ApeCoin (APE), the governance token associated with the popular NFT project – Bored Ape Yacht Club (BAYC), made quite a lot of investors rich.
According to a recent tweet, Founder and CEO of Accelerate Financial Technologies, Julian Klymochko, made an annual return of 270,000% after minting BAYC NFT one year ago.
The exec’s one-fifth annual returns came from the recent ApeCoin governance token that has been on a tear this month.
His Canadian firm, Accelerate, earlier launched Accelerate NFT Fund LP (“Accelerate NFT Fund”), the first Web3 investment vehicle in Canada, during which he stated,
“Over the coming years, Web3, the next era of the internet, will become a more prevalent aspect of our everyday lives. NFTs, or non-fungible tokens, allow users to not just participate in, but to own Web3. We believe that the most popular NFT collections may become the Googles, Amazons, and Facebooks of Web3.”
Klymochko has been a very vocal proponent of the space. In February this year, the CEO said, “NFTs are another step in the human race’s movement from the physical toward a digital reality.”
The hype-driven volatility has managed to sway APE’s price to a new high above $17 this week.
For the uninitiated, APE was released by a decentralized autonomous organization called ApeCoin DAO. Even as the DAO is a separate entity from Bored Ape Yacht Club creator Yuga Labs, APE has witnessed adoption as the primary token for the NFT ecosystem, in addition to the upcoming Yuga products and services.
The latest surge in APE’s price may be attributed to the rumor that the owners of Bored Ape Yacht Club (BAYC) and Mutant Ape Yacht Club (MAYC) NFTs could receive virtual lands on the Yuga Labs’ upcoming “Otherside” metaverse via a Dutch auction. As a result, the token saw a rebound after falling amidst a broader market meltdown from the recently achieved ATH.
BAYC has strengthened its position as one of the top NFT collections. According to Dapp Radar, it stood at $1.41 billion in total volume traded at the time of writing.
With the massive hype around NFTs, several celebrities have and are still joining the club in droves, such as late-night TV host Jimmy Fallon, American Rapper Post Malone, NBA star Steph Curry, Accpopular YouTuber Logan Paul, NBA Legend Shaquille O’Neal, among others.