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December 9, 2024
After Yuga labs launched what is probably the most well-known and successful NFT collection, The Bored Apes Yacht Club (The current floor price is over 350,000$, and that’s just the floor price!) Recently (mid-march) we witnessed the latest development in the Simian kingdom, the APEcoin. Technically, Yuga labs are not behind the new coin (probably due to regulatory reasons). However, the new Cryptocurrency was launched with yugas’ consent and cooperation and will be used in Yugas’ future ventures (One of them is their new virtual existence, “Other Side“). Furthermore, of the Billion APEcoins that were minted, all of the holders of BAYC art received some 10,000 APEcoin each, for free (As of now, APEcoins are traded around 14.81$. Multiply it by 10,000, and that’s a lot of money).
As for now, there is not much to do with APEcoin (However, you can buy merch). However, according to the ApeCoin DAO, APEcoin will have many uses in gaming, culture, and commerce in the Ape foundations’ future community. It may seem a bit unrealistic to buy in now, but it also seemed unrealistic to buy BAYC when it first came out, and as for now, its total worth is almost 2 billion dollars.
But the afore-mentioned APEcoin is much more alarming: from the total billion coins that were minted, 30% is held by the founders and the investors (Including Andreessen Horowitz, an already major player in the crypto world). In our humble opinion, it doesn’t seem too decentralized. Has the world gone bananas with this APEcoin, or is this just the beginning of a genuinely new world?
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