The Real Story Behind ApeCoin
ApeCoin (CRYPTO: APE) is an Ethereum-based token linked to the Bored Ape Yacht Club (BAYC) non-fungible tokens (NFTs). It was distributed by the ApeCoin DAO, a decentralized autonomous organization with many members having ties to YugaLabs. YugaLabs is the company that owns the rights to Bored Apes, Mutant Apes, CryptoPunks, Meebits, and Kennel Club NFT projects.
YugaLabs and the ApeCoin DAO are using momentum from their NFT projects to create new web3 applications. They have already launched their own metaverse, dubbed the Otherside. And they plan to take it even a step further by establishing an entire community based around web3 and blockchain technologies that will use ApeCoin as the reserve currency.
For example, the Otherside recently launched an initial sale of digital real estate that could only be purchased with ApeCoin. It is also the governance token for the ApeCoin DAO. Holders can vote on policy changes and other decisions. Additionally, there are plans for ApeCoin to be integrated as a form of payment in YugaLabs-based metaverse games.
Source Fool.com
