be used in the upcoming play-to-earn game Benji Banana. The game is from Hong Kong-based blockchain gaming company Animoca Brands, also the owner of nWay.
Since launching in April last year, BAYC has grown and become one of the highest-profile NFT collections. As a result, BAYC continues to add high-profile celebrities to their owners’ lists.
CoinQuora reported on March 12 that Yuga Labs acquired the Intellectual Property (IP) rights of the CryptoPunks and Meebits collections. Yuga Labs expands its supremacy over the growing NFT market.