APE COIN IS HERE!

In today's newsletter

• BAYC APE COIN, if you haven't already heard all about it...

• Nice Little Crypto Rally

• Luxury Car Company McLaren takes a stab at NFTs

• Bored Ape Yacht Club - Floor Price: 106.9 ETH (holy crap)

• Mutant Ape Yacht Club - Floor Price: 23.9 ETH

• Bored Ape Kennel Club - Floor Price: 8.88 ETH

Yesterday, NFT Twitter went parabolic on the announcement of Bored Ape Yacht Club's official $APE token!

According to BAYC, $APE coin will act as "a token for culture, gaming, and commerce used to empower a decentralized community building at the forefront of web3." In addition to the new tradable asset, ApeCoin will be directly owned and operated by the ApeCoin DAO. 

A quick explanation of what a DAO is for those who don't know. A DAO or a Decentralized Autonomous Organization is an entity led and owned directly by a community, typically gated through NFTs.

In the case of $APE coin, each token holder will be granted access to "vote on governance and use of the Ecosystem Fund." Aside from governance, $APE coin will be used to provide:

• Unification of Spend: Providing its holders with a currency without the use of centralized intermediaries. 

• Access: An ecosystem-based currency created to be used within exclusive games, merch, events, and services.

• Incentivization: The open-source protocol layer allows third-party developers to incorporate $APE into other projects.

Allocation of the coin will be split into four main groups, with the ability to claim tokens as soon as today. $APE coin supply will be permanently fixed at 1 billion coins! No more or less will ever be in circulation.

• 62% - Ecosystem's Fund: 150,000,000 tokens to current BAYC/MAYC holders, and 470,000,000 tokens to DAO treasury and resources.

• 16% - Yuga Labs + Charity: 150,000,000 tokens to Yuga Labs, and 10,000,000 tokens or equal value donated to the Jane Goodall Legacy Foundation

• 14% - Launch Contributors: 140,000,000 tokens to launch contributors that made the project possible.

• 8% - BAYC Founders: 80,000,000 tokens to 4 founders of Yuga Labs

Claiming will go as such: (what you own - what you get)

• Bored Ape Only - 10,094 tokens

• Mutant Ape Only - 2,042 tokens

• Bored Ape + Kennel Club - 10,950 tokens

• Mutant Ape + Kennel Club - 2,898 tokens

More relevant things to mention about BAYC:

• Kennel Club is finally getting some much-needed utility! 

• BAYC's floor price is now over 100 ETH! 

• A BAYC Blockchain game will be coming sometime this year (hopefully).

• BAYC intends to sell digital land in the future.

Enough said...

If you want to learn more about $APE coin, please visit their Twitter and Official Website. I only covered a tiny sliver of what's on their site; I encourage you to check it out. 

Today, crypto had a beautiful rally following the approved rate hike in today's fed meeting.

A rate hike occurs when the central bank increases the cost to borrow money to reduce inflation. This signals to investors that inflation uncertainty is beginning to ease.

The S&P 500 was up 2.22% yesterday, with it crypto followed!

Could this be the bottom? Let us know what you think!

The luxury automotive manufacturer, McLaren, partners up with metaverse company InfiniteWorld to bring their cars' status, power, and speed into the digital web3 landscape. InfiniteWorld is a web3 based company that helps brands innovate and connect with consumers through the metaverse. 

McLaren claimed that web3 based technology would help promote the brand further and give something new and meaningful to existing superfans. The NFTs intend to come with utility, yet little to no information has been announced. In terms of artwork, both InfiniteWorld and McLaren have a high standard for delivering visually appealing products to their audience. 

While this may be McLaren Automotive's first stab at NFTs, the formula one subsidiary, team McLaren, currently has a collection that lives on the Tezos blockchain. 

Well-known luxury car company + NFTs = Adoption!

Nothing mentioned in this newsletter is financial advice, we are NOT financial advisors. NFToday was created with the intent to entertain those who choose to read and be a part of the community!