Owners can use it as a governance token to participate in the ApeCoin DAO thanks to this feature. Holders of APEs also get access to the exclusive games, goods, activities, and services that make up the APE ecosystem. ApeCoin is a governance and utility token that grants its holders access to the ApeCoin DAO, a decentralized community of Web3 builders. In addition to participating in ApeCoin governance, token holders can purchase products and services, and pay for in-game assets in play-to-earn games like Benji Bananas by Animoca Brands.
The next crucial advantage you can notice with ApeCoin protocol would refer to the facility of incentives. It is a favorable platform enabling third-party developers to join the ecosystem. Developers can receive incentives for integration of APE in their new games, projects, or other services. ApeCoin is a new addition to the crypto ecosystem and draws many references to the use of non-fungible tokens. APE has been successful in distribution of around 150,000,000 tokens to the BAYC NFT owners in their airdrop mechanism.
The Bored Ape Yacht Club is a digital art collection of 10,000 differentnon-fungible tokens . Each image depicts a cartoon ape in profile, decked out in various colors and traits, with unique facial expressions. The collection was launched in April 2021, with many celebrity owners taking a keen interest and purchasing them. Since its launch, the collection has risen in value by several thousand percent. Aside from that, these NFTs also serve as entry passes to an elite social club.
APE DAO – Decentralized Autonomous Organization for all APE holders to vote on future decisions and fund allocations. Before investing in an ETF, be sure to carefully consider the fund’s objectives, risks, charges, and expenses. Leveraged and Inverse ETFs may not be suitable for long-term investors and may increase What is ApeCoin exposure to volatility through the use of leverage, short sales of securities, derivatives and other complex investment strategies. For those who don’t hold a Bored Ape NFT and didn’t help bring the Bored Apes or ApeCoin to life, the token is currently trading on an array of cryptocurrency exchanges.
Plus, as the ecosystem grows and develops, there will be many ways to use ApeCoin in new projects. At a time when NFTs are still storming the crypto arena, ApeCoin has managed to steal the limelight since its appearance. The ApeCoin DAO is a decentralized organization that allows all APE holders to vote on governance decisions related to the token. The Bored Ape Yacht Club proved to be one of the hottest non-fungible token collections in 2021, solidifying itself as a key leader by market capitalization within the NFT space. However, despite the collection’s wild growth in 2021, the hype hasn’t faded. As the Web3 economy evolves beyond the real world into the metaverse, ApeCoin was built as a decentralized protocol that integrates the culture known to the Bored Ape Yacht Club , into the metaverse experience.
What Is Apecoin And How Can You Get It?
They were illegitimate cryptocurrencies with no practical use or utility. As a result, they have not been taken seriously by many traders and purchasers. In this article, we have put together three meme coins with great potential for massive returns- ApeCoin , FunFair , and Big Eyes . The token price hit a peak of $39.40 before hovering at the $10 mark within 24 hours of the launch. This had a ripple effect on the floor price of the Bored Ape which spiked from 91.9 ETH to 105.9 ETH and Mutant Ape from 20.3 ETH to 23.3 ETH as highlighted by Decrypt on launch day.
Something that the team had hinted at a few months back was the creation of a native cryptocurrency – APE coin – that would power the entire ecosystem. The ApeCoin DAO is a decentralized governance organization where the ApeCoin holders are the members. They can vote on decisions regarding funding allocations, rules, new projects, and more. This puts the power in the hands of the people who believe in ApeCoin and its future. 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.
What Is Apecoin Ape?
Launched in April 2021, Bored Ape Yacht Club features 10,000 unique Apes residing on the Ethereum blockchain. Each of these unique digital collectibles features a different look, style and rarity. The collection showcases algorithmically generated profile pictures of cartoon apes.
For many, something beyond comprehension, but for many cryptocurrency experts, a versatile coin with great growth potential. In the blog below, we will zoom in on the most common questions. It’s validated by ERC-20 and is the utility token for the ApeCoin DAO.
Here’s ApeCoin technical analysis from TradingView, updated in real-time. The Information contained in or provided from or through this website is not intended to be and does not constitute financial advice, investment advice, trading advice, or any other advice. KCT is a membership token that can be used within Konnect World.
My Seeking Alpha marketplace BlockChain Reaction will be launching. I’ll be covering a wide variety of crypto projects, providing my Top Token Ideas, trade alerts, and broad digital asset trends. I have written about BAYC and will continue to do so in that service. The Launch contributors have the most complex lockup schedule with 25,000,000 tokens coming out of lockup every six months from coin launch through the first 18 months. After the first 12 months, the dilution in the token will increase with roughly 560 million tokens coming out of lockup over the following three years. After Bored Ape NFTs became popular, Yuga Labs hired artists, social media managers, Discord community managers, and a CFO.
In addition, now you can use ApeCoin in Animoca Brands’ Benji Bananas game. Apecoin is a decentralized autonomous organization that enables APE holders to participate in administrative decisions. After the DAO members vote on the proposals, they also implement the community-based administrative decisions.
Next Up For Apecoin
Anyone can get an APE, but if you already own a Bored Ape NFT, the coins will be given to you. APE Ecosystemto empower and incentivize decentralized community building at the forefront of web3. It hinges on the idea that ApeCoin DAO is entirely independent from Yuga Labs.
- In late 2021, the popularity of Bored Apes spurred copycat NFT projects to pop up.
- It is a governance and utility token used within the APE ecosystem.
- Therefore, each Ape has its appearance, personality, and rarity.
- APE is managed by the ApeCoin DAO and is backed by the APE Foundation.
- As a decentralized Board, the initial Board members will serve for 6 months before APE holders vote for new Board members on an annual basis.
- Airdrop promotions of BAYC’s new cryptocurrency, ApeCoin, are offered to Bored Ape NFT holders with a 90-day grace period for claiming.
But a carefully coordinated marketing campaign has taken great pains to dissociate ApeCoin from any one conventional corporation. Holders of a Bored Ape NFT were eligible to claim 10,094 tokens, while holders of Mutant Ape were eligible for 2,042 tokens, or a windfall of US$184,620 and US$37,350 respectively at the recent price of US$18.29 per token. Bored Ape Kennel Club NFT owners were not eligible to claim the coin.
How Does Ape Work?
NFT holders were free to cash out their ApeCoin holdings from the first day of trade. The rush to secure windfall gains was cited as one reason for volatility in the token during its trading debut on March 17, which rose from US$1 to close at US$8.52 per token. ApeCoin saw 62% of total minted supply allocated to the community, while 15% of minted supply was airdropped to Bored Ape Yacht Club and Mutant Ape Yacht Club holders. If you’re eager to know more about NFTs, please check outour guide, where you can learn more about the entire NFT space.
As a governance token, it allows its holders to participate in ApeCoin DAO where they can initiate, contribute and vote on ideas that govern the APE ecosystem. The utility derived from holding APE grants users access to exclusive features in the ecosystem such as games, merch, events, etc. Additionally, they can utilize the token as a currency to facilitate transactions within the ecosystem.
How To Buy Apecoin Ape?
Most of that economic activity has been from the sales of more NFTs. There are now complementary NFT projects like Mutant Ape Yacht Club , Bored Ape Kennel Club , and a video game called Otherside that is linked to yet another NFT project called Otherdeed. Otherdeed is a collection of just under 100,000 pieces of NFT property that can be used in the Otherside game. All of this background is necessary to understand the potential investment allure of ApeCoin (APE-USD).
Blockchain game company Animoca Brands announced in March that it will adopt the token for a new project being developed with BAYC. However, the ApeCoin DAO recruited some prominent board members — including Animoca Brands co-founder Yat Siu, FTX’s Amy Wu, and Reddit co-founder Alexis Ohanian — to oversee the DAO and the token’s future development. The initial board will serve for six months, after which DAO members will vote https://xcritical.com/ for new board members annually. Additional upside of ApeCoin may be limited by the future expiration of the lock-up provisions on the tokens granted to contributors. For instance, Yuga Labs received 16% of the token’s total supply, with an initial lock-up of 12 months, meaning that they can’t cash out their tokens for that period. The NFT space had its first breakthrough in 2017 with the launch ofCryptoPunkslaunched.
On its debut trading day, ApeCoin scaled unfathomable heights in the first five minutes itself. ApeCoin APE for delivering something of utility to the community owners. After all, many experts in the domain of crypto and NFTs have pointed out how ApeCoin can deliver favorable advantages. The DAO itself, on the other hand, exists to deliver power to the community of APE holders. Ape Improvement Proposal Processes would allow the DAO members to make decisions on the Ecosystem Fund applications, projects, partnerships, and beyond. 10 million tokens or their equal value will be donated to the Jane Goodall Legacy Foundation with an initial lock-up of 12 months, and 277,777.78 tokens unlocked per month for 36 months after that.
Bored Ape holders were gifted over $100,000 in ApeCoin, while Mutant Ape holders were airdropped around $30,000 of the coin. After claiming, investors could either hold or sell for a profit. Those outside the BAYC ecosystem were able to get their feet wet by buying ApeCoin upon its launch. ApeCoin is a token for culture, gaming, and commerce used to empower a decentralized community building at the forefront of web3. ApeCoin is owned and operated by the ApeCoin DAO, a decentralized organization where APE token holders get to vote on governance and use of the Ecosystem Fund. Mutant Ape NFT holders will benefit most initially, given that they all get a free stash of valuable tokens that they could sell off, anyone can buy APE from popular exchanges.
Additionally, increasing market capitalization indicates a sustainable demand for these exclusive NFTs for the foreseeable future. The BAYC NFT collection and Apecoin are showing promising numbers in terms of trading volume in U.S. dollars and unique wallets for the past several months. From December 2021 to August 2022, the market capitalization for the BAYC collection grew from 114,302.53 ETH to 759,917.38, a 564.8% increase within nine months. There are 100,000 NFTs, making it less exclusive than other collections in the BAYC ecosystem.
The fact that ApeCoin has been issued by a dynamic online community like the Bored Ape Yacht Club has given it streams of takers right from the start. Aficionados of arts, culture, gaming and entertainment are more likely to use the cryptocurrency. A part of this allocation will go toward the primatologist Jane Goodall’s charity foundation.
ApeCoin is managed by the APE Foundation, which facilitates community-led governance via ApeCoin DAO. The APE Foundation decisions around the day-to-day functioning of the DAO and ensures the community’s ideas are heard. Gain access to the exclusive ApeCoin DAO, where you can vote on the DAO’s governance and use of its Ecosystem Fund. Axie Infinity is a blockchain-based trading and battling game that is partially owned and operated by its players. ApeCoin is a utility token born out of the Bored Ape Yacht Club movement.
The APE Foundation created APE to be used within the expanding APE ecosystem. APE is managed by the ApeCoin DAO and is backed by the APE Foundation. The idea for the apes in the Bored Ape Yacht Club came from the history of people in cryptocurrency calling themselves “apes.” Furthermore, 36 investors have invested heavily into Yuga Labs.