A token connected to one of the most popular and valuable non-fungible tokens of all-time has soared in value over the last week ahead of a very anticipated event.
What Happened: Launched by ApeDAO, ApeCoin (CRYPTO: APE) is a token expected to be used in the Yuga Labs and Bored Ape Yacht Club ecosystem going forward.
As many thought, the Bored Ape team announced that ApeCoin will be used to mint Otherside, which is a new land NFT tied into the Yuga Labs ecosystem.
“The mint will be exclusively in ApeCoin, though you’ll need some ETH for gas,” the team tweeted.
Otherside will begin minting on Saturday, April 30 at 12 p.m. ET for members who registered on the Somethingisbrewing website and for holders of either a Bored Ape Yacht Club or Mutant Ape Yacht Club NFT.
Yuga Labs asked people to KYC (know your customer) in order to register. This involved providing a real name and faced backlash from many in the NFT community.
Only those who performed the KYC can participate in the public mint. Holders of Bored Ape and Mutant Ape NFTs did not have to KYC.
The mint will be a Dutch auction in APE, with the price declining over time until it is sold out. A starting price has not been announced at the time of writing. The amount of Ethereum (CRYPTO: ETH) needed will depend on gas fees at the time of the mint.
Bored Ape and Mutant Ape holders will have 21 days to claim their Otherside NFT.
ApeCoin used in the Otherside mint will be locked up for one year, lowering the supply of the token.
Otherside and Yuga Labs have reminded users to be careful and only use approved links and communication from official Twitter (NYSE:TWTR) handles and the Bored Ape and Otherside Discords. Yuga Labs recently saw its Bored Ape Instagram account get hacked with a phishing link to steal NFTs.
Related Link: ApeCoin Launched: Here Are The Details And How To Get It
Why It’s Important: Otherside was teased by Yuga Labs in March with a video that featured NFTs from several other projects and a mysterious creature known as a Koda to those who closely follow the Bored Ape storyline.
ApeCoin was claimable on March 17, 2022, for all holders of Bored Ape and Mutant Ape NFTs and was also offered on several major cryptocurrency trading platforms including Coinbase (NASDAQ:COIN) Global Inc (NASDAQ: COIN), FTX, Gemini and Voyager.
A total of 150 million ApeCoin tokens were claimable for NFT holders with the following allocations:
- Bored Ape Yacht Club owner: 10,094 ApeCoins
- Mutant Ape Yacht Club owner: 2,042 ApeCoins
- Bored Ape Yacht Club and Bored Ape Kennel Club owner: 10,950 ApeCoins
- Mutant Ape Yacht Club and Bored Ape Kennel Club owner: 2,898 ApeCoins
The majority of the ApeCoin total supply (one billion APE) has lockup restrictions of 12 months.
Price Action: The floor price of Bored Ape Yacht Club is 145 ETH at the time of writing, or around $420,095.
The floor price of Mutant Ape Yacht Club is 36.5 ETH, or around $105,748.
The floor prices of Bored Ape and Mutant Ape were around 98 ETH and 22.99 ETH, respectively, at the time of the ApeCoin claim announcement.
ApeCoin is up 29.23% to $25.07 on Thursday afternoon and is up more than 45% over the last seven days.
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