Yuga Labs, the creator of the Bored Ape Yacht Club, is going forward with its NFT efforts bringing apeconomy to a new level. The company announced on Twitter it has adopted the so-called ApeCoin (APE) token as the primary asset for the Bored Ape Yacht Club ecosystem as well as its future products and services.
The turnover of the token is regulated by a specific decentralized autonomous organization called the ApeCoin DAO. The organization itself is regulated by members depending on how much ApeCoin they have. The token holders could vote on governance and use of the Ecosystem Fund. Yuga Labs emphasizes that holding APE is the only requirement for membership in the ApeCoin DAO.
As per ApeCoin’s website, 62% of the token's supply will be sent to the Ecosystem Fund, approximately 16% will go toward Yuga Labs and charity, 14% toward companies and people that with launching the project, and the remaining 8% to BAYC founders.
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Although it remains unclear where and when users could buy and sell the tokens, the DAO has already got its own board of governors, including Reddit's Alexis Ohanian, FTX's Amy Wu, and others.
The organization noted that even though the board was appointed unilaterally without prior consultation with the community, it will serve a term of six months, after which DAO members will vote annually on board members.
The move comes after Yuga Labs bought the rights to the intellectual property of CryptoPunks and Meebits from Larva Labs. The company didn't elaborate on the price of the deal but said in a blog post that it's working with legal teams to "draft the new terms and conditions for both collections, and expect to share these with the community soon."