Board Ape & Axie Infinity Make Waves with 11% Market Cap Unlock

Yuga Labs founders will get $3.2M in APE tokens, while Axie Infinity’s team will secure $27.8M.
Board Ape & Axie Infinity Make Waves with 11% Market Cap Unlock

Two major players in the NFT and metaverse realm are making noteworthy strides. The highly regarded NFT collection known as the Bored Ape Yacht Club (BAYC) and Axie Infinity, an NFT-centric online video game, have both announced plans to release over 10% of their current market capitalization in tokens.

In line with Bored Ape Yacht Club’s (BAYC) token unlock strategy, they will unlock tokens amounting to 11% of ApeCoin’s present holding. On 16 September, a total of 212 million APE tokens, valued at $58.5 million, will be made available. Notably, the current APE tokens market cap is present at $530 million.

It’s worth noting, that the launch’s collaborative partners, which encompass M&M and the AC Milan football club, are anticipated to jointly obtain $40.9 million APE tokens, corresponding to a value of $38 million.

Furthermore, the founders of Yuga Labs, namely Greg Solnal and Wylie Aronow, are set to receive APE tokens amounting to a total valuation of $3.2 million. Addressing the distribution of APE tokens, the Ape’s DAO Treasury is poised to secure $10.6 million in APE, while Yoga Labs will be granted $6 million. 

Similar to BAYC’s plan of actions, the prominent player in the Metaverse scene, Axie Infinity, has its own plans to unlock tokens. These tokens, equating to 11.2% of its current $631 million market cap, are scheduled to be unleashed in the month following BAYC’s initiative. This strategic move will involve the release of 14.8 million AXS tokens, amounting to a total value of $71 million, and is set for October. 

As a consequence of this decision, Axie’s team will receive a substantial sum of $27.8 million. In addition, both the Staking rewards and the Play-To-Earn mechanism will each be allocated $16 million. 

Also Read: BAYC Creator Yuga Labs is Sunsetting Support for OpenSea

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