BAYC and Horizen to launch the $APE coin by end of March

By Raffaele Redi

The token will power BAYC play-to-earn games

BORED APE NFT digital art collection on tablet screen placed on $100 bills                                 
The Bored Ape Yacht Club collection is one the best iconic NFT collections alongside Crypto Punks - Photo: Shutterstock
                                

Bored Ape Yacht Club (BAYC) creators, Yuga Labs and the crypto and side-chain platform Horizen, will release the $APE Coin – the Bored Ape token – by the end of March.

The token – powered by the Ethereum blockchain – will be shaped on the Ronin (RON) model and will serve the BAYC community as it will power the upcoming Bored Ape set of play-to-earn NFT games, with the first one to launch soon on The Sandbox in partnership with metaverse Asian giant Animoca Brands.

Currency.com can anticipate there won’t be any initial coin offering (ICO) to institutional investors on the day of the issuance as the first airdrop will be designated for the BAYC community.

Web3 company Horizen assisted the Yuga Labs team in setting up the market, complying with regulations and editing the coin’s white paper.

A token for the community

BAYC creators, Yuga Labs, are filing trademark applications around the world to protect the brand in the light of the upcoming launch, as the token is aimed to broaden to BAYC community globally.

“The token was designed to broaden the BAYC community and aims to eliminate the entry gap in the club, as BAYC NFTs are too expensive for most users and NFT enthusiasts,” according to sources familiar with the matter.

The BAYC NFT collection reached $1.4bn in trading volume on the secondary market, with 11,584 traders and 24,910 since the day of its launch. The average price of a BAYC NFT is currently around $56,000 while the most expensive is worth over $2.3m.

For the record, Ronin, the token powering Axie Infinity play-to-earn games NFT, has a current market cap of $284m and a daily trading volume of over $2m.

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