Max E.Thu, Mar 17, 2022 5:30 PM
Bored Ape Yacht Club NFT Announces APE Airdrop
The Bored Ape Yacht Club (BAYC) has presented an ecosystem-linked token and announced an airdrop.
The coin will be managed by BAYC’s own decentralized organization ApeCoin DAO. All token holders will be able to participate in governance processes.
Ape Foundation was created as a legal entity to implement the decisions of the DAO community and day-to-day administration.
The foundation is overseen by a council whose members are re-elected every six months.
The original composition of the body included:
- Reddit co-founder Alex Ohanian;
- Amy Wu, head of the venture division of FTX;
- Director of Sound Ventures Maaria Bajwa;
- Сo-founder and chairman of Animoca Brands, Yat Siu;
- Dean Steinbeck, president of Horizon Labs.
1 billion ApeCoins will be released, and the number will remain unchanged. The tokens will be distributed among the four main groups, and some of their assets will initially be blocked. They will become available within 48 months in accordance with the schedule.
Tokens will be distributed as follows:
62% – ecosystem fund, including treasury and airdrop funds (15%);
16% – BAYC's backing company Yuga Labs and charitable initiative;
14% – BAYC launch participants (firms and individual project supporters);
8% – four founders of Yuga Labs.
The airdrop will take place on March 18. Among the holders of NFT BAYC, as well as derivative assets of MAYC and BAKC, 150 million APE will be distributed.
The upcoming token will also get a listing on exchanges: Binance and Coinbase have already announced they will be supporting the coin.
As part of the charity initiative, the project will transfer 10 million APE or its cash equivalent to the funds of the famous British primatologist Jane Goodall.
Yuga Labs stated that the APE token will become the main asset not only for the BAYC ecosystem, but also for the firm's future projects and products.
In 2022, the company plans to generate $455 million in revenue primarily through the sale of virtual land in the metaverse being created.