With Bored Ape Yacht Club’s new ApeCoin token just three days old it has taken both the NFT and greater Crypto community by surprise.
Undoubtedly the largest NFT related airdrop to date, owners of Bored Apes woke up on Thursday having received thousands of tokens, depending on how many apes they owned.
Additionally, the token was immediately listed on almost all major exchanges, a distinct advantage when compared to the months or even years of vetting it can normally take to get listed by the likes of Coinbase or Binance.
The current price of ApeCoin is $14.47.
For those who own multiple Apes the airdrop amounted to millions of dollars.
Here is approximately how much wealth was created for recipients of the airdrop based on their Bored Ape Yacht Club holdings:
- 1 Bored Apes = $146,363
- 10 Bored Apes = $1,463,630
- 20 Bored Apes = $2,927,260
- 50 Bored Apes = $7,318,150
- 100 Bored Apes = $14,636,300
With all this momentum and hype surrounding the launch, there is still a lot of questions surrounding what is to come from ApeCoin in the future.
Down almost 40% from all time high the morning of the 18th, ApeCoin has yet to announce much of a roadmap or use case for its coin yet.
Currently the coin functions as a speculative vessel for the overall Bored Ape ecosystem via membership and voting rights for the ApeCoin DAO, a Decentralized Autonomous Organization that will allow owners to self-govern themselves via voting rights in correlation to the number of tokens they own.
This hasn’t stopped speculators from “Aping” in though; over $10 Billion worth of ApeCoins have transacted since launch.
Yuga labs and the Bored Ape Yacht Club community have consistently proven they can continue to attract eyes to the BAYC ecosystem and the NFT space as a whole.
Minters of the original $225 NFT would have returned over $420,000 from everything their ownership has granted them in less than a year.
The issuance of a coin is the biggest leap they have taken so far and surely the riskiest as it gives up a large portion of their control to the community.
While it is too early to say for certain it appears that ApeCoin has the momentum to set itself up as a mainstay large-cap DAO Coin.
What is clear is that Yuga Labs plans to make BAYC an international brand and is diversifying itself across the full spectrum of the cryptocurrency ecosystem.
When combined with the royalties being generated from the NFT sales, the massive amount of capital ApeCoin has contributed to the BAYC war chest (treasury of capital held by the founders) is only going to accelerate this effort.
What’s next for ApeCoin, BAYC and Yuga Labs?
With the new community involvement the ApeDao will have in the future of the Bored Ape project there is no telling what may come from it. As seen in other DAOs, a common early project is the development of an independent exchange to get around apying the transaction fees that come from other NFT exchanges.
It has been speculated that ApeCoin will serve as the official currency of a future BAYC metaverse.
Something that if true could lead to massive additional interest in the ApeCoin token as speculators will be looking to secure valuable assets within the new metaverse.
A Bored Ape metaverse would seem to be a natural evolution in the progression of the BAYC project as it gives members a platform to interact and build within their own community as well as facilitates a full meta economy that Yuga Labs would be in the center of.
With the massive amount of capital and institutional support Yuga Labs has, as well as the strength of the grassroots community of holders and fans, it seems that whatever it is that comes next from BAYC will continue to attract speculative fervor and media attention.
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