As of now, BAYC is the most renowned NFT collection on the Ethereum network. The ApeCoin follows the ERC-20 token standard and serves as a utility as well as governance token within the Bored Ape ecosystem. As a utility token, it helps in purchasing goods and services according to your requirements. Many people have been wondering about the question of “is ApeCoin a good investment” to find out its credibility. The founder of ApeCoin is Yuga Labs, the team behind BAYC NFT collections. ApeCoin or $APE has evolved as a favorable token for commerce, culture, and gaming to empower the decentralized community.

• In addition to governance, ApeCoin has also been designed for utility where the token can be used for transactions and payments within Web3 applications.
• Right now, ApeCoin mostly exists for speculation and “governance” for the DAO.
• ApeCoin DAO members vote as a community on issues impacting the direction of the ecosystem’s growth, from how funds are allocated, how rules are enforced, what partnerships to pursue and which projects to undertake.
• The Apecoin DAO, the project’s decentralized autonomous organization, exists to make various ecosystem decisions on fund allocation, governance rules, projects and partnerships, among other responsibilities.
• As APE is a prominent token in the cryptocurrency and metaverse space, several third-party developers incorporate APE into their products.

However, the use of ApeCoin is not limited to projects developed by Yuga Labs. Animoca Brands’ Benji Bananas is a play-to-earn (P2E) 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.

Fastest Growing Decentralized Apps.

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. The ApeCoin ecosystem is made up of individual token holders, as well as a wide range of products and services that are using the cryptocurrency. Chief among its ecosystem members is Yuga Labs itself, which has adopted APE as the primary token for its projects.

Parcels of digital real estate Otherside land NFTs, known as “Otherdeeds”. 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. Because APE has a discrete value and is already trading on major exchanges, claiming these coins is a little like claiming free money. That’s around $150,000 at today’s prices – about half of what you’d need to buy yourself another Bored Ape.

What can APE tokens do?

Also according to ApeCoin DAO, there will be future access to BAYC styled games, services and possible further airdrops. Animoca Brands and Yuga Labs have teased a Bored Ape secret project that would be powered by ApeCoin. Instead, the public relations messaging insists ApeCoin is a product of ApeCoin DAO, a brand new organizational unit governed entirely by token holders. Holding APE makes you a member of the DAO (that’s short for decentralized autonomous organization, a kind of online collective centered around crypto); you don’t even need to own a Bored Ape NFT to join. As APE is a prominent token in the cryptocurrency and metaverse space, several third-party developers incorporate APE into their products. For example, the coin is used as a reward in the popular play-to-earn (P2E) mobile game ‘Benji Bananas’.

ApeCoin has a fixed supply of 1 billion tokens with neither inflation nor any burning mechanism. Forty-seven percent of the token supply is going into the ApeCoin treasury, while 15%, as already mentioned, has been airdropped to NFT holders. The Foundation facilitates decentralized and community-led governance and is designed to become more decentralized over time. There are also 14% https://www.xcritical.com/blog/what-is-apecoin-ape/ to launch contributors that fall under different lockups, and 8% of the tokens will go to the founders of BAYC under a 12-month lock-up and 2,222,222.22 unlocked tokens per month after that. 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.

How To Buy ApeCoin (APE)

Ape Improvement Proposal Processes would allow the DAO members to make decisions on the Ecosystem Fund applications, projects, partnerships, and beyond. 470 million tokens from the same fund are going to DAO treasury and resources where 117,500,000 from these are unlocked at launch and 7,343,750 will unlock monthly for 48 months. It’s built on Ethereum’s ERC-20 token standard, and its address can be found here. The cryptocurrency is traded on some of the biggest exchanges, such as Binance, FTX, Huobi, KuCoin, Bybit, Kraken, and so forth.

The purpose of the ApeCoin DAO is to facilitate and support the community-led proposals and ideas to become a reality for the holders. 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. Simply put, ApeCoin is the native cryptocurrency of the Bored Ape Yacht Club (BAYC) and Mutant Ape Yacht Club (MAYC) ecosystem.

Ethereum Classic

If you do not own BAYC/MAYC NFT, you can buy, store, swap and spend ApeCoin in your BitPay Wallet. Spend your APE or more than a dozen other cryptocurrencies as easily as cash. The BitPay Wallet is a non-custodial crypto wallet meaning you, and only you, control your ApeCoin. In April 2022, Yuga Labs started minting virtual land in its metaverse project Otherside.

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. APE Coin has finally become a reality and was airdropped to BAYC NFT holders. Georgia Weston is one of the most prolific thinkers in the blockchain space. In the past years, she came up with many clever ideas that brought scalability, anonymity and more features to the open blockchains. She has a keen interest in topics like Blockchain, NFTs, Defis, etc., and is currently working with 101 Blockchains as a content writer and customer relationship specialist.

An article on the Core network, a blockchain that uses its unique conesensus system, called Satoshi Plus.

According to Dune Analytics, in the first two weeks after the launch, more than 90% of all eligible addresses had claimed the ApeCoin airdrop. The cryptocurrency https://www.xcritical.com/ provides access to some parts of the ecosystem which are otherwise unavailable. These would include merch, events, games, and so forth – exclusive to holders.