The NFT project Bored Ape Yacht Club (BAYC) team has just presented a token linked to its ecosystem and announced an airdrop of the asset. The project has said:
"Introducing ApeCoin ($APE), a token for culture, gaming, and commerce used to empower a decentralized community building at the forefront of web3."
The currency will reportedly be managed by the decentralized organization ApeCoin DAO, where any owner of the token can become a member.
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The Ape Foundation has been created as a legal entity to implement DAO community decisions and day-to-day administration.
The foundation is overseen by a board whose members are re-elected every six months.
The airdrop will take place on March 18. 150 million APE will be distributed among NFT BAYC holders, as well as assets derived from MAYC and BAKC.
The token will also be available on Binance and Coinbase.