This week, the popular non-fungible token (NFT) marketplace OpenSea began accepting ApeCoins, the main token for the Bored Ape Yacht Club ecosystem and the main currency required in the metaverse game experience Otherside. The relatively new Ethereum token allows users to make transactions through Web3 apps, which do not have to be limited to those developed by Yuga Labs or the Bored Ape Yacht Club.
Currently, there is a supply of 284 million ApeCoins in circulation, with a max supply of just 1 billion ApeCoins.
Otherside is a game experience in the metaverse developed with Animoca Brands, which was also the company that developed The Sandbox metaverse. It has myriad projects, like CryptoPunks, Meebits, Apes, and Cool Cats. The parent company of Bored Ape Yacht Club, Yuga Labs, will also drop Otherdeed NFTs for users to claim virtual land in the Otherside metaverse.
At present, ApeCoin has become the biggest metaverse token by market capitalization. ApeCoin is currently trading at $18.56 USD, and over the last 24 hours, the coin has seen a trading volume of more than $5 billion.
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Based on the Bored Ape Yacht Club NFT collection, the tokens were created by the ApeCoin decentralized autonomous organization, or DAO. ApeCoin DAO's board has several prominent members serving over the next six months, like FTX's Amy Wu and Reddit co-founder Alexis Ohanian. Owners of ApeCoins will be able to vote for the members each year.
The founders of Bored Ape Yacht Club will automatically be entitled to 8% of ApeCoins, while 16% will go to the Yuga Labs team. The website allows Bored Ape Yacht Club and Mutant Ape Yacht Club NFT owners to redeem their select number of free tokens. For example, Bored Ape Yacht Club members can receive 10,094 tokens, or $80,000 in ApeCoins, while Mutant Ape owners can receive 2,042 tokens, or $16,400 in ApeCoins.
It's also interesting to note that 1% of the ApeCoin supply will serve as a donation to the Jane Goodall Legacy Foundation, where real apes will presumably benefit from the tokens.