Thousands of NFT holders and investors tuned into a Twitter Spaces segment featuring the inaugural board of the ApeDAO. Here are the highlights from the event and what could be next for ApeCoin (CRYPTO: APE).
What Happened: ApeDAO launched the ApeCoin Thursday. The token will have a supply of one billion coins, with 150 million coins claimable by NFT owners of Bored Ape Yacht Club and Mutant Ape Yacht Club NFTs.
The initial ApeDAO board (Ape Foundation) is:
Alexis Ohanian: co-founder Reddit, founder Seven Seven Six
Amy Wu: head of gaming at FTX
Maaria Bajwa: principal at Sound Ventures
Yat Siu: co-founder and chairman of Animoca Brands
Dean Steinbeck: president of Horizen Labs
The Ape Foundation will serve as the legal steward of ApeCoin and administer the ApeCoin DAO decisions made by the community. The members will have an initial term of six months, with DAO members voting annually on members after this time period.
The five board members joined well-known NFT community members and RugRadio founder Farokh in Twitter Spaces, an audio platform owned by Twitter Inc (NYSE:TWTR), Thursday night to share details about the coin and what’s ahead.
Related Link: ApeCoin Opens For Trading, Here's Where You Can Buy APE, How Much Bored Ape Yacht Club Owners Made
Twitter Spaces Recap: One item called out on the Twitter Spaces was Siu comparing Bored Apes to superheroes.
“Bored Apes as a culture represents this generation,” Sui said, reported by The Bored Gazette. “This zeitgeist, this sort of moment where you know it’s the expression of the current culture of where we are with what NFTs mean, so it’s historic and the ApeCoin is sort of the beginning of expanding that culture towards larger groups.”
Siu is the leader of Animoca Brands, the parent company of The Sandbox (CRYPTO: SAND). Animoca Brands announced Wednesday night that it would utilize ApeCoin in one of its mobile games.
“Were beyond excited to be a contributor to ApeCoin, the official token of Bored Ape Yacht Club! Starting tomorrow, the BAYC community can use $APE to buy NFTs to activate play-to-earn for BenjiBananas,” the company tweeted.
BenjiBananas is a free-to-play game launched by Animoca Brands that has more than 50 million downloads.
Ohanian compared the culture of Bored Ape Yacht Club to the early days of Reddit.
“What I’ve watched in the last two years and was really, you know just crypto pilled me is the fact that all of the great energy of desperate online communities that I saw flourish on Reddit now has this extra layer of ownership which is so powerful,” Ohanian said.
Bajwa highlighted the role that community members can play in the ApeDAO.
“This structure really gives the community members the tools the resources and things that they need in order to be able to leverage and really capitalize on a lot of value of the community and ecosystem that they’ve created,” Bajwa said.
When asked what could be next for ApeCoin, Steinbeck shared the following: “I believe that APE has the ability to transcend the world of crypto and reach sort of mainstream non-crypto people. So my goal would be to see us get on the path of transcending crypto.”
Price Action: ApeCoin is trading at $14.54 at publication Friday afternoon. The coin has traded in the range of $7.34 to $17.75 over the last 24-hours.
