Popular non fungible token (NFT) marketplace OpenSea recently announced that it has begun accepting ApeCoins which is the main token for the Bored Ape Yacht Club ecosystem. It is also the main currency required in the metaverse game experience Otherside.

Just after APE became the largest metaverse token by market cap this announcement was made. As per the announcement, ApeCoin can be used to make purchases on the open sea platform. Through Web3 apps this relatively new Ethereum token allows users to make transactions that do not have to be limited to those developed by Yuga Labs or the Bored Ape Yacht Club.

The tokens were created by the ApeCoin decentralized autonomous organization or DAO based on the Bored Ape Yacht Club NFT collection. Next six months several prominent members including FTX's Amy Wu and Reddit co-founder Alexis Ohanian will be serving on ApeCoin DAO's board. There are 284 million ApeCoins in circulation currently with a max supply of just 1 billion ApeCoins.Each year owners of ApeCoins will be able to vote for the members.

In partnership with NFT game publisher Animoca Brands, Otherside is built which is a game experience in the metaverse. The same company has developed The Sandbox metaverse. It is featuring several projects that include CryptoPunks, Meebits, Apes, and Cool Cats.

Currently, by market capitalization, ApeCoin has become the biggest metaverse token. At $18.56 USD ApeCoin is trading now. In the last 24 hours, the trading volume of the coin was more than $5 billion and was up 1.3%.  According to data compiled by CoinMarketCap, this is more than 33% over the last week.

"Otherdeed" NFTs will be launched by Yuga Labs as per plan. "Otherdeed" NFTs will be similar to those of The Sandbox and Decentraland that signify ownership of virtual land. It will be available for public sale.

8% of ApeCoins will be entitled automatically to the founders of Bored Ape Yacht Club and the Yuga Labs team will get 16% of ApeCoins. A selected number of free tokens will be redeemed for Bored Ape Yacht Club and Mutant Ape Yacht Club NFT owners. Members of Bored Ape Yacht Club, can receive 10,094 tokens, or $80,000 in ApeCoins. Owners of Mutant Ape can receive 2,042 tokens or $16,400 in ApeCoins. Jane Goodall Legacy Foundation will get 1% of the ApeCoin supply as a donation where real apes will presumably benefit from the tokens.

Indrani bose

CBW - External Analyst

INDIA