Forj Gets the Green Light to Launch Ape Accelerator for BAYC Community
The accelerator will serve as a launchpad for third-party projects to thrive in the BAYC ecosystem while increasing ApeCoin's utility.
Here's all you need to know about the Ape Accelerator
Forj, an Animoca Brands subsidiary and Web3 leader, has received ApeCoin DAO's approval to launch Ape Accelerator, an incubation platform for the Bored Ape Yacht Club (BAYC) community.
The Ape Accelerator, proposed and approved via AIP-209, aims to incubate and launch new projects utilizing BAYC IP and ApeCoin ($APE). The initiative will be powered by $APE, where token holders can vote on which third-party projects to be supported. Accepted projects will be featured on the platform and will be required to take payments in $APE as well as provide participants with additional perks.
"We are thrilled to have the support of the ApeCoin DAO community to bring Ape Accelerator to life. Our goal is to create new opportunities for builders and creators within the Bored Ape Yacht Club ecosystem, and with Ape Accelerator we can empower projects that will achieve just that," said Harry Liu, CEO of Forj.
"Ape Accelerator is an innovative approach to leverage the democratic potential of the BAYC and ApeCoin ecosystem, and to empower creators and showcase the power of community governance in Web3. We’re looking forward to the incredible projects that will emerge from this initiative," said Yat Siu, Co-Founder and Executive Chairman of Animoca Brands.
According to Web3 analyst Liam Herbst, this notable effort will help increase $APE's utilization, as $APE will be required regardless of whether people interact with the platform as an Initiator, Voter, or Participant. Projects wishing to submit proposals must pay a certain amount in $APE, while users must stake $APE in order to receive ongoing benefits from accepted projects. Voters of accepted proposals will also receive a portion of the commission from the launchpad sales revenue.
Set for release in 2023, the launchpad will first operate on Ethereum and feature a tiered structure for participation. This depends on users' $APE stakes and NFT holdings as follows:
- Platinum Tier – Hold 10,000 $APE + 1x BAYC NFT.
- Gold Tier – Hold 8,000 $APE + 1x BAYC or MAYC NFT.
- Silver Tier – Hold 6,000 $APE + 1x BAYC, MAYC, BAKC NFT, or Otherdeed of Otherside.
- Bronze Tier – Hold 4,000 $APE + 1x BAYC NFT, MAYC, BAKC NFT, Otherdeed of Otherside, Meebits, or Cryptopunks NFT.
- Friends Tier – Hold 1,000 $APE + 1x of Forj and Animoca ecosystem partners NFTs.
- Public Tier – Any $APE stakers.
Users in a higher tier will enjoy higher purchase limits, priority sales, and better allocations of rare NFTs.
