Yuga Labs, popular for the creation of the Bored Ape Yacht Club, has created a coin to be part of the BAYC franchise called Ape Coin, which generated $9.2B in trading volume.
The Ape Coin DAO airdropped one billion Ape Coins to Bored Ape NFT holders. The issue many are bringing up is how can crypto, in this sense, Ape Coin, continue to be decentralized when venture capitalists received 14% of the drop?
Though well-meaning in trying to give their holders a way to shape the BAYC, those VCs and higher owning Ape Coin holders will in turn have more say or “voting power” in how the BAYC controls their platform and crypto management.
The unbalance between high earning VC’s and the average crypto collector may come under scrutiny in how the Ape Coin DAO continues to manage who gets how much.
Bloomberg Opinion writer and crypto investor Aaron Brown said, it’s “a placeholder attempt to capture future potential business under the Bored Ape brand name… It’s closer to a SPAC—money raised today for some possible business to be named later—without the legal protections around real SPACs… The project is controlled by a small group of individuals.”
In a move that is being hailed as a game changer for the entertainment industry, Warner Bros. Home Entertainment has announced the launch of the WB Movieverse with The Lord of the Rings: The Fellowship of the Ring (Extended Version) Web3 Movie Experience NFT. This groundbreaking new release will allow fans to engage with the film in ways never before possible!
Reddit has onboarded millions of new users to NFTs during a bear market. Read on to learn more.