The Bored Ape Coin is arguably the biggest release to come out of the NFT space. The airdrop instantly made some BAYC holders millions of dollars and it’s picking up massive volume on major exchanges.
This is the latest chapter in the Bored Ape and Yuga Labs story – one of the craziest runs from any tradeable asset ever.
In this video I get into everything you need to know about the coin, the project’s ambitious plans to take over the NFT space, and just how big this all can get.
follow me on twitter: @giancarlochaux
0:00 start here
0:47 BAYC: fast rise to the top
3:06 Ape Coin: what you need to know
5:06 does Ape Coin own the Bored Apes?
6:19 tokenomics
6:57 Ape Coin’s POTENTIAL
8:20 why they might win
10:01 will APE compete with Opensea??
11:00 how high can the price go?
Well it finally happened boarded yacht Club the biggest nft collection in the World released their token it’s called Ape and it’s the culmination of Everything they’ve built up until now as Well as a big part of the next phase of The bordeape yacht club brand and on top Of all that it’s already worth 1.3 Billion dollars now some people are Saying that’s too much and it’s Overvalued and others are saying that This could become the next big meme coin To be clear this isn’t a token just for Boarded yacht club holders okay all you Boys and girls can buy it if you want And there might be good reason to buy Into it even if you don’t have a board Ape nft because the vision does go well Beyond just that collection so we’re Gonna talk about everything you need to Know about this token as well as the Incredibly ambitious plan that they’re Starting off with and then at the end I’ll talk about how high this could all Potentially go but before we get into That we need to talk about how we even Got here in the first place okay you Can’t understand the token without Knowing the context of what bordeaux Yacht club has accomplished so far so For those who might not be aware this All started back in april 2021 yugo labs Which was a brand new company and team At the time created boarded yacht club
As a collection of 10 000 nfts and it Didn’t take long for them to establish Themselves as the clear number two Collection behind crypto punks and while Crypto punks got their claim to fame From being the first nft collection ever Made the board apes were popular because Of their community and because they Always stayed on the cutting edge of Web3 innovations and they’ve had an Insane run over the last 11 months or so From a mint price of .08 eth to a peak Of about 120 eath just a few weeks ago Now why did it see such insane growth Well you could argue that it was at the Right place at the right time and it Caught that wave that brought all Profile pick nfts into the mainstream And you’re right there’s always a bit of Luck involved but a bigger factor in my Opinion is the fact that yugo labs which Was the team behind board apes ended up Having world-class execution there’s no Doubt that these guys are going to end Up on the mount rushmore of nfts because They’ve hit it out of the park on every Opportunity that’s come their way their First major innovation was airdropping a New collection of these dog nfts to all The board ape holders and today these Have a floor of 7e then they followed That up by airdropping a mint pass for a Second collection called mutant apes Which today have a floor of 21e so if
You just held on to those two nfts then You’d have a combined value of 28 eat Today or 81 000 Not even including the appreciation in Your original ape and this is partly why The holders have diamond handed faith When it comes to the founders beyond That they’ve supported the collection With games and real world parties along The way and they continue to innovate on Different ways to bring value to the Community and then earlier this month Yugo labs took this whole nft thing to Another level when they announced that They were acquiring both the crypto Punks and me bits collections from larva Labs okay this is like dc comics buying Marvel when they were both just known as Being the number one and number two Comic book brands and this tells us that Hugo labs is thinking way beyond just Being the managers of a single Collection okay they actually want to do Something maybe on the scale of a Decentralized disney so that’s what’s Happened until now okay bordeaux yacht Club has been on fire for almost a year Now and they’re not to the point where They’re attracting these celebrities and These wealthy people and yugo labs has Established themselves as one of the Best teams in the space now we enter Phase two which is the apecoin and this Is where willy wonka opens the doors to
The chocolate factory and everybody can Come in and participate in the fun the First thing they did was set up a dao Called apecoin dao and then they created An erc20 token called apecoin which is Going to be the governance token for the Dow itself in other words anybody who Holds the coin can vote on how they want To manage the dow going forward but There’s more than that so let’s see how They describe apecoin themselves so here It says the possibilities for Blockchain’s impact on culture are so Endless that they can’t possibly be all Predicted yet ape is a token made to Support what’s next controlled and built On by the community it will serve as a Decentralized protocol layer for Community-led initiatives that drive Culture forward into the metaverse then We see here that there are four key Dimensions to the token the first is Governance which we already spoke about Then we have unification of spend acorn Is the ecosystem’s utility token giving All its participants a shared and open Currency that can be used without Centralized intermediaries then we have Access so apecoin provides access to Certain parts of the ecosystem that are Otherwise unavailable such as exclusive Games merch events and services and Finally you have incentivization so Apecoin is a tool for third-party
Developers to participate in the Ecosystem by incorporating ape into Services games and other projects so let Me try to simplify all this because you Know these white papers can often have Flowery language so the goal of the dow Is to teach people how to smash the like Button more often it seems a lot of you Don’t know where this button is located But if you do here’s your chance to Prove it okay no the real goal is to Create an ecosystem of brands and Partners with border biatclub being the First centerpiece brand that they’re Starting with and the token is going to Be used all throughout that ecosystem And we are going to get into how they’re Going to work with partners in a minute But first i want to clear up a Misconception that i’m seeing a lot Which is that some people seem to think That the apecoin owns the bordea biakla Brand or the nfts or something like that And that’s just not true so let’s talk About what the dow actually owns and I’ll throw up this chart here and we can Put the dial right at the bottom as we Saw this is being defined as a new Protocol layer for community-led Initiatives so in an ideal world you Have these projects that branch off and Provide value in some way back to the Protocol layer one of these initiatives Is bordeaux biaclub now the ip to the
Individual apes are licensed to the Holders but the ip to the branding and Logo is fully owned by yuga labs which Is a private company now yugo labs also Owns crypto punks now but we don’t know To what extent that’ll be involved with The dow in other words apecoin is going To be the currency for the boarded yacht Club ecosystem but it doesn’t own any Board apes okay this is just one of many Integrations that they could potentially Have the only thing the dow actually Owns from what i can tell is the ip to This blue logo that yuga labs gave them So they can brand anything they want With this logo going forward however in The future the dow would own all the Revenues from the products that they Create okay that goes into the treasury Which is owned by all the people who Hold the ape token and we’ll get to that In a minute but another piece of the Puzzle here that we need to talk about Is the ape foundation now this is a Group of big names in the space that Will help the dow accomplish things on The ground and help make the right Connections but they don’t have any Special ownership from what i can tell Beyond just being down members now the Final thing i want to talk about before We get into you know the juicy future Potential stuff is the tokenomics so Here’s a simple breakdown you have 62
For the ecosystem fund which is the most Important part of this whole project and We’ll get into why you also have sixteen Percent for yuga labs which is a company That manages the bordeaux ecosystem Fourteen percent for launch contributors And eight percent for the board of yacht Club founders themselves okay now let’s Get into the fun stuff which is the Future value and utility of apecoin okay What’s the point of even owning this Token or holding it in the first place So to put it simply ape dao is gonna go Out there and try to convince creators To partner with them and if they’re Successful then they’re gonna have this Big portfolio of games and projects that Are using apecoin and that should make Apecoin more scarce which in turn should Theoretically make it more valuable this Is actually the trend that we’ve been Seeing in the nft space recently okay The attention is going from individual Collections to more of these ecosystem Tokens and i did a twitter thread on This recently so these nft ecosystems Are simple you launch a token you set up A partnership fund and then you use that Fund to convince other creators to use Your token and some of the most popular Projects from the last few months are Using this model including magic world Gala sand and now ape so basically all These ecosystems are competing to
Onboard new creators and the creators Want to work with them because one they Often get free money in the case of Token emissions or grants and two they Get increased awareness and marketing Because you know the dow is always going To promote their latest integration and The people who hold the tokens for that Dao are going to be incentivized to Always check out these latest projects And so that is one big risk here right If all these tokens come out and they All try to be decentralized disney then They’re gonna be competing for quality Projects and there might not be enough Quality projects to go around but Apecoin does have a few advantages here Okay advantage number one is that they Have the board a brand behind it and This is the most mainstream nft brand Out there right now has a lot of Attention behind it and attention is the Name of the game advantage number two is The fact that they already have their First major integration which is yuga Labs and we know that in april yugo labs Is launching their first metaverse land Project which is probably going to Compete with sandbox and decentraland a Couple of days ago they released a very High quality trailer for this project Which seems to be called other side and They tease some integrations with other Major nft collections like cool cats and
World of women and apecoin is gonna be The currency in this new world and Lastly another advantage that they have Is their funding so if you remember in The tokenomics we saw that 62 of the Supply was being dedicated to an Ecosystem fund and based on how much was Unlocked on day one this treasury Already has over one billion dollars Worth of tokens that they can use for Growth okay this is already one of the Biggest treasuries in all of crypto and It’s only been a few days and if we take A look at one of the first proposals we Can start to see how they plan to use This fund and this is important so if This passes the vote then about three Percent of the fund will be used for Game development and this makes it Possible to partner with game developers Ranging from top tier studios to indies Creating games and providing in-game Incentives that bring the ape community To the forefront of web3 gaming about One percent will be used for events and This allows for the execution of virtual And irl events that have high engagement Strengthen the community and reflect our Mission to serve the community and drive Web 3 culture forward about 0.8 percent Would be used for education and Marketing and another 0.3 will be used To develop an apecoin nft marketplace And the marketplace commission fee will
Feed back into the ecosystem fund that Last point is very interesting because It basically tells me that abe dao will Create their own decentralized nft Marketplace and then they’ll incentivize Users to trade their board apes and Mutant apes on there instead of on open C and based on the numbers i’ve seen all The board a biat club collections Combined accounted for 2.8 billion Dollars in total volume already and Openc has a 2.5 trading fee so that Would be about 70 million dollars that Opc has taken in as fees from all this Trading and all that going forward could Be transferred to the dow treasury Instead and it’s possible that they Throw crypto punks and me bits on there As well which would be even better but Anyways going back to the question of Where this all goes from here well it Really depends on how fast they can Onboard quality projects already we have A play-to-earn game coming from n-way Play and another upcoming game called Benji bananas by animoka brands so Really we have to see if they can keep Up this momentum and in an ideal Scenario in two to three years apecoin Could be one of the leading networks of Play to earn games in the entire space So now the question i’m sure you’re all Wondering is how high can the price go And is it undervalued right now and
There’s no easy answer here because it’s A mix of fundamentals and hype and if We’re honest it probably traits more on Hype but i can flash a quick comparison Sheet to see how this compares with Other similar tokens so first you have Gala games which is valued at a market Cap of 1.7 billion dollars right now Then you have sand which is the sandbox Token and this is valued at 3.5 billion And finally we have magic which i’ve Also covered and this is the token for The treasure ecosystem and it’s worth Roughly 150 million dollars a coin is Worth 1.3 billion at the time of this Video so about the same as gala and half Of sand in other words 1.3 billion Dollars does sound like a lot but Compared to these other tokens it Doesn’t look that ridiculous especially Considering that these other games Barely have any player bases at all and So it’s not like they have a ton of Market share anyways if we’re honest Then the fundamentals on any of these Tokens probably don’t justify their Valuations and this isn’t a case where You can just crunch some numbers to find A true value the real x factor here is Hype and brand and momentum and if That’s the case and i think you could Argue that board apes have more brand Potential than any of these other coins And if you don’t believe that’s a big
Deal well hype is a reason that all These tokens that we mentioned aren’t Even half as big as dogecoin which at This point is valued at 16 billion Dollars and on that point you have to Ask what is the future of meme coins Like doge and shiba because when they Came out you know they were in huge Contrast to all the other tokens in the Space and they kind of monopolized that Meme culture but now we’re seeing the Rise of nft coins and these are coins That have the same meme origins but they Also have utility and governance and Value capture and so really it’s like Meme coin plus and if these dog coins Start losing momentum then where does That money go right is it possible that They flow into nft tokens like apecoin Well i don’t think that’s terribly Unlikely and so if you’re looking for You know where tension is going next Then something like a coin might end up On your watch list because if it does Consume the market cap of dogecoin then There’s your 10x potential right there Now obviously that’s just a bit of Speculation and in general this is a Very risky strategy because you’re Basically at the whim of the attention Market which is incredibly unpredictable On top of all that there are signs that We’re heading into a recession this year And we don’t know how nfts will perform
During a prolonged downturn because They’re so new but personally my guess Is not great and so that’s something That you should keep in mind anyways Obviously i’m not giving any financial Advice here full disclosure i do hold Some apecoin because i had a mutant ape And so i did get some of that air drop But i haven’t bought any additional Coins since then i’ll probably do Another update down the road for now i Think this is a good time to end it if You did make it this far let me know in The comments below what you think about All this are you buying apecoin or is This all overblown alright thanks again For watching and i’ll catch you at the Next video
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