Yuga Labs has quickly established its reputation as one of the most innovative and rapidly growing startups within the crypto realm. One of the most notable projects that Yuga Labs has been working on is an NFT project that it is calling the Bored Apes Yacht Club.
This exciting NFT project from Yuga Labs was only recently launched but it has quickly become one of the most notable in the industry. It is also one of the most valuable when taking into consideration its market cap. With a current admission cost of $240 thousand in Ethereum for the cheapest 10 thousand available images for the BAYC NFT project, it is a topic that is worth taking a deeper look at.
An Exciting New Partnership
Yuga Labs is currently looking forward to a future that includes a new partnership. This partnership will involve the highly anticipated ApeCoin token and an exciting gaming title. The company hopes that this partnership, the new token, and its associated game will help to create a crypto economy around the Yuga Labs IP that hits the mainstream. The company’s IP just recently expanded. In doing so, it added valuable NFT collections that include Meebits and CryptoPunks. These collections were acquired as a part of a deal that saw Yuga Labs take over the assets of Larva Labs.
A Look at What It Will Take to Build This Exciting New Economy
There will be some necessary legal work required to build this exciting new economy that Yuga Labs is looking to create. The firm needs to remain in compliance with regulations. Though the SEC has indeed been fairly hands-off when it comes to the realm of NFT projects, this is not entirely the case. Crypto startups like that sell tokens which can be considered as unregistered securities is an area that the SEC has been paying more attention to.
It is because of this fact that the team at Yuga Labs plans to publically isolate itself from the launch of the new token. The token itself will be released through ApeCoin DAO. This entity is composed of a council of members who are associated with the project. At the same time, none of them are actually executive leaders or employees with Yuga Labs.
Those individuals who hold tokens will have the ability to cast a vote related to DAO decisions. The council’s role will be to carry out the decisions that are made by members of the community. Yuga Labs is not going to be the team behind the official launch of ApeCoin. At the same time, the company will control close to one-quarter of the total supply of these tokens. Owners of both the Mutant Ape NFTs and the Bored Ape NFTs will receive compensation of 15 percent of the total allocation. This will be received collectively.
What Will This ApeCoin Token Do?
One of the biggest questions that people following these developments have is what the ApeCoin token will be used for. Though the full scope of what it will be used for is currently unclear, a primary function of the token will be a currency that is used in-game for various titles that Yuga Labs is currently working on. What is also certain is the fact that the team behind Yuga Labs is filled with optimism that their BAYC NFT project has the potential to be a big deal in the long term.
