What is ApeCoin APE? How Does It Work? Easy Crypto

The foundation will act as the base layer upon which ApeCoin holders in the ApeCoinDAO can build. Currency Com Limited is a private company limited by shares incorporated in Gibraltar under company number , having its registered address at Madison Building, Midtown, Queensway, GX11 1AA, Gibraltar. The merchant location address is located at Unit 5.25, World Trade Center, 6 Bayside Road, Gibraltar, GX11 1AA. Digital signs (hereinafter referred to as “tokens”) are not legal tender and are not required to be accepted as a means of payment. The network improved its position as it acquired the Meebit and Crypto Punks NFTs’ IP rights from creators Larva Labs in early March 2022.

Consequently, there will never be a situation in which an oversupply of tokens dilutes their value, as with fiat currency. In charge of APE distribution is the ApeCoin DAO, a decentralized autonomous organization. The “metaverse” bit in that equation just means that people can use their MetaMask wallet to import their NFTs.

Before Jun. 15, 2022, both BAYC and MAYC have a 90-day claim period. These are the businesses and individuals who contributed to the success of this project. There are members of the ApeCoin https://xcritical.com/ DAO board, this group committed to improving the APE ecosystem. Furthermore, there will be a six-month term limit for the DAO board members, and fresh members will replace them every year.

Apecoin Whitepaper

ApeToken DAO is a decentralized and community-led governance and is designed to become more decentralized over time. The goal of the APEToken is to steward the growth and development of the APEToken ecosystem in a fair and inclusive way. Is a global cryptocurrency exchange platform that allows you to trade crypto and other assets.

ApeCoin has a fixed total supply of 1 billion APE tokens, which cannot be minted or burned. This means the number of ApeCoins in circulation will never go up or down. Upon its launch in March 2022, the largest share of the supply, 62% , was distributed to the ecosystem fund, of which 150 million went to BAYC/MAYC NFT holders and 470 million went to the DAO treasury and resources. As an Ethereum-based token (ERC-20), ApeCoin is yet to grow to its full potential.

Native Token for Other Projects in the ApeCoin Ecosystem

The ApeCoin Foundation has said it did not hold any assets on FTX, the cryptocurrency derivatives exchange that filed for bankruptcy on 11 November. Lastly, it’s worth mentioning that an attack on the ApeCoin crypto airdrop was detected, and the attacker seized a large sum of tokens via a flash loan, leveraging BAYC NFTs, according to Certik Alert. The ApeCoin website promises that DAO members will vote for future board members. The Ape Foundation is essentially the bedrock upon which ApeCoin holders and ApeCoin DAO members can continue to grow. The primary aim of the Foundation is to promote the equitable development of the APE ecosystem. To add to the popularity of these NFT collections, an airdrop to all holders of Bored Ape and Mutant Ape NFTs took place.

• Its release was only announced a day before the launch, and the token is available on several top-tier exchanges as of March 17, 2022.
• 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.
• Bored Ape Yacht Club owners can now claim the token, which will have utility and governance capabilities—plus other potential benefits.
• For investors, ApeCoin provides investment exposure to the Web3 ecosystem built on the Bored Ape brand.

In turn, greater utility translates to increased token value because it can be used for more things, increasing the demand for the token, which increases its price. Because blockchain tokens are convertible to the dollar, the virtual economies they facilitate are real and dynamic. In contrast, token-like economies such as Roblox are isolated and static. Launched by the Bored Ape Yacht Club development team, ApeCoin will play a prominent role in metaverse environments. The development of ApeCoin was coordinated by multiple parties and is governed by holders of the APE token through the ApeDAO.

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As for the Otherside gameplay itself, not much has yet been revealed , except it will be “immersive and supported by AI and physics.” Otherside aims to be more than just a blockchain game, similar to the mega-popular Axie Infinity. Instead, it is a gamified metaverse platform where users can use their NFTs from other collections as playable avatars.

If you don’t already have an account set up with a cryptocurrency exchange, it only takes a few minutes to get started. ApeCoin is an ERC-20 governance and utility token used within the APE ecosystem to empower a decentralized community building at the forefront of web3. In addition to tracking price, volume and market capitalisation, CoinGecko tracks community growth, open-source code development, major events and on-chain metrics. By distributing 15% of ApeCoin’s total supply to BAYC and MAYC holders; ApeCoin creators hope to give a voice to the same community on which it built an enormous NFT program.

Step 2: Complete KYC and deposit funds in your exchange account

ApeCoin is a utility and governance token that was created to empower the community surrounding the APE ecosystem, which was built on the back of the Bored Ape Yacht Club . Investing in cryptocurrencies, decentralized finance , and other initial coin offerings is highly risky and speculative, and the markets can be extremely volatile. Consult what is apecoin with a qualified professional before making any financial decisions. This article is not a recommendation by Investopedia or the writer to invest in cryptocurrencies nor can the accuracy or timeliness of the information be guaranteed. In addition, APE is adopted by Yuga Labs as the primary token for all new products and services.

The Ledger Nano S is among the most affordable hardware wallets on the market, coming in under $60 for the device. Plus, the Ledger Nano S is a multicurrency wallet, meaning that you can conveniently store thousands of different cryptocurrencies all on the same device. Since ApeCoin is an ERC-20 token, you can easily store it on Ledger along with almost all your other tokens. What’s more, the “Otherside”, a new metaverse projected created by Yuga Labs, is set to launch on April 30th.

“The largest NFT collections by market cap are bleeding; well-established collections down over 20% in ETH terms and even more in USD terms,” tweeted Delphi Digital analysts. The Ape Coin was down 60% over the past 30 days as the crypto turmoil took a heavy toll on the coin-regulating Yuga Labs’ metaverse and the Bored Ape Yacht Club ecosystem. Coinbase is the largest cryptocurrency exchange in the United States.

Why ApeCoin?

Yuga Labs, the creators of the expensive Bored Ape Yacht Club NFT collection, launched the ApeCoin token to fulfill all of those roles, specifically to monetize its Otherside metaverse platform that goes beyond PFP NFTs. They can be exchanged for other tokens used by other blockchain platforms. What if you could take Fortnite’s V-Bucks or Roblox’s Robux and exchange these “virtual currencies” for hard cash?

ApeCoin is billed as a “token for culture, gaming, and commerce used to empower a decentralized community building at the forefront of web3.” What does this mean? The NFT space seems to be experiencing some March Madness of its own. Only days after the Bored Ape Yacht Club acquired CryptoPunks and Meebits, the crew behind the influential project has announced the launch of a new token, ApeCoin ($APE).

As for the fungible token markets, much uncertainty around regulations and war seems to have halted upward movement for now. For the most up-to-date cryptocurrency prices, check out the table below. Yuga Labs has actively developed its community by hosting events and airdropping members of the Bored Ape Yacht Club new NFTs and now tokens worth 10s of thousands of dollars. Other collections under Yuga Labs’ umbrella include Mutant Apes, CryptoPunks, Bored Ape Kennel Club and Meebits. However, only Mutant Apes and Bored apes receive the perks of The Bored Ape Yacht Club.

August 2022: Eminem and Snoop Dogg to perform Bored Ape theme track at MTV VMAs

Yuga Labs was founded in 2021 and created Bored Ape Yacht Club as its 1st NFT collection. The Bored Ape Yacht Club mint began on April 23, 2021, and it sold out in roughly 24 hours. Each ape was sold on the primary market for 0.08 Ether, or around $200 USD.

Incentivization – Developers of new blockchain projects like games or metaverses can incorporate APE into their projects and participate in the Bored Ape ecosystem. Holding APE makes users part of the Ape decentralized autonomous organization , enabling them to vote on system improvement proposals and govern the community surrounding the token. “The Foundation does not control ApeCoin or the ApeCoin DAO,” the website explaining ApeCoin says. So Yuga Labs, Yuga Labs’ founders, and its “launch contributors” together own 370 million tokens, or almost 70 percent, of the 530 million I’ve accounted for here.

After the token hit the market yesterday, it has sincerecordedan $8.4bn trading volume , with the price increasing by 1,400% in the past 24 hours, while APE’s market cap has been standing at around $4.2m. Not all ApeCoins are in circulation; this phenomenon is known as “locked” tokens. Yuga Labs, launch contributors, and BAYC’s founders will not “unlock” their ApeCoin crypto allocations for at least a year, meaning they cannot sell during that time.

Othersideland non-fungible tokens – which allow Bored Ape Yacht Club members access to the play-to-earn gamelaunched recently by Yuga Labs – witnessed a peak in their floor price at ETH6 from ETH2 immediately after the sale. However, there was also a price correction to around ETH4 in the last few hours as some buyers were put off by the high gas fees. Apecoin is a decentralized autonomous organization that enables APE holders to participate in administrative decisions.