HomeNEWSAnimoca Brand's subsidiary gains approval to set up Ape accelerator

Animoca Brand’s subsidiary gains approval to set up Ape accelerator


Follow us


An Animoca Brands subsidiary identified as Forj has gained approval from ApeCoin DAO to initiate Ape Accelerator. As announced today, the Ape Accelerator is an incubation platform for the Bored Ape Yacht Club (BAYC) community. 

The initiative is sought at incubating and launching projects to strengthen the BAYC ecosystem. Likewise, these projects will be powered by ApeCoin tokens (APE). More so, the ApeCoin DAO committed a certain amount of APE tokens as part of its contribution to the project. It is worth mentioning that the Ape Accelerator surfaced after the idea was submitted and approved through the ApeCoin DAO’s Idea Proposal system (see AIP-209). 

Additionally, Forj through the accelerator intends to engage the ApeCoin community as Initiators, Voters, and Participants. The structure of the program is aimed at reviewing prospective projects by involving community members of the BAYC community. Consequently, Initiators can then apply for the incubation of their projects. However, holders of APE tokens will vote on whether to launch the project or not. Participants can support approved projects for launching by purchasing NFTs and other tokens.

Furthermore, the Ethereum network will host the initial launchpad of the Ape Accelerator. Also, it will feature a tiered structure for participation in accordance with users’ stakes and qualifying NFT. Likewise, Users tier will determine their priority sales, higher purchase limits, and allocation of special NFTs. However, the ApeCoin DAO will determine the tier requirements through a voting process. 

Reactions to the Ape Accelerator Program 

The co-founder and executive chairman of Animoca Brands, Yat Siu reflected on the program. Yat Sui described the program as an innovative approach to leverage the democratic potential of the BAYC and ApeCoin ecosystem. The CEO added that the accelerator program will empower creators and showcase the power of community governance in Web3. More so, Yat Sui added that the firm will be looking forward to the incredible projects that will emerge from this initiative.

In addition, Harry Liu, the CEO of Forj also reacted to the development. The CEO revealed that the firm is excited to have the backing of the ApeCoin DAO community to bring Ape Accelerator to life. Similarly, Harry Liu said the firm will create new opportunities for builders and creators within the Bored Ape Yacht Club ecosystem. Lastly, the CEO emphasized that with Ape Accelerator the firm can empower projects that will achieve the goal.

Read More:

David Idowu
David Idowu
David Idowu is a crypto reporter and trader with wealthy years of experience. He believes that blockchain technology has numerous opportunities that are begging for proper utilization. Away from work, David is either reading about World Politics, History or Tech Innovations.

Most Popular