Today, Bored Ape Yacht Club (BAYC) announced on Twitter that the related ecological governance system token ApeCoin (APE) was officially launched.
For a while, it became the focus of public discussion. At the same time, BAYC also rose sharply. In the past 24 hours, the floor price rose by 13%, and the transaction volume exceeded 20 million US dollars. In the past 7 days, the transaction volume has increased by 150% to more than 49 million US dollars, and the floor price has also increased by 45%.
Before that, there is another piece of news worthy of our attention, that is, the acquisition of CryptoPunks and Meebits by Yuga Labs, the parent company of BAYC. First, acquire two NFT masterpieces, and then issue ecological tokens. The steps are compact and interlocking.
Although Yuga Labs, the parent company of BAYC, said that it was not directly involved in the issuance of tokens, it said that ApeCoin tokens were issued by ApeCoin DAO. Even so, the two are still inseparable. It can be said that Yuga Labs is playing a big game.
To understand whether ApeCoin has value and the driving force for price rise, then we need to figure out the current value of BAYC and the value of Mutant Ape. Because 15% of the total supply of APE will be airdropped to BAYC/MAYC NFT holders.
BAYC's collection of 10,000 unique Bored Ape NFTs are unique digital collectibles on the Ethereum blockchain. Holding an NFT means owning a Yacht Club membership card, and can enjoy member exclusive benefits. At present, the overall market value has reached about 870 million US dollars, and there are about 6,300 holders. The floor price is 107.5ETH
MAYC contains up to 20,000 Mutant Apes and can only be created by exposing existing Bored Apes to MUTANT SERUM vials or by minting Mutant Apes in the Open Offer. Its market cap is about $480 million. The floor price is 23.99ETH.
After understanding the market value of BAYC and MAYC, let's analyze the ApeCoin token economic model and early circulation, and estimate the reasonable market value in the early stage.
The total supply of ApeCoin is 1 billion tokens, of which 62% will be allocated to the ApeCoin community, and 150 million tokens will be allocated to BAYC/MAYC holders. This part will not be locked, and will be unlocked upon receiving the airdrop.
470 million tokens are in the DAO treasury and resources, 117.5 million are unlocked at launch, and the remaining tokens are 7,343,750 unlocked monthly over 48 months.
The total number of unlocked tokens at launch for this portion is 267.5 million tokens.
Airdrop Rules
The airdrop will be collected at 20:30 Beijing time.
Airdrops will be provided to BAYC/MAYC NFT holders (Bored Apes and Mutant Apes, and BAKC dogs paired with BAYC or MAYC).
Those who hold 1 Bored Ape NFT can receive 10,094 APE; those who hold Mutant Ape can receive 2,042;
If you hold Bored Ape and Kennel Club at the same time, you can get 10,950 coins; if you hold Mutant Ape and Kennel Club, you can get 2,898 coins.
16% of the tokens will go to YUGA LABS + and charities, 150 million tokens will be given to Yuga Labs, locked for 12 months, and then unlocked 4,166,666.67 per month for 36 months.
Donate 10 million tokens to the Jane Goodall Legacy Foundation, initially locked for 12 months, then unlock 277,777.78 tokens per month for 36 months.
When this part is released, the unlock token is 0.
14% to startup contributors, 140 million tokens for startup contributors. Lockup schedules vary by contributor, but fall into one of the following:
• 10,000,000 tokens upfront, 25,000,000 after 6 months, 25,000,000 after 12 months, 25,000,000 after 18 months
• Initially locked for 12 months, then unlocked monthly for 757,575.76 for 33 months
• Initially locked for 12 months, then unlocked monthly for 833,333.33 for 36 months
This part will unlock a maximum of 10 million tokens at launch.
8% to the founder of BAYC, 80 million tokens to the founder, initially locked for 12 months, and then unlocked 2,222,222.22 per month for a period of 36 months.
Summarize:
Summarize:The initial circulation of tokens is around 277.5 million(Calculated according to the maximum claim of all airdrops). Because APE is linked to BAYC and MAYC,BAYC currently has a market cap of $870 million, and MAYC has a market cap of $480 million. Therefore, it is estimated that the initial circulation market value of APE is calculated at US$1, which is US$270 million. The valuation is one-sided and not intended as investment advice. Don't be too fomo, analyze rationally, and trade within the range you can accept.
As of the publication of the article, many exchanges have announced the listing of APE, including Gemini, FTX, Kraken, Binance.US, Ouyi OKX, Coinbase and other exchanges.
Finally, regardless of the price of APE, it is a very meaningful token. COIN is different from NFT attributes, and it represents that NFT has found a new way of expression in the web3 economy. It is of pioneering significance for NFT.
