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Apecoin, a new cryptocurrency linked to the Bored Ape Yacht, has been released.
The Bored Ape Yacht Club community describes its token as a “token of culture, gaming, and commerce used to empower a decentralized community building at the forefront of Web3.”
Apecoin – (APE) is a digital asset “owned and operated” by a decentralized autonomous organization that offers investors voting rights on governance matters and benefits from ecosystem grants.
BAYC also announced an airdrop of 15% of Apecoin’s total supply to be distributed amongst holders of Bored Apes and Mutant Apes NFT. Also, 62% of the token supply has been reserved for the community.
From the official website, Apecoin claims that culture “has found new expression in Web3 through art, gaming, entertainment, and events.” Furthermore, the statement read:
“The possibilities for block chain impact on culture are so endless that they can’t possibly all be predicted yet. APE is a token made to support what’s next, controlled and built on by the community.”
Apecoin’s official Twitter account also announced that the project will be underpinned by the Ape Foundation, whose design is to “act as a steward of Apecoin and administer the decisions made by the community.”
The project community hopes that the Foundation will become more decentralized in the near future and develop the ecosystem “in a fair and inclusive way.”
APE is set to have a major use case already as it will now be accepted in Animoca Brands’ game, Benji Bananas.