In 2021, player Neymar purchased 2 NFTs from Bored Ape Yacht Club’s collection for more than 6 million reais, dubbed the “monkeys of the NFT market”, after appearing in newspapers. Later, the player expanded his collection by purchasing another token from the creator of Bored Ape’s second collection, Mutant Ape Yacht Club, and paid BRL 790,000 for the new token.
After moving billions of dollars, Yuga Labs, the founding company of the series, launched its own governance token, ApeCoin, and announced a new metaverse, The Otherside. Should we learn more about ApeCoins and The Otherside?
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What is Ape Coin?
YugaLabs describes ApeCoin as the “backing token for all innovations in corporate collections and the virtual world.” It is owned and controlled by the monkey NFT owner community.
Want to learn more about NFTs? Read our newsletter: NFTs are not images, I explain…
Knowing how the assets are distributed is crucial, after all, a portion of it is sent to the wallets of the NFT owners of the following collectibles: Boring Ape Yacht Club (BAYC), Mutant Ape Yacht Club (MAYC), and Boring Ape Kennel Club (BAKC) . The amount of crypto assets allocated to each collective owner is: 10,094 for BAYC NFT owners, 2,042 for MAYC owners, 10,950 for BAYC + BAKC owners, and 2,898 for MAYC + BAKC owners.
So, considering that the current coin is worth just over 30 reais, for example the owner of BAYC owns over 300,000 reais in addition to NFTs worth over 850,000 reais (at today’s prices, about R per $30 per APE). Neymar, for example, currently owns over 600,000 reais in crypto if he hadn’t sold his Apecoin.
In addition, the cryptocurrency allocation also allocates separate percentages for the treasury of the decentralized organization that manages the future of the token: 16% is reserved for Yuga Labs itself and charities, 14% is reserved for companies helping the project, and the final 8% is reserved for Founder of The Boring Ape Yacht Club.
But what underpins the value of the coin?
As the founders describe it, “the token is designed to guide and accompany all new projects of the company,” and it’s no accident that it launched shortly before the announcement of The Otherside, Bored Ape Yacht Club’s metaverse. It will be an interactive and immersive space for users to meet virtually, play games, party and more, in a great metaverse, the word for 2021.
So what makes ApeCoin very attractive to some investors is that it has the potential to be an exchange currency in The Otherside Metaverse, just like other tokens such as SAND and MANA from Sandbox and Descentraland Metaverse, respectively.
Also read: How will Metaverse and web3 revolutionize life and business?
Delivering on their promises, YugaLabs have taken the first steps to prove that they will actually use ApeCoin in their projects, this is because when they launch The Otherside Metaverse’s plots, users have the right to create attractions and virtual properties, for sale It was with their crypto assets! Even more shocking is that the company transferred about $100 million in this land sale, most of which was denominated in the national currency, ApeCoin.
The funniest part of it all is seeing the same company bring the news and outdo itself with each new release. Yuga Labs is a “making machine for success” (so far). By launching the largest collection of NFTs on the market, Bored Ape Yacht Club; Presenting the second series Mutant Ape Yacht Club as a gift to owners and fundraising; Finally, they bring news of the metaverse of ApeCoin and The Otherside; imagine It’s interesting what happens.
After all, the company has millions of dollars in capital ready to reinvest in innovation, and as promised, all of it will be guided by ApeCoin. At present, the market value of ApeCoin is higher than that of the other two Metaverse tokens, SAND (from SandBox) and MANA (from Descentraland), both of which have been delivered to Metaverse, while the project of Bored Ape is still in progress. Yuga Labs has a responsibility to follow its journey of success and go beyond itself in this new endeavor.
Now tell me… when Neymar bought 3 NFTs from this company, did he do it right?