Bored Ape Yacht Club (BAYC)one of the main collections of non-fungible tokens (NFTs)soared in sales volume, yesterday (17), after the ApeCoin launch last Wednesday.
The sales volume recorded on Thursday more than doubled from the previous day. According to data from Dune, on the 17th, Bored Ape Yacht Club reached $43.5 million, while on the 16th that metric was nearly $15.9 million.
THE OpenSeathe platform on which BAYC is sold, shows an increase of 1,616.9% in the sales volume of the collection in the last 24 hours.
Other projects associated with Bored Ape Yacht Club also saw an increase in sales volume, including Mutant Ape Yacht Club (970.43%) and Bored Ape Kennel Club (852.80%).
Launch of ApeCoin
Yuga Labs, creator of Bored Apes, said on Twitter that ApeCoin will be used as “the primary token for the Bored Ape Yacht Club ecosystem, as well as future Yuga products and services.” The APE token, launched last Wednesday (16), was created by ApeCoin DAO.
DAO stands for the English abbreviation of “decentralized autonomous community”. DAO is a business structure, where control is distributed among community members, rather than being centralized in a single authority figure.
ApeCoin’s Twitter account describes APE as a “token for culture, gaming and commerce, used to empower the decentralized community by leading the development of the Web 3.0”.
On launch day, ApeCoin announced that 62% of the token supply, which is one billion units, will go to the ApeCoin community. Of that percentage, 15% of the value would be redeemable through an airdrop.
Crypto exchanges such as Gemini, Coinbase (COIN) and Crypto.com, already support the new token. At press time, APE was up 1,395% at $14.96, according to data from CoinMarket Cap.
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