What is ApeCoin APE and How Do I Use It?

Yuga Labs claims zero responsibility for ApeCoin – it’s just taking a significant chunk of the profits. A carefully coordinated marketing campaign takes great pains to distance the new token from Yuga Labs, but the firm that created the Bored Ape NFTs appears to be deeply involved. While this can seem like a lot for a digital avatar, investing in a BAYC NFT has been lucrative thanks, in part, to the launch of ApeCoin.

Yuga Labs, the creator of the popular Bored Ape Yacht Club NFT collections, has also adopted APE as the primary token for all new products and services. ApeCoin has some actual utility within the APE ecosystem, https://xcritical.com/ so it’s more than just a speculative “meme coin”. However, its price is prone to dramatic fluctuations like many other cryptocurrencies, so as always it’s important to do your homework before investing.

The Otherside Metaverse

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. what is apecoin Zoltan is a writer at Forkast with a deep passion for storytelling and blockchain. Prior to joining the team, he worked as a marketing and content writer, focused on software and technology.

The MAYC was also a means to welcome more new members to the APE community. This is why 10,000 mutant Apes were also minted for a public sale in August 2021 following the mutant serum airdrop. Airdropped to the original BAYC NFT holders, with three tiers of serums that added to the rarity of traits.

Designed identically to any other Web3 coin, ApeCoin can be used for payments. ApeCoin is technically acceptable by most merchants because it is a pervasive ERC-20 token. The coin is also already in use as NFT rewards, and holders with the BAYC receive free APE that they can immediately cash. Depending on your mood and choice, you can choose these apes down to the tiniest details. Investors across the world have put their money into these artworks and the buyers include the likes of Justin Bieber and Eminem.

How do you use ApeCoin?

With use cases spanning from decentralized payments to land sales on metaverse, the company has a range of supportive components in place. As the APE ecosystem grows, ApeCoin earns more value than can be realistically expected. With ApeCoin set to be integrated with the upcoming metaverse Otherside, which could make it a high-in-demand metaverse coin this year. This will make ApeCoin a transaction token on metaverse marketplaces. If the Metaverse incorporates P2E elements, it might also be used for rewarding players.

Yuga Labs is getting 150 million APE, 10 million of which (“or equal value”) will go to the Jane Goodall Legacy Foundation. Next, 140 million APE goes to “the companies and people that helped make this project a reality” – an as yet unnamed group that most likely includes members of the Yuga Labs team. All these coins are “locked” for the first 12 months, so holders can’t just cash out and tank the price. Additional upside of ApeCoin may be limited by the future expiration of the lock-up provisions on the tokens granted to contributors.

Predictions for Blockchain in 2023

Following that, 4.167 million tokens will be unlocked every month for 36 months. Apecoin.com/)A leaked pitch deck from Yuga laps reveals the company’s future plans. The token will be used as in-game currency to buy items and give exclusive access to BAYC merchandise. The cryptocurrency provides access to some parts of the ecosystem which are otherwise unavailable.

The Bored Ape Yacht Club is living up to its name, as it is an exclusive club indeed. Since their first minting at a price of 0.08 ETH in April 2021, BAYC NFTs have reached a floor price of more than 100 ETH. ApeCoin bears the Bored Ape logo and the ApeCoin airdrop was received by owners of a Bored Ape or Mutant Ape NFT, two NFT collections that belong to the Bored Ape Yacht Club . The former is the world’s most valuable NFT collection, as it has recently overtaken the famous CryptoPunks .

Bored Ape Yacht Club’s ApeCoin Surges 90% on Second Day of Trading

However, at the time of this writing, the lion’s share of the liquidity seems to be on the Binance exchange and it’s centered in both APE/USDT and APE/BUSD pairs. As mentioned above, APE is already listed and trading on some of the major exchanges such as Binance, Coinbase, FTX, Huobi, KuCoin, Bybit, Kraken, and so forth. APE Coin has finally become a reality and was airdropped to BAYC NFT holders. According to the website, ApeCoin wants to implement specific changes and governance, and access to all users.

The Ape Foundation „provides an infrastructure for ApeCoin holders to collaborate through open and permissionless governance processes.” „The possibilities for blockchain’s impact on culture are so endless that they can’t possibly all be predicted yet,” information read on the ApeCoin website. There is not enough prediction information for ApeCoin for a reason, ApeCoin expands to a broader market than most cryptos. They will have the freedom to resell them whenever they wish and want. According to reports, members of the Bored Ape Yacht Club NFT collection are highly involved in the new crypto in town. APE is poised to be deeply integrated with Yuga Labs’ metaverse project, Otherside, where it could be used for any transaction within the environment.

ApeCoin in crypto revolves largely around improvements in the metaverse for event hosting and creation of digital products. The functionalities for serving as decentralized protocols can empower new innovations in the web3 landscape. Bored Apes seems like a fun brand, and if any NFT project tokens are going to have lasting value, it may well be Yuga Labs’.

ApeCoin’s Tokenomics

ApeCoin took the NFT industry by storm in March of 2022 and has been on a wild ride ever since. The project continues to roll out additional utilities for APE holders in a digital world inspired by Bored Ape Yacht Club NFTs. To buy ApeCoin, you log in to your account in your browser or in your app. When you are satisfied with the rate of the cryptocurrency, you click on the crypto you want and hit the “Buy” button.

• Their role is to ensure the implementation of decisions made by the ApeDAO, which is governed by holders of the APE token.
• It’s also used by a number of developers outside of the APE ecosystem, such as play-to-earn game Benji Bananas by Animoca Brands, which uses ApeCoin to incentivize and reward players.
• This is due in large part to the sales of the Bored Ape Yacht Club NFT collection totalling over US$1 billion.
• The final 8% tranche of ApeCoin was distributed to the quartet of founders behind Yuga Labs and BAYC.
• The ApeCoin DAO also includes a Board, which provides oversight of the Foundation administrators at the behest of the ApeCoin DAO members.

Since the ApeCoin DAO came into being in April 2021, the BAYC has been among the top nonfungible token collections with a vibrant community. According to the ApeCoin website and accompanying press materials, ApeCoin is being launched by ApeCoin DAO, a new governing body in which all APE holders are members. It’s meant to field proposals from the community, which token holders can then vote on. ApeCoin may also gain from wider adoption in the metaverse and daily transactions. Blockchain game company Animoca Brands announced in March that it will adopt the token for a new project being developed with BAYC.

ApeCoin

Solano and Aronow brought in two friends of theirs, No Sass and Emperor Tomato Ketchup, programmers who could handle the blockchain coding. A Bored or Mutant Ape, you’ll get bonus tokens for holding the dog NFT. Each NFT draws its own allocation of tokens, so if you own a bunch, your token rewards will stack. Bored Ape Kennel Club is a collection of dog NFTs that were made available to every single member of the BAYC. For each Bored Ape NFT they own, holders could “adopt” a random Club Dog NFT for free, only paying a gas fee. Like the Apes, the 10,000 BAKC NFTs have various attributes and rarities.

If you do not have a LiteBit account yet, you can easily create one, for free. After that, you can instantly verify your identity with a valid passport or ID card. With the LiteBit app, you can trade anytime, anywhere with instant access to your portfolio.

Bored Ape Yacht Club has become one of the most popular NFT collections. BAYC is well-known for having a vibrant and active community of supporters. As explained above, governance is one of the main purposes behind APE as it allows holders to participate in the DAO. As mentioned above, APE is an ERC-20 token that serves the purposes of governance, but it also brings utilities when used within the APE ecosystem. The Ape Foundation manages and oversees ApeCoin DAO, the new crypto project in the market.

If the price holds, and traders outside the Bored Ape Yacht Club ecosystem start taking positions in APE, you can expect the use cases to, uh, evolve. Right now, ApeCoin mostly exists for speculation and “governance” for the DAO. Again, Yuga Labs claims zero responsibility for ApeCoin – it’s just taking a significant chunk of the profits. 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. So, in addition to the ApeCoin protocol , there’s the ApeCoin DAO, the Ape Foundation and the ApeCoin DAO board.

ApeCoin is a token that is made to support this new era of culture, controlled and built by the community. It serves as a decentralized protocol layer for community-led initiatives that drive culture forward into the metaverse. It allows holders to participate in the ApeCoin DAO as a governance token.