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TL;DR: A massive token launch from BAYC and Yuga Labs.
APE is the new token out of the Bored Ape Yacht Club (BAYC) community. The token aims to “serve as a decentralized protocol layer for community-led initiatives that drive culture forward into the metaverse” and will entitle holders to governance rights over the ApeCoin DAO, access to exclusive content and events, while serving as a currency within the broader BAYC and Yuga Labs ecosystems. In this vein, the day after APE’s launch Yuga Labs released a trailer for “Otherside,” a metaverse experience that will seemingly feature IP from a variety of popular Ethereum NFT collections, though it is unclear if or how ApeCoin will play a role in the project.
APE has a total supply of 1 billion, with 37% being allocated to varying groups of insiders, including Yuga Labs, BAYC founders, and ApeCoin launch contributors, 47% to the ApeCoin DAO treasury, and 1% to the Jane Goodall Foundation. The remaining 15% was airdropped to BAYC and MAYC (a Bored Ape derivative) holders, who were each eligible to claim 10,950 APE and 2,042 APE per NFT held, worth ~$115,084 and $21,461 respectively at current prices.
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