ApeCoin: Does the coin hold any utility?

economictimes.indiatimes.com:

crypto sector. The NFT sector witnessed a massive growth the previous year: in 2021 alone, the market was valued at $40 billion. This sector has continued to grow this year with new NFT marketplaces getting launched. With this continued growth, what we also saw was a new coin taking the sector by storm — $APE. Remember last year when the likes of Paris Hilton, Neymar Jr, Snoop Dogg, and many other celebrities purchased from Bored Ape Yacht Club (BAYC), which is now one of the most popular NFTs by volume? Well, ApeCoin is the ERC-20 governance and utility token within the APE ecosystem. What this means is that every investor who bought (or will buy a BAYC NFT) would get APE tokens for free. They can cash in or sell whenever they want. Another point to note is that ApeCoin was officially created by ApeCoin DAO and not Yuga Labs, the team behind BAYC. Why does this detail matter? Most likely for regulatory purposes. Cryptocurrencies cannot give off stockish vibes. If they do, then most likely the Securities and Exchange Commission (SEC) will come down hard on the token and the company (just like they did with Ripple). We will come back to this point a little later.

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Tokenomics and its use case There are 1 billion APE coins in total and 15% of the token supply is allocated to NFT holders. Additionally, 47% of the total supply will be granted to the DAO treasury, with the amount vesting over the next 48 months. Additionally, Yuga Labs will receive 15%, the founding members of Yuga Labs will receive another 8%, and 14% will be allocated to early contributors