Bored Ape Yacht Club, a non-fungible token (NFT) behemoth, has expanded its horizons by launching a cryptocurrency.
NFT And Associated Concerns
While it’s not the most shocking decision ever, it’s nevertheless a significant step forward for the organization, which has previously focused on the exclusivity and high cost of their recognizable ape paintings.
With the debut of ApeCoin, a web3 empire is forming, and with the token reportedly slated to power most interactions, it can control, even upcoming pay-to-earn sports.
For perceived transparency, the currency will be governed by a new entity called the ApeCoin DAO, which will be autonomous from the Club, albeit the degree of control that Yuga Labs (the Yach Club’s designers) will have will be revealing.
Financial stocks and early trading on the coin were, predictably, quite volatile. The price of the coin jumped to around $40 before rapidly falling to about $8, a pattern that will be recognizable to crypto speculators worldwide.
It will probably take a few months to see if it can establish itself as a significant token. Still, given the Bored Ape Yacht Club’s brand awareness thanks to endorsements from various celebrities, this is unlikely to be the final destination you hear about it.
Most Lucrative Option
The company has been behind the Bored Apes Yacht Club (BAYC), the NFT project which debuted in April of last year and has since risen, becoming the most lucrative NFT project by market valuation. The cost of entrance to buy the lowest of the 10,000 photos is currently roughly $240,000 in Ethereum. Yuga Labs is looking to the future as it purportedly seeks funding at a $5 billion valuation (a spokeswoman for the business declined to comment on that amount), announcing a new collaboration for a play-to-earn gaming title based on the much-hyped ApeCoin token.