The Bored Ape Yacht Club has officially introduced ApeCoin ($APE) - described by them as a token for culture, gaming, and commerce used to empower a decentralized community building at the forefront of web3. ApeCoin is owned and operated by the ApeCoin DAO, a decentralized organization where each token holder gets to vote on governance and use of the Ecosystem Fund. Holding ApeCoin is the only requirement for membership in the ApeCoin DAO.