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.
There is currently a supply of 284 million ApeCoins in circulation, with a maximum supply of just 1 billion ApeCoins.
Otherside is a game experience in the metaverse developed by Animoca Brands, the company that designed The Sandbox metaverse. It has a wide variety of applications, including CryptoPunks, Meebits, Apes, and Cool Cats. Yuga Labs, a subsidiary of the Bored Ape Yacht Club, will also drop Otherdeed NFTs for users to claim virtual land in the Otherside metaverse.
ApeCoin is currently trading at $18.56 USD, and the coin has gained a trading volume of more than $5 billion.
The tokens were created by the ApeCoin decentralized autonomous organization (DAO) in the following six months, like Amy Wu, the board of directors of ApeCoin and Reddit, Alexis Ohanian. Each year, owners of ApeCoins will be able to vote for the members.
The owners of Bored Ape Yacht Club will automatically receive 8% of ApeCoins, while 16% will go to the Yuga Labs team. The website allows members of Bored Ape Yacht Club and Mutant Ape Yacht Club to redeem their select number of free tokens. For example, Mutant Ape owners may receive 2,042 tokens, or $16,400 in ApeCoins.
It''s also interesting to note that 1% of the ApeCoin purchase will be used as a donation to the Jane Goodall Legacy Foundation, where real apes will presumably benefit from the tokens.