The Bored Ape Yacht Club (BAYC), the official project behind the popular Bored Ape NFT collection, announced the launch of ApeCoin, a native token, on Wednesday (APE). According to the project, Bored Ape NFT holders will receive a free airdrop of the newly launched Ape coin in their account within 90 days.
APE is described by BAYC as a governance and utility token that runs on the Ethereum network and is used to empower a decentralized community at the forefront of web3.
In other words, ApeCoin will be the official currency of the BAYC ecosystem, enabling the community to create blockchain games and services, host events in the metaverse or in real life, and create digital and physical products.
According to the NFT project, holding the token is the only requirement for membership in the ApeCoin decentralized autonomous organization (DAO).
According to BAYC, approximately 62 percent of the total supply of ApeCoin will be allocated to the ApeCoin community, with the remaining 15 percent used as airdrops for BAYC and MAYC NFT holders.
While the airdrop is only available to NFT holders, the project stated that once the token is listed on major cryptocurrency exchanges, it will be available to everyone.
ApeCoin has been added to CoinMarketCap as of the time of writing and is currently trading at around $8.15. Binance announced on Thursday that it will list ApeCoin on its platform, following the token’s launch.
Binance announced on Thursday that it will list ApeCoin on its platform, following the token’s launch. APE/BTC, APE/BUSD, and APE/USDT trading pairs will be added to the exchange.
While many BAYC NFT holders and crypto users are pleased with the token’s release, others are skeptical, describing it as the latest pump and dump scheme.