A token linked to the popular Bored Ape Yacht Club (BAYC) project, ApeCoin, has hit the market.
Yesterday, ApeCoin was airdropped to BAYC NFT holders for free. Once claimed, investors could sell for a profit or hold. Those without a BAYC NFT could get in on the action by buying ApeCoin upon its launch.
Since yesterday, ApeCoin’s price has been fluctuating and currently stands at $15,84.
ApeCoin was released by a collective called ApeCoin DAO, a so-called decentralized autonomous organization.
Though the DAO is separate from Yuga Labs, the creator of BAYC, ApeCoin has been adopted as the “primary token for the BAYC ecosystem, as well as future Yuga products and services,” according to a tweet posted by Yuga Labs on Wednesday.
We’re excited to announce we’re adopting ApeCoin as the primary token for the Bored Ape Yacht Club ecosystem as well as future Yuga products and services. https://t.co/HJs5zD9i2i— Yuga Labs (@yugalabs) March 16, 2022
ApeCoin holders will be able to contribute to the governance of the DAO in addition to other perks.