Yuga Labs, the parent company of Boring Ape, has been making constant moves recently. It first announced the acquisition of CryptoPunks and Meebits, and then launched the token ApeCoin and conducted an airdrop. 15% of the total supply of ApeCoin will be airdropped to BAYC and MAYC holders. Once launched, Boring Ape immediately gained a lot of attention from the encryption community.
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The Boring Ape takes the world by storm
The full name of Bored Ape Yacht Club (BAYC), the series consists of 10,000 unique NFT apes. Each ape has its own characteristics, including some rare species. By purchasing ape NFT, users can become members of BAYC to obtain the exclusive right to use NFT.
Boring Ape will go on sale on April 23, 2021, at an initial price of 0.08 ETH, which is only about $190. On May 1st, Boring Ape received the attention of well-known collector Pranksy and announced that he had purchased more than 250 NFTs. Since then, Boring Ape has received a lot of attention, and sales and transactions have taken off in a straight line. In just 117 minutes, all 10,000 apes were sold out.
With its unique and fashionable style, Boring Ape quickly became a "popular item", and many entertainment or sports celebrities bought and held the series of NFT. NBA champion Stephen Curry bought The Boring Ape for about $180,000, along with famous rapper Eminem, teenage singer Justin Bieber, Linkin Park rapper Mike Shinoda, famous talk show "Jimmy Tonight Show" Host Jimmy Fallon, football player Neymar, etc.
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Ape Coin was born
As Boring Ape quickly gained attention, Yuga Labs began to create a Decentralized Autonomous Organization (DAO) as the emerging community laid the foundation for its Boring Ape universe, and ApeCoin DAO came into being. ApeCoin DAO is responsible for the daily management and project management within the ecosystem, and the ERC-20 token APE is used for governance and transaction tokens in the Ape organization ecosystem. Holders of APE can join ApeCoin DAO and trade with other members to obtain exclusive Services, Events and Items.
The total supply of ApeCoin is 1 billion, of which 150 million are directly airdropped to BAYC and MAYC holders, and 470 million are used as DAO's ecological funds. Another 140 million coins were allocated to early contributors, while the founders of Yuga Labs and Boring Ape received a total of 80 million coins.
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∆Screenshots are from AscendEX
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An 'ape' universe is taking shape
First of all, Yuga Labs completed the acquisition of CryptoPunks and Meebits, together with BAYC, MAYC (Mutant Ape Yacht Club) and BAKC (Boring Ape Kennel Club) in its own hands, it instantly gathered five distinctive encryption big IPs , Yuga Labs' NFT ecology has been strongly expanded. The acquisition of two competitors shows Yuga Labs' ambition to become a leader in this field, and it also paves the way for its own future.
Secondly, Yuga Labs has long hinted at creating a native cryptocurrency to power the entire ecosystem, and the emergence of ApeCoin will make everything a reality. The rapid explosion of ApeCoin has attracted major exchanges to cooperate with it.
When everyone thought that Yuga Labs just wanted to achieve the ultimate in the NFT field, they found that Yuga Labs seemed to be quietly laying out its own metaverse. In the early morning, a source revealed that Yuga Labs plans to conduct metaverse land sales, revealing that the total amount of land is 200,000 pieces, but there is no official channel to announce this plan.
Yuga Labs has also partnered with Animoca Brands on a game called Benji Bananas, using ApeCoin as the game currency. Animoca Brands' NFT trading platform nWayPlay announced on March 17 a new game developed in cooperation with YugaLabs, and will use ApeCoin as the game token.
Conclusion:
Conclusion:
After finishing the analysis of Boring Ape, ApeCoin, and the new project Otherside, let us return to the "ape" universe mentioned at the beginning of the article. At this moment, we seem to have a clearer understanding of Yuga Labs’ route to build its own metaverse: the first step is to establish a boring ape community; the second step is to build an APE token economic system; the third step is provided by Otherside Scenes.
At present, the metaverse seems to be more of a concept, and more and more projects are constantly enriching the core of this concept: either land, or entertainment and social interaction. Yuga Labs said in the Otherside promotional video: "We are building an interoperable game metaworld-Meta RPG". Whether the new concept will come to fruition or not depends on the final presentation form. What kind of surprises will Otherside bring us in terms of metaverse identity and connection? How far away is the real "ape" universe? Let's find out what's next for Yuga Labs.
