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Yuga Labs, which created the popular NFT collection, introduced a new ApeCoin token
Holders of non-fungible tokens (NFTs) from the Bored Ape Yacht Club (BAYC) collection will be able to receive new ApeCoin (APE) tokens for free.
The altcoin was launched by BAYC Yuga Labs, with 15% of the APE emission allocated for distribution. It will be possible to apply for a coin within 90 days, starting from March 17.
The company also created a fund to control the Ape Foundation token and a decentralized organization DAO, which will manage the new altcoin. The community will be allocated 62% of the total APE.
The listing of the ApeCoin has already been announced by the largest crypto exchange Binance in terms of trading volume. Cryptocurrency trading will start on March 17 in pairs with bitcoin, BUSD and USDT. At the moment, users can already replenish the APE balance, withdrawals will be open approximately from March 18.
There's no doubt that you would have come across @apecoin $APE today.
But what purpose does the token serve? Let us explain. pic.twitter.com/r6rZnTolgU
— Binance (@binance) March 17, 2022
Also, a page with ApeCoin appeared on the American crypto exchange Coinbase. Altcoin trading will begin on March 17 in pairs with the US dollar, euro and USDT.
In 2021, the project’s net revenue was $127 million. Sales of collectible tokens, including the secondary market, exceeded $1 billion. In 2022, Yuga Labs plans to generate $455 million in revenue, mostly through the sale of virtual land in the future MetaRPG metaverse.