Venture capital firm Andreessen Horowitz also receives boon from Bored Ape Crypto Coin

0
  • This week, as billions of dollars in tokens were distributed to Bored Ape Yacht Club designers, backers and owners, venture capital firm Andreessen Horowitz also faced a windfall.
  • The debut of ApeCoin is one of the best-known “airdrops,” in which cryptocurrency projects give free digital tokens to employees, collectors, and investors, resulting in the creation of new billionaires overnight. the following day.
  • Ahead of ApeCoin’s public launch, Yuga and its ApeCoin partners approved the distribution of the tokens, distributing billions of crypto to a few insiders, as well as an environmental charity, Bored Ape holders, and the treasury of the organization.

When billions of dollars worth of tokens were distributed to designers, backers and owners of the Bored Ape Yacht Club’s digital collectibles, venture capitalist Andreessen Horowitz was among the investors who saw a windfall this week. .

When a consortium including Bored Ape founder Yuga Labs as the sole major shareholder unveiled “ApeCoin” on Thursday, crypto traders rushed to take advantage of the situation. According to CoinMarketCap.com, over $9 billion worth of ApeCoin was traded in the first 24 hours of trading.

An organization that Yuga helped start, along with a small number of backers and advisers, minted ApeCoin one billion on the Ethereum network.

After millions were given away to Bored Ape holders on Thursday, the tokens became extremely valuable and they began trading on major crypto exchanges such as Coinbase, FTX, and Binance, where any other investor could buy them.

The launch of ApeCoin is one of the best-known “airdrops,” in which cryptocurrency projects effectively give away free digital tokens to collectors, employees, and investors, creating new billionaires overnight.

Yuga and its ApeCoin partners approved the token allocation before the start of public trading, distributing billions of crypto to a few insiders, as well as Bored Ape holders, an environmental charity, and the treasury of the organization. According to a representative from Yuga, the distribution of the tokens was decided by a “large number of contributors and industry professionals they contacted”.

An additional 150 million tokens, worth over $2.2 billion, have been transferred to Yuga Labs, while 470 million will be held by the ApeCoin organization and 150 million will be collected by Bored Ape NFT holders .

Owners of a cartoon monkey that originally sold for around $250 and now sells for over $250,000 on marketplaces like OpenSea received a payment of 10,094 ApeCoin for each NFT that they own from the main collection, doling out tens of thousands of dollars to anime owners. monkey that originally sold for around $250 and now sells for over $250,000 on marketplaces like OpenSea.

On Thursday, some Bored Ape holders were able to collect hundreds of thousands of dollars in ApeCoin, with a major collector claiming tokens worth more than $20 million on Friday.

ApeCoin’s price returned to around $15 24 hours after its launch, after a rocky start to trading that saw it fall from $39 to $7. The Yuga creator stake would be worth over $1.2 billion at this price, while the ApeCoin launch partner stake is worth $2.1 billion. ApeCoin trading is now prohibited for founders and launch partners, with lockouts taking place in batches over the following 36 months. Currently, only 28% of tokens are available for trading.

ASLO READ: Can Samsung entering Metaverse fix issues with apps and falling stock price?

Nancy J. Allen
Latest posts from Nancy J. Allen (see everything)
Share.

About Author

Comments are closed.