The coming of the Bored Ape Yacht Club (BAYC) took the NFT space unawares, and its native token, the ApeCoin, is currently doing the same, albeit in a rather surprising manner.
It is now impossible to talk about NFT without mentioning the impact of the BAYC collection on the growth of the NFT space. The Bored Ape Yacht Club has benefited everyone associated with it from its early stage of development by providing 145.000% and above profits. A similar scene is set to repeat itself.
The new APE token emerged as one of the most widely used tokens in transactions by whales on the Ethereum network over the past 24 hours. Its wallet holders have grown to more than 36,500 in just a couple of days following its leading crypto exchange platform listing.
What Makes ApeCoin a Success?
According to CryptoPotato, the relative success of the ApeCoin has much to do with the way the BAYC was organized after its launch.
At the inception of the NFTs’ network, each holder of the BAYC collection was given 10,094 APEs as a reward, approximately $128,000 for each of the BAYC collectibles held.
While those holding the Mutant Ape NFT (MAYC) were awarded 2,042 APE, which is approximately $26,068 in fiat, essentially, buyers were rewarded for their loyalty and patronage by handing them 62% of the total supply of the APE tokens minted.
The parent company of BAYC, Yuga Labs, kept the remaining 16% of the APE token to continue creating new products such as the widely publicized game “Otherside,” which is scheduled to be released towards the end of the year.
Yuga Labs, on its part, has been working hard to consolidate the brand’s products and services in the NFT space, and as it plans to launch a new Metaverse, it has acquired two iconic NFT collections, the CryptoPunks and Meebits.
BAYC’s Plan to Debut in Blockchain Gaming
Another factor crucial to the success of the BAYC has been, without doubt, the advertising mechanism of the team at Yuga Labs. The newly created native token was accepted and adopted by several blockchain gaming platforms and NFT transactions in a short time.
Animoca Brands, a software firm creating and developing free-to-play crypto games, has already announced the adoption of the project that it is developing in partnership with Yuga Labs.
A day following the announcement of the partnership, Yuga Labs posted a video on its Twitter account of an ape enjoying a beverage that teleports it to another space where most of the popular NFT collections are shown to reside.
Another game developer, nWayPlay, recently collaborated with the BAYC to develop a new crypto game that will also adopt the ApeCoin. The proposed game also offered play-to-earn features to users.
The beginning of the year has been busy for the team at BAYC, and the industry is expecting other exciting projects and news that might help increase the adoption of the NFT platform and its services.
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