Bored Ape Yacht Club’s (BAYC) floor price surged to 106.5 ETH since the launch of ApeCoin, while its spin-off collection Mutant Ape Yacht Club’s (MAYC) floor price rose to 23.65 ETH at press time.
The ApeCoin launch comes days after Yuga Labs acquired the IP rights to CryptoPunks and Meebits, but the BAYC creator is not behind the new token.
ApeCoin is an ERC-20 governance and utility token which can be claimed by holders of BAYC and MAYC non-fungible tokens (NFTs), and is developed by the APE Foundation and ApeCoin DAO.
ApeCoin claims that it will be used for gaming, culture and commerce.
In less than 24 hours since the announcement, Animoca Brands’ play-to-earn (P2E) game Benji Bananas adopted the token.
NFT marketplace nWayPlay also announced that it is developing a (P2E) game in collaboration with BAYC.