Yuga Labs took $450M in Mar 2022 at $4B led by a16z, right at the BAYC peak. APE was issued by the 'ApeCoin DAO' that was conveniently arms-length from Yuga, everyone bought because of Yuga anyway. BAYC floor crashed from 150 ETH to single-digit, Otherside metaverse never got built, governance turned into drama. APE became exactly what 'governance token' ends up meaning..