ApeCoin is the result of a long time spent with the community of BAYC and Mutant Ape Yatch Club (MAYC) – 2 of the most popular NFT collections on the Ethereum ecosystem. That was a job done by ApeCoin DAO, which is a new DAO (decentralized autonomous organization). This was created with the sole purpose of governing the token and its development, in combination with the roadmap or future of the token. As per the main announcements and the website of ApeCoin, the token can be used for payments and transactions.
The coin is designed to be used as a medium of exchange on the APE network, which is an online marketplace that allows users to buy and sell items using the coin. In addition to being used as a currency, the coin can also be used to purchase goods and services on the site. APE is a utility token that allows users to access the services offered by the APE project.
So while APE will be used as the primary token within the BAYC crypto ecosystem, it can also be used with other Yuga Labs-related projects. Launched in March 2022, APE is an ERC-20 token utilized for ecosystem governance, utility, and a variety of benefits only accessible to APE crypto holders. Back in September, a developer launched a cryptocurrency called “Adventure Gold” (AGLD) as a companion to an ascendant NFT collection called Loot.
- These canines have their own variable traits, and could only be “adopted” within a week of launch.
- The hottest topic in the cryptocurrency world is now full of one topic and that is ApeCoin (APE) and its new release.
- DappRadar data shows that 532 wallets possess over two Bored Apes, and at least five wallets possess over 50 Bored Apes.
- Here’s a detailed breakdown of ApeCoin’s tokenomics and its vesting schedule.
- For 25 ApeCoins, you can buy a Benji Bananas Membership Pass, which lets you earn “special tokens” in-game.
“Sotheby’s representations that the undisclosed buyer was a ‘traditional’ collector had misleadingly created the impression that the market for BAYC NFTs had crossed over to a mainstream audience,” the lawsuit claimed. Lawsuit plaintiffs say that harmed investors bought the NFTs “with a reasonable expectation of profit from owning them.” The ApeCoin is a part of the ApeCoin Decentralised Autonomous Organisation which has Yat Siu, Amy Wu, Maaria Bajwa, Dean Steinbeck and Alexis Ohanian managing the development of the DAO for 6 months. After the 6 months tenure, holders of the ApeCoin can then use their governance ability to select the next set of managers for 1 year. Ape token was airdropped to Bored Ape Yacht Club (BAYT) NFT holders on the 16th of March, 2020.
Background of ApeCoin
The new projects will also adopt ApeCoin for relevant financial procedures. This ensures mutuality as the projects progress with the ApeCoin https://www.xcritical.in/blog/what-is-apecoin-ape/ token and the ApeCoin ecosystem. You can trade ApeCoin on Binance, Coinbase, Kucoin, and other top-tier centralized exchanges.
Prices fluctuate, but individual pieces in the series sell for a minimum of $130,000 as of this writing, with a ceiling well above $1 million. Airdropping tokens is a common marketing tactic to get new blockchain projects into people’s wallets. This attracts public scrutiny and triggers the FOMO instinct—fear of missing out. After all, we have seen multiple times how token appreciation can mint millionaires overnight based on wild price swings.
For these reasons, ApeCoin is seen as a relevant token that should be added to your wallets once it is available on more exchanges. Prior to the launch of the token, the BAYC Collection witnessed a fall in price from an average of $317,000 to $220,000. Other collections like the Mutant Ape Yacht Club and the Kennel NFT also witnessed some price changes before and after the launch. According to Rohan Grey, a law professor at Willamette University and crypto regulation observer, the distinction between ApeCoin DAO and Yuga Labs probably also has to do with something called the Hinman Test.
While the coin is still in its infancy, there is a lot of potential for it to grow in popularity. The main reason for this is because it is based on the blockchain technology, which is the same technology that is used by Bitcoin. APE can be bought from exchanges like Kucoin and Uniswap, Coinbase, Binance, eToro, Kraken, Gemini, OKX, FTX, Coinex, Huobi, Voyager, Bybit, Gate.io, SushiSwap. First, you need to buy ETH from Coinbase and transfer it to any of the exchanges mentioned above.
With its roadmap and plans for the future, ApeCoin is one to watch out for. This gave the launch and airdrop event of ApeCoin more publicity and fame, as the community behind these NFTs became instantly involved in the project and coin. ApeCoin is heavily linked to two popular NFT collections by YugaLabs, Bored Ape Yacht Club (BAYC) and Mutant Ape Yacht Club (MAYC).Both of these NFT collections are some of the largest on the Ethereum Blockchain. The average sale price of a Bored Ape (BAYC) NFT is $285,000 as of writing this article. Celebrity names such as Justin Bieber and Eminem are Bored Ape Yacht Club NFT owners. In addition to governance, ApeCoin has also been designed for utility where the token can be used for transactions and payments within Web3 applications.
APE Foundation IP
In the future, they plan to add support for additional asset types, such as real-world assets and fiat currencies. They also hope to make the system even more user-friendly and easy to use. It provides a much-needed solution for investing in NFTs and has a strong community behind it.
By this, ApeCoin will be used for in-game NFT purchases and to pay for certain privileges and character improvements. To raise funds for the development of its metaverse project – Otherside, Yugalabs auctioned deeds for genesis Otherside lands in ApeCoin. The auction program accepts ApeCoin from NFT and metaverse enthusiasts in exchange for Otherdeeds. The Otherside metaverse is an ordinary, bright, and diverse landscape.
The ApeCoin community essentially governs itself through the ApeCoin DAO. The team behind the project has implemented a number of security measures, such as two-factor authentication and a secure wallet. The main advantage of APEcoin is that it is backed by real assets, which are the ape population. This means https://www.xcritical.in/ that the value of APEcoin is directly linked to the number of apes in the world. There are a limited number of apes in the world, so the value of APEcoin should theoretically go up as the number of apes decreases. The ApeCoin blockchain is powered by the ApeCoin Protocol, a fork of the Bitcoin protocol.
PoW is a type of algorithm that requires users to put in work or computational power to validate transactions and add blocks to the blockchain. The ApeCoin network incentivizes users to validate transactions by rewarding them with APE tokens. The ApeCoin team’s goal was to create a system that would be able to track and manage digital assets more securely and efficiently than any other existing system. To achieve this, they designed ApeCoin to be highly scalable and extremely fast.