On Wednesday, Ape Coin finally dropped. In an announcement that has the crypto community buzzing, Ape Coin’s Twitter account broke it down: the coin, the DAO, the site, and the plans for launch.
According to the official website, Ape Coin will be used as a governance, utility, and incentive token all in one. Each holder will be able to vote on governance and use of the Ecosystem Fund. The Ecosystem Fund covers all expenses related to the Ape ecosystem, which may go well beyond NFTs (and we’ll get into that in a moment).
Since opening to trade and claim 8:30 AM ET Thursday, the price of Ape Coin ($APE) has nearly doubled from about $8 to about $14 at time of writing. Price of $APE reached a peak of $17.84 early Friday, and could reach new highs as the weekend unfolds.
Who can get Ape Coin?
Only one billion Ape Coins will be minted, with 62% of the total supply allocated for the general ecosystem fund. The rest is reserved for launch contributors, BAYC founders, and Yuga Labs to varying proportions. Naturally, as one can figure from a name like Ape Coin, BAYC and MAYC holders get the first chance to ape in, with 150 million tokens available for them.
Of the 62% in the general ecosystem fund, 150,000,000 are available for BAYC and MAYC holders to claim. The claim period, ending 90 days after launch, is due to end June 15th. If you have a BAYC or MAYC and somehow haven’t yet claimed your tokens, you can go claim it now.
If you’re not a founder or BAYC/MAYC holder, you can still get in on the token. Trading went live for the general public on all the major crypto exchanges, including Binance, Crypto.com and Kraken, on launch day.
Who’s Behind Ape Coin?
The founding team consists of some pretty major players in the crypto and tech industry at large, including co-founder of Reddit Alexis Ohanian, FTX head Amy Wu, and Dean Steinbeck of Horizen Labs. These folks, and their respective companies, designed and developed the token, as well as set up the DAO. While each has a guaranteed take from the supply, their stake, and their spot on the board, may be temporary as the DAO develops.
In addition to holders, Ape Coin DAO will be run by a special council on the Ape Foundation (also known as the board), with each Ape Coin holder becoming eligible for nomination after six months. And just like with any DAO, all holders have a vote on the DAO’s budget and what projects the DAO takes on. Holders will also be able to choose delegates to vote on their behalf, if they’re too busy to keep up with every proposal.
What will Ape Coin and Ape Coin DAO do?
A flurry of other announcements came through after the Ape Coin drop. Among them, game maker Arcade.inc announced they would be adopting Ape Coin in an upcoming metaverse project featuring Bored Apes. NFT gaming and exchange company (and subsidiary Animoca Brands) nWayplay announced March 16 that it will be using Ape Coin in a new P2E game that’s currently being developed in conjunction with BAYC, as well as a teaser image. Benji Bananas is now accepting Ape Coin for its P2E game.
And outside the metaverse, E11even Residences will accept Ape Coin for IRL condos in Miami.
With the advent of Ape Coin, the cryptosphere is clearly excited to see what plans the Ape Coin DAO founders have in store for it. And with the metaverse gaming-related announcements, holders already have some things to get excited about.
Speculation about what Ape Coin would mean to BAYC and the metaverse ran rampant in the weeks leading up to the drop. Photos leaked on March 15 hint at what could be store for Ape DAO and Ape Coin in the future. The leaked photos, which have been acknowledged as outdated by BAYC, reveal plans for various games, a metaverse land sale, Ape Fest, and a merch drop, among other exciting developments.
Looking at Ape Coin’s budget proposal, a lot of these plans may in fact be in store for Ape Coin’s future. The proposed budget for the Ecosystem Fund includes funds allocated for game development, virtual and IRL events, merch production, and the development of an Ape Coin NFT marketplace.
The proposed budget also includes funds for education and marketing, to support “initiatives and partnerships that can grow the user base beyond the current APE community and early adopters.” So plans for Ape DAO to transcend crypto may indeed be followed up on.
And in true DAO fashion, what projects Ape Coin DAO ends up working on, including the gifted NFT, will be up to the community, as Alexis Ohanian said on Thursday’s Twitter Spaces talk with the Board. So most of these projects are just ideas, for now.
PSA: Watch out for scams
Of course, with every major drop comes a slew of scammers. Fake Twitter accounts and Discord channels popped up within hours of the announcement, long before the air drop went live. If you’re looking to ape into Ape Coin, be sure to go to the official site via Ape Coin’s verified Twitter account, check the handle, and never give out your seed phrase.
The Future of Ape Coin, BAYC and NFTs
As BAYC and MAYC have become the poster children, for better or worse, of NFTs, anything connected to the IP naturally excites the cryptosphere. BAYC has become a trusted brand, one of the most successful in the NFT pfp space, and surely most holders expect the DAO to deliver. The big question moving forward is what Ape Coin DAO will be able to achieve in the coming year.
Regardless of your opinions on BAYC, Ape Coin and Ape DAO are sure to set an example for other large-scale NFT projects to follow. And who knows, maybe they’ll make it after all.
