The dawn of ApeCoin was just a few short months ago. The ApeCoin DAO launched the new token on March 16, 2022, with intentions to use it as the native token for their ecosystem. There is a total supply of 1 Billion tokens but not all were released at the initial launch. The tokens were allocated to four broad groups: The Ecosystem Fund, Yuga Labs and Charity, Launch Contributors, and Bored Ape Yacht Club (BAYC) founders, but many tokens remain locked until a period of several months is up.
The intention behind this token is to act primarily for governance. However, holders of ApeCoin are also provided exclusive access to parts of the ecosystem that are otherwise unavailable, such as land in their metaverse, games, merch, events, and more. Plus, as the ecosystem grows and develops, there will be many ways to use ApeCoin in new projects.
Ape Foundation and the ApeCoin DAO
The ApeCoin DAO is a decentralized governance organization where the ApeCoin holders are the members. They can vote on decisions regarding funding allocations, rules, new projects, and more. This puts the power in the hands of the people who believe in ApeCoin and its future.
The Ape Foundation is the base layer of the Ape Ecosystem. In other words, ApeCoin holders in the ApeCoin DAO can build upon this foundation and create new projects and assets. The goal of the foundation is to administer the decisions of the ApeCoin DAO and support its members. With an advisory board of five members consisting of big names such as Alexis Ohanian, Co-founder of Reddit, and Amy Wu, Head of Ventures and Gaming at FTX, the Ape Foundation and its board will work to carry out the ideas from the ApeCoin DAO.
What Is The Otherside?
As of April 30, 2022, Yuga Labs unveiled its Metaverse called The Otherside, where ApeCoin is the native token. This virtual universe allows players to buy plots of digital real estate through the purchase of “Otherdeeds” which are NFTs that act as title deeds. On these plots of land, players can build, collect resources, and eventually create and play games as the metaverse develops.
As for the characters, any holders of Bored Ape Yacht Club (BAYC), Mutant Ape Yacht Club (MAYC), Bored Ape Kennel Club (BAKC), and CryptoPunks will be provided Otherside 3D models of their NFTs as avatars within the game. Any other players will be able to import and create their own character via the software development kit which you can sign up for on the Otherside website.
What’s next for ApeCoin?
As for next steps, the goal of ApeCoin is to power its entire Ape ecosystem, which already consists of NFTs and a metaverse. It’s only a matter of time before new projects pop up and the utility of ApeCoin will expand and grow.