What is it with these sly, funny, but boring-looking apes that continue to make headlines? Many collectors argue that it’s less about the image, itself, and more about the culture, social capital and wealth the community of owners has gained from Bored Ape Yacht Club (BAYC) that give the collection its value. Amassing over $1.42 billion in total volume, the community trusted that the creators would deliver on its promise for token emission.
On March 17, BAYC’s utility and governance token, ApeCoin (APE) was made eligible to claim for BAYC and Mutant Ape Yacht Club (MAYC) holders. According to data, nearly 99% of eligible wallets have already claimed their share and over 132 million tokens, valued at $1.8 billion, have been claimed.
As expected, APE price see-sawed on both ends of the spectrum as it plummeted over 80% to a low of $6.21 on its first day of trading before surging 90% on the second day. Out of the 1 billion tokens created, 15% were dispersed to owners, leaving many crypto natives speculating as to its impact and implications within the Web3 economy.
BAYC has been highly influential in accelerating cultural change and nonfungible token (NFT) adoption. A month after being released, APE is already stirring conversation regarding governance protocols, its utility within the Metaverse and its steady adoption as a universal form of payment in the NFT space.
ApeDAO directs the community will and future of ApeCoin
ApeDAO is the decentralized autonomous organization that launched ApeCoin. As a governing body, the DAO is governed by APE as a means to field proposals from its members on what is best for the community, and these proposals are later voted on by APE holders.
While there are many DAOs, ApeDAO could potentially be a catalyst for a paradigm shift between “consumers” and “owners.” APE has the potential to tap into large communities en masse, given the potential for an incentivizing structure with its DAO.
Despite all this opportunity, DAOs, which may appear sound on paper, are not the most…