Bored Ape Yacht Club is launching its token dubbed ApeCoin as a product of its ApeCoin DAO governance structure.
The accompanying notes say that the token will offer users governance rights over the DAO treasury. Holders get an automatic membership into the community.
62% of ApeCoin supply has been allocated to the ApeCoin community and 15% will be airdropped on March 17.
A new trademark application for the token notes that the DAO plans to sell physical merchandise like books, jewelry, clothes, beverages as virtual items.
The parent company of BAYC, Yuga Labs, says that the token will be useful primarily for new products and services.
Club NFTs, which give provisions for long-term membership, could fall under the watch of the US Securities and Exchange commission and the team is avoiding the same.
The announcement follows the acquisition of IP for CryptoPunks by Yuga Labs.
Here we go. ☠️🦍⛵https://t.co/zAqK24XCr4— Bored Ape Yacht Club (@BoredApeYC) March 16, 2022