Those who got into NFTs probably know about the Bored Apes Yacht Club that launched in April last year but quickly became famous. The company behind Bored Apes, Yuga Labs, has also recently launched its token, called ApeCoin.
Yuga Labs Looks Into The Future
Besides offering a costly NFT collection with prices going up to $240,000 per the cheapest token, Yuga Labs is looking into the future, announcing new partnerships for a play-to-earn game and its ApeCoin token.
The company hopes its new game and token will inspire the mainstream crypto-economy created around its intellectual property that now includes CryptoPunks and Meebits NFT collections.
However, building a successful startup that heavily relies on NFTs could be challenging. The SEC is currently staying away from NFTs unless crypto startups sell NFTs as unregistered securities.
Based on the SEC’s behavior, Yuga Labs needs to remain careful about the ApeCoin launch, which should be released by ApeCoin DAO. ApeCoin DAO will have a council composed of members related to the NFT project but not associated with Yuga Labs itself.
ApeCoin DAO council will consist of Alexis Ohanian, Amy Wu, Maaria Bajwa, Animoca’s Yat Siu, and Dean Steinbeck from Horizen Labs.
ApeCoin will soon start trading on Coinbase, Kraken, Gemini, FTX, Binance, and several other exchanges. Still, the purpose of the token remains unclear.