Yuga Labs, which owns the Bored Ape Yacht Club, introduced ApeCoin in 2022 as a crypto token to enhance gaming and commerce within the BAYC ecosystem. In June, ApeCoin’s decentralized autonomous organization came under fire for its leadership board reportedly receiving high monthly payments of up to $75,000 a month, according to some reports. The compensation led community members to sour on the entire BAYC ecosystem.
Source: Why Bored Ape cartoon monkey NFTs crashed to a 2-year low this week