NFT News: Bored Ape Yacht Club Introduces ApeCoin – DraftKings Nation

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Jeff Pratt breaks down the highly anticipated introduction of ApeCoin ($APE).
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The world is expanding, and DraftKings is expanding along with it. As NFTs continue to grow, these daily articles will serve as a hub for the latest news and notes in the space.
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In case you are new to the Metaverse, check out my quick breakdown on what NFTs are and how they work. For those looking to get in the game, read my article on how to set up a MetaMask wallet.
The latest addition to Bored Ape Yacht Club’s metaverse dominance has arrived. On Wednesday, BAYC’s creator Yuga Labs announced the launch of ApeCoin ($APE).
As described by the company’s official Twitter account, ApeCoin will be a “token for culture, gaming and commerce used to empower a decentralized community building at the forefront of web3.”
$APE will be owned and operated by the community, also known as the ApeCoin DAO. The only requirement to join this DAO is holding ApeCoin.
Yuga Labs hopes to utilize $APE to kickstart a variety of blockchain games and services for metaverse enthusiasts, declaring it the official currency of the BAYC ecosystem.
The company stated that 15% of ApeCoin’s total supply will be available to claim starting Thursday at 8:30 a.m. ET., and the goal is for $APE to be added to major crypto exchange platforms soon.
This news comes just days after Yuga Labs purchased the rights to CryptoPunks and Meebits, securing its NFT monopoly and stranglehold on the industry.
BAYC has amassed a total of 431,000 ETH in traded volume (approximately $1,198,507,560) since its launch, and the sky is truly the limit for Yuga Labs with the introduction of ApeCoin.
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