The powerhouse behind Bored Ape Yacht Club has launched its own token, ApeCoin

• The creator of the Bored Ape Yacht Club (BAYC) has launched a new token called ApeCoin.
• ApeCoin will be used within the ecosystem for everything from games to commerce.
• Games like Benji Bananas have already planned to use ApeCoin for NFT transactions.

Yuga Labs, the brains behind creating the Bored Ape Yacht Club (BAYC) and the Mutant Ape Yacht Club (MAYC), now has its own in-house token – ApeCoin. It will be the main token within the BAYC ecosystem. The company plans to use it for everything from games to commerce.

Yuga Labs’ partners will also be employing the tokens in their collaborative projects.

For instance, Animoca Brands – one of the largest blockchain game developers worldwide – has already announced that it will enable the purchase of non-fungible tokens (NFTs) using ApeCoin within its play-to-earn (P2E) game called Benji Bananas. Animoca also plans to adopt ApeCoin for another ‘secret project’ with BAYC that is currently under wraps.

Game developer nWayPlay is also slated to use ApeCoin in a new P2E game that it is working on with BAYC.
ApeCoin strengthens Yuga Labs' lead in the NFT ecosystem
Yuga Labs was already among the biggest players in the non-fungible token (NFT) ecosystem with the burgeoning popularity around the BAYC and MAYC. Last week, it bought the rights to CryptoPunks and Meebits from Larva Labs making Yuga Labs the powerhouse behind the three largest NFT collections in the world right now.

NFT collection	Value
Bored Ape Yacht Club	$2.7 billion
CryptoPunks	$2.1 billion
Mutant Ape Yacht Club	$1.1 billion

Source: Data from CoinMarketCap as of March 17

The launch of ApeCoin on March 17 further solidifies Yuga Lab’s stance in the market. ApeCoin will be owned and operated by the ApeCoin DAO – a decentralised organisation where each token holder gets a vote on any changes down the line.

The DAO, in turn, will be supported by the Ape Foundation, which will act as the legal steward of ApeCoin. The token will be listed on Binance and Coinbase once it goes live at 6:30 pm Indian Standard Time (IST).

SEE ALSO:
After leaving Meta, ex-Diem employees raise $200 million for new blockchain project Aptos
Paytm may face ‘tough times ahead’, stock brokers recommend to stay away from the stock