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What can ApeCoin do? Read boring ape BAYC ecological Token

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Perhaps Yuga Labs also realized that it would take more than a multimillion-dollar ape NFT to go further.

原文标题：《 Bored Apes NFT project gets official 『ApeCoin』 token 》

Originally written by Lucas Matney

Deep Chain Financial Tanker

Yuga Labs has had a particularly explosive year as one of the fastest growing crypto startups.

Cryptography startup Yuga Labs is the parent company of THE NFT project Boring Ape (BAYC). Since its launch in April last year, the program has rapidly grown to become the most valuable NFT program in the NFT market by market capitalization. Currently, the cheapest NFT of the 10,000 boring Ape NFT sells for about $240,000. The startup is reportedly seeking a new round of funding at a $5 billion valuation. It was previously reported that Yuga Labs was hyping up a new product called "ApeCoin". Token, ready to enter the P2E (earn while playing) game space.

Perhaps Yuga Labs has also realized that its multimillion-dollar ape NFT won't attract silicon Valley VCS to further its development, and that it can only join the mainstream crypto economy built around these ips by turning its attention to new areas of gaming and issuing tokens. Just last week, Yuga Labs announced that it had acquired the CryptoPunks and Meebits NFT series, including the brand, art rights and other intellectual property, from Larva Labs.

In the past, you might have thought crypto companies would have trouble attracting the attention of Silicon Valley venture capitalists, but Yuga Labs has actually found favor with investors as the value of these "ape" images has soared to millions of dollars. At the same time, Yuga Labs hopes to further accelerate market expansion by deeply stimulating the mainstream crypto economy built around its IP, starting with games and tokens. Last week, Yuga Labs announced the acquisition of the CryptoPunks and Meebits NFT series developed by Larva Labs, and they plan to offer full commercial rights to both NFT series to holders. Yuga Labs also stated that the BAYC ecosystem will remain "the center of the universe" and that the NFT series acquired will not be shoestuffed into the "club" model developed for BAYC. Yuga Labs is committed to bringing additional utility to the CryptoPunks and Meebits family and will fully listen to the community before deciding on our next steps.

Interpret ApeCoin

Frankly, building this kind of game crypto economy requires some very special legal means to ensure compliance. For the most part, the SEC has kept the NFT program at arm's length -- though not entirely -- but crypto startups that sell tokens that serve as unregistered securities have been a target of regulators and have kept many crypto companies on their toes.

Therefore, Yuga Labs is very careful to "separate" the company entity itself from Token publishing.

The "ApeCoin" Token will be published by an entity called ApeCoin DAO, which is made up of board members associated with the NFT project, but none of them are Yuga Labs employees or Yuga Labs executives. In addition, they will form an organization called the APE Foundation to manage governance decisions for ApeCoin DAO, which will carry the official BAYC project branding, and Yuga Labs' gift 'it to the organization by giving 1/1 NFT's Blue Bored Apes logo.

If all of this sounds a bit convoluted, 2022 is considered the year of cryptocurrency compliance.

ApeCoin DAO's board members include Reddit co-founder Alexis Ohanian, FTX's Amy Wu, Sound Ventures' Maaria Bajwa, Animoca's Yat Siu, and Horizen Dean Steinbeck at Labs.

According to an ApeCoin DAO spokesperson, Token holders will be able to vote on decisions in the DAO, while the special committee "will enforce community decisions." While Yuga Labs won't officially launch ethereum-based tokens, the startup and BAYC project founders will own nearly a quarter of the Token supply, And the owners of Bored Apes and Mutant Apes NFT will jointly receive a 15% total Token distribution.

A Yuga Labs spokesperson noted that they expect Ape Tokens to start trading "very soon" on major trading platforms, including Coinbase, FTX, eToro, Kraken, OKX, Gemini, FTX, Binance and Binance US. But the startup did not make any executives available for interviews and declined to provide further details about the relationship between ApeCoin DAO and Yuga Labs.

The full breakdown of the distribution of 1 billion APecoin tokens is as follows:

1. 8% will go to the founder of Boring Ape BAYC.

16% will be donated to the Yuga Labs team (1% of the total Token supply will be donated to the Jane Goodall Foundation Legacy Foundation).

3. 14% will be used for "startup contributors", presumably comprised of Yuga partners and investors.

4. 15% will go to the owners of Bored Apes and Mutant Apes.

5. 47% will be released over time as part of DAO's "ecosystem Fund".

What can ApeCoin do? Games or portals

In terms of the utility of ApeCoin's Token, it's not clear what the full scope of the Token will be, but it's clear that ApeCoin should be used as some of the in-game currencies Yuga Labs is developing. Yuga Labs has announced a partnership with SAN Francisco-based game studio nWay, which has released a number of combat games with physical IP, including Power Rangers and WEE.

The game between nWay and Yuga Labs has no official name yet, but it is almost certain that they will use a "play while you earn" P2E cryptographic game mechanic, enabling users to earn tokens based on the time and effort they put into the game. In fact, play-while-earning has become fairly common at Axie Infinity, which has completed billions of dollars in NFT deals in the past year and helped value its parent company Sky Mavis at $3 billion.

However, according to Yuga Labs, the new game will be released in 2022.

Interestingly, the game is likely a complement to Animoca Brands' previous play-while-earning games, and Yuga Labs also notes that ApeCoin will work with Animoca's existing games, such as "Benji Bananas."

On March 17, it was reported that Yuga Labs is also planning to launch an indie game called MetaRPG, which will be compatible with many NFT projects and may dabbled in virtual land sales this year. Yuga Labs declined to comment on the report, which also said the company expects to generate $455 million in net revenue this year as it accelerates the adoption and distribution of play-while-earning game mechanics.

From 2021 to 2022, NFT experienced a huge buzz and was supported by a number of head tech companies. For instance,

- Twitter rolled out limited support for NFT profile pictures;

- Facebook recently said it plans to integrate NFT into Instagram;

- Stripe also recently rolled out SUPPORT for NFT.

Not only that, but NFT has sparked a backlash against consumers, especially gamers, who fear that it will not truly democratize game ownership and will instead facilitate some hype deals. In addition, some industry insiders are concerned about the impact of NFT and energy-intensive blockchain on the environment.

Clearly, Yuga Labs' involvement in gaming is an important part of its BAYC brand growth plan, but blockchain gaming is still a "niche" area and the market size is likely to accelerate as Yuga Labs enters and opens up further.

Nicole Muniz, CEO of Yuga Labs, previously said: "I don't know how big BAYC's market is going to be. That's not to say I don't think BAYC has a future, but hopefully Yuga Labs will grow, and we'll be able to create a lot of unique and special things and communicate with the larger community in different ways."