(Pocket-lint) – A giant of the non-fungible token (NFT) world has broadened out its approach – Bored Ape Yacht Club has launched a cryptocurrency.
While it’s not the most surprising move ever, it’s nonetheless quite a big step for the association, which has previously been all about the exclusivity and price barrier behind its recognisable ape portraits.
Now, with the launch of ApeCoin, it sounds like a bit of a web3 empire might be springing up, with the token apparently set to power most transactions it can control, including pay-to-earn games that are in the works.
The token itself is going to be controlled by a new body called the ApeCoin DAO, independent from the Club for the sake of apparent transparency, although the amount of control that Yuga Labs (the Yach Club’s creators) will have is still going to be telling.
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Early trading on the coin was unsurprisingly quite volatile, as the value of the coin spiked upward to about $40 before rapidly sliding to settle near $8, a trajectory that will be familiar to cryptocurrency speculators the world over.
Whether it can cement itself as a major token will take a few months at least to ascertain, but based on the brand recognition that the Bored Ape Yacht Club commands thanks to its celebrity endorsements, this is unlikely to be the last you hear about it.
Writing by Max Freeman-Mills.