Yuga Labs and Animoca Brands Tease an NFT Metaverse Backed by Apecoin

BAYC creators have revealed footage of a metaverse encompassing BAYC NFTs with an assortment of famous Apes. The metaverse is said to be backed by ApeCoin, a crypto token launched three days ago and has been stirring the social media ever since.

Is a BAYC Metaverse Incoming?

Over 85% of the claimable $APE has already been issued to the investors through an airdrop program. Over 13,672 unique addresses have already received the airdrops. While NFT holders are busy claiming the remaining claimable ApeCoin airdrops, Yuga Labs has revealed a video explaining the coin’s use case. Yuga labs posted the video as a tweet followed by the statement:

“See you on the Otherside in April. Powered by @apecoin.”

The video depicts a Bored Ape ingesting a magic portion that ‘teleports’ him to a new universe filled with other NFT characters like him. A popular song by the Doors, “Break on Through,” plays in the background as the star BAYC character is greeted by a futuristic vehicle loaded with different NFTs. The vehicle carries NFTs like MAYC, World of Women (WOW), Nouns, Cryptoadz, Cryptopunks, and Cool Cats. It also features Meetbit characters. Two days earlier, Animoca brands tweeted that something was in the making for their ecosystem regarding ApeCoin. Their Tweet read:

“Animoca Brands is excited to announce that we’ll be adopting [apecoin] for the secret project we’ve been developing with [Bored Ape Yacht Club] While the registration website somethingisbrewing.XYZ says to connect to Metamask. It also says: “Connect to get KYC-verified. If you’ve previously been verified with Blockpass, you won’t need to re-apply.”

It also provided a link to a landing page where people could register. The landing page is a web portal that showcases similar visuals to those depicted in Yuga Lab’s video. Users who seek to register have to leverage their Metamask wallets and be KYC-verified by Blockpass.

What Is Apecoin?

Apecoin is an ERC-20 governance token for the APE Ecosystem whose utility is to incentivize decentralization as the ecosystem eyes the Web3. It helps its holders govern themselves through a decentralized governance system with a voting process. The main issues that the holders use the coin to govern are the control of the ApeCoinDAO and the usage of the ApeCoinDAO Ecosystem Fund. The APE Foundation attends to the proposals given by the $APE holders. The coin is a token developed by Yuga Labs Bored Ape Yacht Club Project and has an administrative council that carries out the decisions of ApeCoinDAO members. The council is tasked with carrying out day-to-day administration, bookkeeping, and other project management tasks. There is a total of 1B ApeCoins minted at once and launched on Mar. 17, 2022. Only 30.25% of the coins will be in circulation for now but will increase over the next four years. The coin is available for trading on numerous exchanges, including DEXs like SushiSwap and some of the top Centralized Exchanges. ApeCoin is the latest token revealed to slingshot a significant project to the metaverse showing how much faith the early crypto investor had in the metaverse. While the metaverse looks enticing, it is best not to that it is still in its earliest phases and could bring anything with it. It could carry catastrophic losses or groundbreaking success, so it is best to DYOR before investing in any related project.