ApeCoin Governance and Utility Token Released

ApeCoin

The biggest news to drop last week in the NFT world was the release of ApeCoin, a governance and utility token surrounding the Mutant and Board Ape Yacht Club (BAYC) community.

On release, wallets holding either of these NFTs could claim a staggering amount of Ape Coin Tokens. In total, 150 million tokens are claimable which represents 15% of the total supply.

Each NFT is unique, so wallets holding multiple will be eligible to claim for each NFT.

Source: The amount of Ape tokens each NFT guarantees

Straight after release, the coin reached a high of $20, meaning Bored Ape holders received $200,000 worth of ApeCoins for simply owning one of their NFTs. Mutant Ape holders received around $40,000 based on initial prices.

Even after settling down, ApeCoin now hovers well above $10 per coin, making the airdrop worth six figures for all Bored Ape holders.

According to Dune Analytics, over 15,000 unique addresses have already claimed the airdrop with over 87% of the 150 million tokens having been claimed. With positive price action after a large percentage of the Airdropped tokens were claimed mean ApeCoin is here to stay?

Big NFT celebrities have been getting in on the action

What Does The Future Hold For ApeCoin?

Other than governance for the community DAO, ApeCoin has seen surprising utility throughout the real world such as implementation into play-to-earn games such as Benji Bananas.

In Miami, Eleven residences allowed investors to purchase condo units with ApeCoin, effective immediately. Based on these integrations, ApeCoin aims to also serve as a payment method in real life, across the Web3 and in the Metaverse.

As the Bored Ape community continues to grow and ammas popularity across the world, ApeCoin seems here to stay. However, only time will tell if the promises ApeCoins DAO are making can be upheld.

Are you going to Ape in?