Before we get started, this is not a recommendation or endorsement to buy any token or NFT mentioned.
One of the most well known NFT projects to launch during the crypto bull market was Bored Ape Yacht Club (BAYC). BAYC is self-described as “a limited NFT collection where the token itself doubles as your membership to a swamp club for apes.” BAYC rose to prominence for creating a universe and exclusive club around their signature NFTs. The BAYC founders and community members have launched games like the Mutant Arcade, executed on public charitable acts, and offered notoriously fun member benefits such as music festival and yacht party events at NFT NYC. Despite some controversy we won’t cover today, BAYC has managed to maintain a notable level of hype along with a relatively high floor price.
The floor price of an NFT collection refers to the lowest available sales price for an NFT in a collection. Unlike fungible tokens such as ETH or any ERC20 token, non-fungible tokens (aka NFTs) represent a good with unique properties, meaning each one will likely have a different price. The floor price of NFT collections has remained a relatively important stat, often priced in ETH, for tracking the level of interest in an NFT collection. It’s worth noting that a floor price can be higher than the all-time-high sales price. For example, BAYC enjoyed its highest floor price on April 30, 2022 at 144.9 ETH, when the price of ETH was $2738, meaning $396,736USD. However, the highest recorded sale of the lowest priced BAYC NFT ever sold was 100 ETH.
Floor price of BAYC NFTs according to NFTPriceFloor.com
On March 16, 2022, days after the team behind BAYC called Yuga Labs acquired the iconic CryptoPunks and its sister project Meebits, they announced the launch of a new ERC20 token called ApeCoin that would be awarded to their NFT holders, including Apes (BAYC), Mutant Ape Yacht Club (MAYC), and Bored Ape Kennel Club (BAKC). 15% of the total supply of 1 billion ApeCoin (APE) was made available to claim for those NFT holders starting on March 17th.
The APE Foundation would be the steward of ApeCoin so that APE holders in the ApeCoin DAO can build together. This Foundation aims to facilitate decentralized and community-led governance and “is designed to become more decentralized over time.” The ultimate goal of the APE Foundation is to grow and develop the APE ecosystem. The Ecosystem Fund is controlled by a multisig wallet, to pay expenses as directed by the ApeCoin DAO and acts as a governance token for ApeCoin holders to collaborate.
Fast forward to this week, the long awaited APE staking program launched to reward APE, BAYC, MAYC, and BAKC holders. Here’s what you need to know:
- 17.5% of the total APE supply to be distributed over a Total Staking Period of 3 years, funded by the Ecosystem Fund
- Year One: 100,000,000 APE tokens (10.0% of the total APE supply)
- Year Two: 50,000,000 APE tokens (5.0% of the total APE supply)
- Year Three: 25,000,000 APE tokens (2.5% of the total APE supply)
- There are 4 staking pools with separate allocations.
- APE Staking Pool: 30,000,000 APE in Year 1
- BAYC Staking Pool: 47,105,000 APE in Year 1
- MAYC Staking Pool: 19,060,000 APE in Year 1
- BAKC Staking Pool: 3,835,000 APE in Year 1
- The combined Staking Pool allocations for the Year 1 adds up to 100,000,000 APE, or 10% of total APE…
DeFi Dad is one of the earliest power users of DeFi, having worked with early Ethereum startups going back to 2018, including Zapper.
