What is ApeCoin and how is it obtained?

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Those in possession of a Bored Ape Yacht Club NFT are now entitled to ApeCoin.

What is AppCoin?

ApeCoin is an Ethereum-based coin from the growing Bored Ape Yacht Club ecosystem. The new coin launched yesterday for NFT holders. About 93 million coins have already been claimed. That is currently worth around $735 million.

Current Bored Ape and Mutant Ape NFT holders will benefit the most initially, as everyone will receive a free supply of valuable coins to sell. Anyone can buy ApeCoin on popular exchanges. According to the team behind APE, there are plans for the coin, including exclusive games and services.

There is a total of 1 billion Apecoin. CoinMarketCap reports that approximately 28% is currently in circulation. Much of the total stock will be awarded gradually over the next few years.

While ApeCoin is the official currency of the Bored Ape Yacht Club and acts as a reward for Bored Ape NFT holders, it is not made by Yuga Labs, the team behind Bored Apes.

Instead, it was created by ApeCoin DAO. This is a new decentralized autonomous organization. DAO was established to push the coin and roadmap. Based on tweets from the folks at Yuga and board members, clearly a lot of effort has been put into reporting accurately and consistently.

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Who will get the new currency?

ApeCoin DAO has recruited several prominent people from the crypto community to join its first board. Examples include Reddit co-founder Alexis Ohanian and FTX’s Amy Wu. They will form a board for six months before APE holders vote for the next members.

If you own a Bored Ape Yacht Club or Mutant Ape Yacht Club NFT, you can claim a certain number of coins on the official ApeCoin website.

For original Bored Ape owners, the 10,094 coins equals over $72,490 worth of ApeCoin. For Mutant Ape owners, the 2,042 coins are worth approximately $14,870. If you own a Kennel Club NFT and a Bored or Mutant Ape, you get bonus coins for owning the NFT dog.

15% of all shares will be allocated to NFT holders. Another 47% of the shares will go to the DAO Treasury. In addition, 15% will go to Yuga Labs, another 8% will go to the four founders of Yuga Labs, and 14% will go to other supporters of the ApeCoin launch. Additionally, 1% of the shares will be donated to the Jane Goodall Legacy Foundation.

For those who do not have Bored Ape NFTs and did not help bring Bored Apes or ApeCoin to life, the coin is currently traded on various exchanges. Notable exchanges like Coinbase, FTX, and Gemini have listed APEs.

What is ApeCoin used for?

ApeCoin is a decentralized currency that can be used for payments and transactions within Web3 applications of all kinds. Even species not created or managed by Yuga Labs or related to the Bored Ape Yacht Club.

Since ApeCoin is controlled by a DAO, holders will have the opportunity to vote on community proposals that determine the future of the coin. For example, there are already policy proposals regarding things like the ecosystem and staking rewards.

Crypto game maker Animoca Brands has announced plans to integrate APE into a “secret project” of the Bored Ape Yacht Club. It appears to be related to the recent launch of a website, somethingisbrewing.xyz, which collects information from interested parties.