PERPETUAL PRIMATES: TokenWorks’ BAYC Strategy Coin $APESTR Hits All Time High, Sells Second Ape, And Now Holds 28 NFTs!
Kyle
Oct 2
2 min read
TokenWorks NFT Strategy’s perpetual Bored Ape buying machine was in full force on Thursday as the $APESTR token broke a $10 million market cap for the first time and sold its second Ape, all while adding even more primates to its portfolio!
Things have been anything but boring around the swamp since Rhynotic’s TokenWorks launched its perpetual NFT buying machines for Bored Apes, Pudgy Penguins, Meebits, Moonbirds, and CryptoDickButts just 13 days ago.
In that time, TokenWorks’ first contract, PunkStrategy, has hit an all time high of nearly $170 million. The project has launched additional contracts for Squiggles and Toadz, with more in the works. Now, the BAYC contract is running like a well oiled machine, currently holding 28 Bored Apes, while selling two, which resulted in 1.15% of the $APESTR token supply being burned.
Tonight, $APESTR is up 59% on the day, with 1,394 holders.
“Ape into $APESTR and $PNKSTR,” notable BAYC member and crypto whale MachiBigBrother tweeted. “Trillions.”
As more people take notice of these constant NFT bids, collection floors across Web3 are being gobbled up by whales and the Strategy tokens themselves. The NFT Strategy coins are seeing their market caps soar across the board, with the entire strategy ecosystem’s market cap now at $202 million USD.
As the Bored Ape Gazette previously reported, each of these perpetual buying machines runs on a smart contract and is powered by a 10% trading fee, 8% goes to the NFT accumulation pool, 1% to the collection owner as royalties, and 1% to buying and burning $PNKSTR, according to TokenWorks.
Here’s how it works, as users buy strategy tokens, the contract purchases the corresponding NFT once enough fees have accumulated. That NFT is then listed for 1.2× the floor price. When it sells, the proceeds are used to buy back and burn the token supply. No one controls these machines; they simply run in perpetuity.
The Bored Ape Gazette will continue to follow $APESTR and keep you posted on all the strategy tokens. Stay tuned for updates!
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