Hi HODLers,
The big news of the past few days in the NFT world has been the launchof ApeCoin, an ERC-20 launched by The Bored Ape Yacht Club (BAYC).
This launch aims to diversify the NFT project to "culture, gaming and commerce" within the Web3 sphere.
This initiative is led by ApeCoin decentralized autonomous organization (DAO) led by a six-month tenured council committee comprising of Alexis Ohanian, Amy Wu, Maaria Bajwa, Yat Siu and Dean Steinbeck, to oversee the DAO's development.
As far as I understood every BAYC member can claim 10,000 $APE tokens
Many CEXs such as Binance US, FTX, Gemini and OKX among others have already announced they will list this new coin. I guess they cannot say no to free money...
I believe this coin might not end well as Insight, a Bored Ape holder writes:
“I don’t think we will see the emotional attachment that holders have for the ape NFTs, themselves, but either way, this is HUGE for both ape holders and the space as a whole.”
BAYC floor went from 108.69 ETH to 78 ETH recently.
This feels like a money grab and as I have seen a big chunk of the allocation is going to VC or early Private investors...
One thing is sure, this is not about the art anymore, if it ever was...
Salty CryptoLemon today hehe,
Stay safe out there,
