What is APE Coin? The Cryptocurrency Behind Bored Ape Yacht Club NFTs

Not to be confused with the Bored Ape NFT’s, investing in ApeCoin the currency is a bet on the ecosystem developed by parent company Yuga Labs, considered by some the Disney of the metaverse. Convert your ApeCoin to another cryptocurrency directly in your wallet or by using a DeFi application. The purpose of this website is solely to display information regarding the products and services available on the Crypto.com App. It is not intended to offer access to any of such products and services. You may obtain access to such products and services on the Crypto.com App. Mutant Ape Yacht Club is a collection of 20,000 Mutant Apes which are created either by introducing a Bored Ape to the Mutant Serum or minting a Mutant Ape during the public sale.

ApeCoin rebounded to over $15 after lows of $6.48 on its first day of trading. 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. 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.

What is ApeCoin used for?

Otherside deeds are available in the Ape ecosysemIn April 2022, Yuga Labs started minting virtual land in its metaverse project Otherside. The sale went viral, and helped raise $320 million within just 45 minutes. APE is poised to be deeply integrated with Yuga Labs’ metaverse project, Otherside, where it could be used for any transaction within the environment. If Otherside eventually incorporates a P2E mechanic, APE could be given as rewards to players.

Apecoin is responsible for administration, book-keeping, project management and other essential tasks within the APE ecosystem, including the successful Bored Ape Yacht Club NFTs. Keep in mind that past performance is no guarantee of future returns and never invest money that you cannot afford to lose. Wallet Investorwas – perhaps surprisingly, given the site’s regular bearishness – positive in terms of an APE price prediction. The site said the token could be worth $9.23 in January 2024 before climbing to just below $27.69 in five years’ time.

• Use the BitPay Card to instantly convert APE to cash online, in-store or at compatible ATMs around the world.
• With the launch of ApeCoin, Yuga Lab further solidifies its position as a powerhouse in the NFT space.
• If you want to do anything with Bored Ape IP, you’ll have to go through Yuga Labs.
• The original BAYC collection was developed by Yuga Labs, a company founded in February 2021 and whose three collections—BAYC, MAYC, and the Bored Ape Kennel Club —helped drive $127 million in revenue that year.
• But, once a user has gained access to ApeStake, staking is as easy as connecting a software wallet and validating a transaction.

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. As such, analysts and algorithm-based forecasters can and do get their predictions wrong. The considerable https://xcritical.com/ risk with APE is that, unlike tokens like Avalanche or Algorand , it’s not tied to a utility of its own. Instead, it relies on the metaverse and BAYC as the primary drivers of ApeCoin price. Additionally, the Ape NFT coin space is very volatile, even more so than the crypto space, so you need to be able to stomach higher levels of risk to invest in APE.

ApeCoin is designed to be used in any number of web3 and metaverse projects, but perhaps the most notable one (which came soon after ApeCoin’s release) was the release of Otherside land NFTs. Unification of spend – APE can be used as a decentralized currency, powered by the Ethereum blockchain. Governance – Holders can participate in the ApeDAO, making decisions about the direction of the community and future incorporations into new ventures.

Use cases for ApeCoin

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. As a governance and utility token, ApeCoin serves multiple purposes in the ecosystem. ApeCoin use cases include enabling holders to participate in the governance of the DAO and enabling them to access exclusive features of the ecosystem, such as games, events, merchandise and services. If you are considering investing in cryptocurrency tokens, we recommend that you always do your own research. Look at the latest market trends, news, technical and fundamental analysis, and expert opinion before making any investment decision.

ApeCoin crypto and its tokenomics, alongside its significance in the evolving NFT landscape. Let’s look at the NFT collections that are related to the APE ecosystem. 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. Easy Crypto wants to make it easy for anyone to get into the crypto market – no matter how much they have to invest. As prefaced above, ApeCoin has been designed with the future in mind.

Where can I buy ApeCoin?

Over the past month or so, I’ve seen Bored Apes painted on jackets in fashion boutiques in Miami, and graffitied on walls in Brooklyn. It seems possible that people will enjoy the major-label Bored Apes virtual band, or make real money off the forthcoming Bored Apes play-to-earn game. But this is a lot of power to grant to the public, and so perhaps it’s understandable that web3 startups are being stingy with it. DAOs are created, but distanced from the core intellectual property. Decentralization becomes a marketing pitch — a forever promise of rewards to come, if you only buy and hold those tokens — but it’s all still centralized where it counts.

First, let’s get the most important piece of information out of the way. Only ever trust information from the official ApeCoin, Yuga Labs, or Bored Ape Yacht Club Twitter accounts. Similarly, only ever stake ApeCoin via ApeStake.io, or with trusted centralized exchanges like Binance that have been confirmed through official ApeCoin channels. These channels include those of prominent blockchain infrastructure company Horizen Labs, which is responsible for the ApeCoin staking system buildout. At its core, ApeCoin is the native token for the BAYC universe, not the Yuga ecosystem.

China NFT platforms expand into Hong Kong in face of compliance risks on mainland

FTX’s Amy Wu, and they’ll serve for six months before APE holders vote for next members on an annual basis. ApeCoin is a new Ethereum token based on the Bored Ape Yacht Club NFT project. Zoltan what is apecoin 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.

However, the use of ApeCoin is not limited to projects developed by Yuga Labs. Animoca Brands’ Benji Bananas is a play-to-earn game in which players can realize their gains in the form of ApeCoin. It is the vision of ApeCoin’s creators that this kind of adoption expands and continues into the future. When the company announced the minting of 55,000 parcels of digital real estate NFTs called “Otherdeeds,” they were priced in APE.

APE is the native currency of the ApeCoin DAO & the Bored Ape Yacht Club. APE tokens are used to participate in the ApeCoin governance system. Simply put, non-fungible means one of a kind, and blockchain technology helps verify this uniqueness in the digital realm. Some of the most popular NFTs are digital art, collectables, and gaming assets. The popularity of NFTs has led to a boom in the metaverse, as businesses are using NFTs to create new experiences and engage with customers in new ways.

A Beginner’s Guide to ApeCoin (APE)

62% was allocated to the ecosystem’s fund and given to BAYC and Mutant Ape Yacht Club NFT holders. A single entity is hoarding 18 trillion SHIB Jan 25, 2023 Whale watching is not only a sport in crypto, but a legitimate strategy to get a better grasp on how or why the market is moving in a certain direction. We have done a little bit of work for you, and found something very interesting about an entity controlling a vast amount of Shiba Inu tokens. Perhaps Yuga Labs will succeed in creating successful online games, in which ApeCoin would be needed to obtain valuable items.

Major cryptocurrencies like Binance Coin and Solana are down as the FTX contagion continues, this time with the bankruptcy of BlockFi early this morning. It’s no surprise that BlockFi is filing for bankruptcy after freezing withdrawals on Nov. 10 following FTX’s bankruptcy. FTX had provided the company with funds to stay afloat this summer and it’s not clear what the link between the two has been since then. The ApeCoin move is continued speculation on the token’s value ahead of staking. Investors learned late last week that staking would soon be available for holders, but will be «geo-fenced,» or blocked, in the U.S., Canada, North Korea, Syria, Iran, Cuba, and Russia.

There’s something off about ApeCoin

Animoca Brands and Yuga Labs have teased a Bored Ape secret project that would be powered by ApeCoin. The token originated from the Bored Ape Yacht Club , an NFT series from Web3 company Yuga Labs. The collection features 10,000 unique cartoon ape drawings, each with a distinct look and style, with ownership of each verified on the blockchain. BAYC has been one of the most successful NFT projects to date, enjoying viral popularity including famous owners like Jimmy Fallon and Eminem. 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.

You must notice that ApeCoin works in accordance with the ERC-20 token standards. The token serves the functions of a utility and governance token for use within the APE ecosystem. ApeCoin does not offer any facility for creating more tokens or capacity for burning tokens, thereby ensuring a constant supply in its tokenomics.

A further 15% was distributed to Yuga Labs, and 14% was reserved for investors and contributors to the project. The four founders of Yuga Labs and the BAYC were given 8% of all APE tokens. Finally, 1% was donated to the Jane Goodall Legacy Foundation to aid in its efforts to promote conservation, educational programs, and research of environmental initiatives.

What Is ApeCoin (APE): Token to Ape Into or Meme Fodder?

Use the BitPay Card to instantly convert APE to cash online, in-store or at compatible ATMs around the world. Buy gift cards for your favorite brands and shops from the app or extension. 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. Original BAYC NFT holders were handed 10,000 mutant serums in three tiers via airdrop to add the rarity of traits.