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The Bored Ape Yacht Club (BAYC) is a highly popular NFT collection composed of 10,000 unique images of cartoon apes. During the height of the NFT boom in 2021, Bored Ape emerged as one of the most popular NFTs, with rare Apes selling for hundreds of millions what is coin ape of dollars. 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 foundation is also in charge of the Ecosystem Fund, which multi-sig wallet holding APE, which will be used to fund expenses as determined by the DAO members.
- The next 16% (160 million tokens) was distributed to Yuga Labs itself (150 million tokens) and 10 million tokens (or equal value) went to the Jane Goodall Legacy Foundation.
- The Bored Ape Yacht Club has taken the world by storm with its fun and unique collection of non-fungible tokens (NFTs) by storm, with its unique and highly sought-after collection of digital ape avatars.
- However, BAYC has dislodged them from the top spots held for many years, at least, in terms of market capitalisation.
- Overall, 15% of the maximum supply was ready to be claimed by holders on launch day.
- Governance is another significant highlight in the discussions around ApeCoin and its potential.
Where to Store ApeCoin (APE) Safely
The community’s decisions regarding governance are put into action by the ApeCoin Foundation. Governed by the ApeCoin https://www.xcritical.com/ DAO and backed by the APE Foundation, this token lets holders vote on key decisions and unlocks exclusive perks. One of the big names jumping on the ApeCoin bandwagon is Yuga Labs, the genius behind the Bored Ape Yacht Club (BAYC) NFTs. They’ve made APE their go-to token for all new stuff, weaving it into their entire lineup. ApeCoin was created by Yuga Labs, inspired by the Bored Ape Yacht Club project.
Price Performance and Future Projections
The next 16% (160 million tokens) was distributed to Yuga Labs itself (150 million tokens) and 10 million tokens (or equal value) went to the Jane Goodall Legacy Foundation. The entirety of the next 14% (140 million tokens) were paid out to various launch contributors for helping bring the project to life. The final 8% tranche of ApeCoin (80 million tokens) was distributed to the quartet of founders behind Yuga Labs and BAYC. This isn’t to say that memecoins can’t flourish – take Dogecoin as an example – but you should always be aware of what you’re getting into when investing in new tokens like APE that ride high on hype. The NFT art scene’s original projects like CryptoPunks and CryptoKitties are considered the benchmarks of successful NFT brands.
Alternative Ways To Buy ApeCoin
Investors purchase them to speculate on a future increase in value. However, cryptocurrencies are a high-risk asset class, so any investment in this market should be preceded with in-depth research into the cryptocurrency you plan to purchase. The Foundation facilitates decentralized and community-led governance and isdesigned to become more decentralized over time.
How Does ApeCoin (APE) Token Work?
For 25 ApeCoins, you can buy a Benji Bananas Membership Pass, which lets you earn “special tokens” in-game. Sixty-two percent of the total ApeCoins are being set aside for token holders and the DAO treasury. Instead, the public relations messaging insists ApeCoin is a product of ApeCoin DAO, a brand new organizational unit governed entirely by token holders.
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.
APE is also a tool for third-party developers to participate in the APE ecosystem. They can incorporate the token into their services, games, and other projects as incentives. For example, APE is adopted as incentives for players in Benji Bananas, a play-to-earn mobile game developed by Animoca Brands. Benji Bananas offers a Membership Pass (‘Benji Pass’), an NFT that will enable its owners to earn special tokens when playing Benji Bananas, and that will also allow those tokens to be swapped for ApeCoin.
Meanwhile, although BAYC creator Yuga Labs doesn’t control ApeCoin, its founders did receive a significant portion of the total supply of APE and the company is listed as a contributor to the project. You can buy ApeCoin on a number of centralized and decentralized exchanges. However, when you buy crypto from a centralized exchange, you are forfeiting the custody of your private keys. Unfortunately, that also means you are giving up the ownership of your crypto to a centralized entity.
The possibilities for blockchain’s impact on cultureare so endless that they can’t possibly all be predicted yet. APE is a tokenmade to support what’s next, controlled and built on by the community. It willserve as a decentralized protocol layer for community-led initiatives that driveculture forward into the metaverse. The ApeCoin APE cryptocurrency has been launched recently along with the ApeCoin DAO. The basic objective of the ApeCoin DAO revolves around collecting community proposals on which different token holders can extend their votes.
The mechanism is low-cost for every ApeCoin holder and makes votes as transparent as possible. Every owner of a Bored Ape Yacht Club or Mutant Ape Yacht Club NFT was eligible to claim their share of $APE. The companion for these two NFT collections — the Bored Ape Kennel Club (BAKC) NFTs —served as a multiplier for the number of tokens that could be received. The answer lies with the Yuga Lab ecosystem and its token allocation at launch.
Furthermore, ApeCoin is accepted in Animoca Brands’ Benji Bananas game. At present, ApeCoin is ranked 125th in cryptocurrencies by market capitalization. This significant growth was predominantly driven by speculation that the “Otherside” metaverse land sale would be conducted in APE. The Otherside, created by Yuga Labs, is a new NFT metaverse project that launched on the 30th of April at a mint price of 305 APE.
APE was launched by the ApeCoin DAO, a decentralised autonomous organisation (DAO) that acts as a governing body in which all ApeCoin holders are members. The Ape Foundation Board includes Reddit co-founder Alexis Ohanian, Yat Siu of developer and venture capital group Animoca Brands, and FTX investor Amy Wu, among others. Their role is to ensure the implementation of decisions made by the ApeDAO, which is governed by holders of the APE token. With Ledger’s ecosystem, you can buy crypto with the assurance that you have full ownership of your funds.
Finally, make sure to transfer your APE tokens from the exchange to your personal, non-custodial crypto wallet that supports ApeCoin. By securing your tokens in your own wallet as opposed to on an exchange, you can avoid losing your assets in case of an exchange bankruptcy or a hack. ApeCoin (APE) 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 (BAYC). Investing in cryptocurrencies, decentralized finance (DeFi), and other initial coin offerings (ICOs) is highly risky and speculative, and the markets can be extremely volatile.