Launched in March 2022, ApeCoin (APE) is an ERC-20 governance and utility token allowing APE holders to participate in the ApeCoin DAO (decentralized autonomous organization). The ApeCoin DAO aims to build and maintain the APE ecosystem. APE holders can vote on governance proposals of the ApeCoin DAO and access exclusive features of the APE ecosystem, such as games, events, and services.
ApeCoin DAO's wants to "support what's next, controlled and built on by the community". It will serve as a decentralized protocol layer for community-led initiatives “that drive culture forward into the metaverse”.
Yuga Labs, the creator of the popular Bored Ape Yacht Club (BAYC) NFT collections, has also adopted APE as the primary token for all its new products and services. Yuga Labs, a community member of ApeCoin DAO, recently raised USD 450m and plans to launch several new metaverse initiatives (with a big focus on the gaming sector).
Yuga Labs has big ambitions for integrating APE into its future plans and make it the currency of an entire metaverse economy.
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