SWAMP SALES: TokenWorks’ ApeStrategy Coin Buys 15 Bored Apes In 2 Days As Yuga Labs Forgoes Token Royalties To Fund More Primate Purchases!

TokenWorks’ perpetual NFT buying machine continued to make waves around the swamp this week, purchasing 15 Bored Apes worth more than $656,000 USD in just two days, while Yuga Labs announced that it has been, and will continue, forgoing its royalty from the token to buy even more primates!

From the swamp to the Igloo and beyond, Friday was anything but boring after TokenWorks and its founder, Rhynotic, officially launched their fully onchain and autonomous “NFTStrategy” tokens for Bored Apes, Pudgy Penguins, Moonbirds, Meebits, and CryptoDickButts.

In the two days since launch, the project’s ApeStrategy token has been anything but bored. Its token price rose from $50,000 USD to $2.7 million, all while collecting 15 Bored Apes.

Take a closer look at the ApeStrategy’s primates below:

 

As the Bored Ape Gazette previously reported, ApeStrategy, like TokenWorks’ other NFTStrategy coins, is powered by a 10% trading fee, with 8% going towards its NFT accumulation pool, 1% to the collection owner as royalties, and 1% to buying and burning $PNKSTR.

Here’s how it works, as users buy these 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

 

“An automatic mechanism designed to accumulate NFTs, sell them for profits and burn the Perpetual Machine supply,” TokenWorks wrote on its website. “Decentralized and Forever.”

 

As more people get ape-ish on ApeStrategy and TokenWorks’ other perpetual buying machines, Yuga Labs CEO Garga announced that he has chosen to forgo ApeStrategy’s 1% creator royalty and instead redirect those funds toward buying more Apes.

“All of our fees have been going to buy back BAYC since the start, we're not taking any royalties on the contract.”

 

 

The Bored Ape Gazette will continue to follow ApeStrategy and will let you know when it purchases more Apes. Stay tuned for updates!