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ApeCoin is an ERC-20 governance and utility token that serves a variety of functions within the APE ecosystem, which is made up of individual token holders and the products and services utilizing the token. It’s affiliated with a non-fungible token project known as the Bored Ape Yacht Club , a massively successful and valuable collection launched by Web3 company Yuga Labs. ApeCoin’s primary use is as a governance and utility token within the APE ecosystem. It allows holders to participate in DAO governance votes while also offering access to members-only features of the ecosystem like games, events and other services.
APE token holders take governance decisions collectively, casting their votes and deciding on issues like allocation of funds, framing of rules, partnerships, project selection and more. The ApeCoin Foundation implements the governance decisions taken by the community. Of the total supply, 15% of tokens were made immediately available to the BAYC and MAYC NFT holders upon launch, and 47% of tokens went to the DAO treasury.
How to buy APE?
However, unlike Dogecoin or Shiba Inu, ApeCoin might actually provide some real utility and be here for the long haul. Right now, ApeCoin mostly exists for speculation and “governance” for the DAO. Yuga Labs is also responsible for all the major projects and acquisitions surrounding the Bored Ape Yacht Club. If you want to do anything with Bored Ape IP, you’ll have to go through Yuga Labs. The main company behind the Bored Ape Yacht Club is Yuga Labs, a traditional corporate entity registered in Delaware. It’s reportedly in talks with the venture capital firm Andreessen Horowitz about funding that would value it at $5 billion, and it has recently made moves to become, effectively, the first major NFT monopoly.
The Apecoin DAO, the project’s decentralized autonomous organization, exists to make various ecosystem decisions on fund allocation, governance rules, projects and partnerships, among other responsibilities. As mentioned before, APE token holders are eligible to be DAO members, and are thus able to vote on proposals. For investors, ApeCoin provides investment exposure to the Web3 ecosystem built on the Bored Ape brand. Almost every major centralized crypto exchange listed the token immediately after launch. This was an accomplishment in and of itself, given the notoriously finicky nature of major players like Coinbase . After just one day of trading, ApeCoin had a market capitalization of almost $2 billion; one APE is currently worth about $14 and the total supply of tokens is capped at one billion .
How to buy ApeCoin?
ApeCoin allows all holders to participate in the DAO , giving them the opportunity to vote and have a voice on community led proposals that can shape the future of the coin and the use of the Ecosystem funds. ApeCoin serves as a decentralized protocol layer specifically designed for community driven initiatives with a main goal to deliver power to the community of APE holders. It allows holders to participate in the ApeCoin DAO as a governance token. APE holders can also access exclusive features of the APE ecosystem, including games, merch, events, and services. Decentralized autonomous organization for all APE token holders to participate in governance decisions.
Bored Ape NFT holders were eligible to claim a share of the ApeCoins that debuted earlier this year as the official cryptocurrency of the BAYC ecosystem. To add to the popularity of these NFT collections, an airdrop to all holders of Bored Ape and Mutant Ape NFTs took place. For each Bored Ape NFT, 10,094 tokens were allocated and for each Mutant Ape NFT, 2042 tokens were allocated. The tokens follow a concept known as “locked tokens”, which will limit the distribution of the coins to prevent mass sell offs, or dumping, and disrupt the price of the token.
What Is ApeCoin (APE)?
The APE Board comprises five members from the technology and crypto community. As an NFT basket of up to 20,000 mutated versions of the BAYC Apes, the MAYC helps onboard new members to the Ape community. what is apecoin Original BAYC NFT holders were handed 10,000 mutant serums in three tiers via airdrop to add the rarity of traits. However, the use of ApeCoin is not limited to projects developed by Yuga Labs.
- That being said, each of these developments will be relevant to ApeCoin’s expanded utility.
- In addition to its use in network governance, APE is meant to be used as a utility token—or currency—in web3 projects like games and metaverse worlds.
- In June 2022, the price of an APE unit was approximately 4.54 USD, subject to market variations.
- Currently, this asset is on the Ethereum blockchain, and will remain so for the foreseeable future, after the Apecoin community voted in favor of remaining earlier in 2022.
- They can be used for transactions, have created new markets, and may have more use cases in the future.
- On 21 April at $17.31, following the announcement that ApeCoin was cooperating with the OliveXFitness Metaverse to grant APE token holders special access to the metaverse’s move-to-earn Dustland games.
The main difference between buying Bitcoin or Ethereum and ApeCoin is that the latter is not supported by all leading cryptocurrency exchanges. You can purchase Ape with credit card, cash or in exchange for other cryptocurrencies on the Huobi exchange. The ApeCoin price page is just one in Crypto.com Price Index that features price history, price ticker, market cap, and live charts for the top cryptocurrencies. The DAO itself, on the other hand, exists to deliver power to the community of APE holders.
More about ApeCoin
The products and services listed on this website are not available to US residents. The products and services listed on this website are not available in this location. Other members include BAYC and MAYC NFT holders, other companies and individuals that actively contributed to the ecosystem’s creation, and the individual founders of BAYC. RJ Fulton is a writer who covers all things related to cryptocurrencies and electric vehicles. He believes these two industries have the potential to eliminate many of the problems our world faces today. RJ keeps track of all new developments and loves making the complex easy to understand.
Fortnite is just one example of how businesses are using metaverses to engage with customers and create new sales opportunities. As more companies start to explore the possibilities of the metaverse, we are likely to see even more innovative uses for this technology. APE then stooped to a 90-day low of $2.63 on 14 November following the collapse of the FTX exchange, but managed to recover to $4.54 on 11 December before sinking to a low of $3.27 on 17 December. APE closed the year at $3.64 and rallied in the New Year, breaking past $5 on 10 January and trading at around $4.85 the following day. On 10 April at $12.27, after the Bored & Hungry restaurant in California became the first catering establishment to accept payments in ether and apecoin .
What is APE Coin?
ApeCoin crypto and its tokenomics, alongside its significance in the evolving NFT landscape. Dive into the world of cryptocurrency and NFT philanthropy with our in-depth reports and guides. The Otherside of NFTs Otherdeed travels into the metaverse, STEPN steps into Ethereum, GameStop launches NFT marketplace and MORE in this week’s NFT update. During these bleak times, various NFT and GameFi projects continue to buidl, despite the immense pressure coming from traditional institutions. Following the enormous success of BAYC NFTs and the demand that accompanied them, Yugalabs introduced the Mutant Apes as a variant of the BAYC. In addition to the 10,000 BAYC NFTs, Yugalabs released 20,000 MAYC NFT collectibles.
How does ApeCoin work?
8% of the tokens have been set aside for the four founders of Yuga Labs and BAYC. ApeCoin follows the concept of locked tokens to prevent Yuga Labs, the founders of BAYC, and other launch contributors from selling their holdings. After this duration, a specific allotment of tokens becomes accessible to them on a monthly basis. Holders of BAYC can claim https://xcritical.com/ 10,094 APE for each NFT they own, while MAYC holders are entitled to 2,042 APE. The remaining part will be released as a component of the DAO’s ecosystem fund. Acclaimed as a creator of the Bored Ape Yacht Club, Yuga Labs serves as a community member in the ApeCoin DAO. They have adopted ApeCoin as their primary token in the projects they undertake.