ApeCoin: What Is the Bored Ape Ethereum Token and Who Gets It?

As stated on the ApeCoin website, the token is intended to serve as a “decentralised protocol layer for community-led initiatives that drive culture forward into the Metaverse”. It’s intended to serve as a decentralized token for various community-led initiatives. Since ApeCoin is an ERC-20 token, it runs on the Ethereum network.

On top of that, the team runs regular security audits to ensure all wallets are secure from malicious actors. People “on the go” in a mobile economy, want to make sure their digital wallets are present, protected, and easy to use. Not all ApeCoin wallets match this quality but YouHodler tries its best to. As noted previously, APE is a governance token, allowing holders to participate in the future development of the protocol and the DAO. The APE token serves as a tool allowing developers to use the ecosystem by incorporating the token in their games, services, and other projects.

How does ApeCoin work

Over the past week before its launch, the token’s price has been up more than 32% and 62% since its launch, according to CoinMarketCap. While ApeCoin will likely not surpass Bitcoin and Ethereum, it is considered a great investment opportunity. Today’sApeCoin price is $3.73 with a 24-hour trading volume of $129,982,537 USD.

What is the ApeCoin ecosystem?

At launch, Yugalabs shared its comprehensive plans regarding the growth of ApeCoin as a governance token and even more as a utility token. By launching ApeCoin, ApeCoin creators established a fertile ground for new projects to grow and adopt a series of infrastructures. The ApeCoin ecosystem will foster young projects through the ApeCoin token. The new projects will also adopt ApeCoin for relevant financial procedures. This ensures mutuality as the projects progress with the ApeCoin token and the ApeCoin ecosystem.

The Ledger series of hardware wallets are extremely popular and recommended by most advanced crypto users. Yuga Labs, the creators of the popular NFT collection Bored Ape Yacht Club , adopted ApeCoin as the main token underpinning products and services. The company also owns the intellectual property rights of two popular NFT projects, CryptoPunks and Meebits. ApeCoin is an Ethereum-based governance and utility token in the APE ecosystem.

10 Best Gold ETFs in India to Invest in March Gold ETFs or Gold Exchange Traded Funds are passively managed funds that track the price of physica… To best serve the ApeCoin DAO, a board of advisors is set up to represent the organisation. The DAO votes for the board, and the board is responsible for implementing and carrying out DAO proposals. 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. Focusing on evolution of Web3 and blockchain technology to facilitate art, entertainment, gaming, and many more possibilities beyond.

Apecoin is a decentralized autonomous organization that enables APE holders to participate in administrative decisions. After the DAO members vote on the proposals, they also implement the community-based administrative decisions. The APE Foundation created APE to be used within the expanding APE ecosystem.

Risk Associated with APE

It is important to remember that price forecasts, especially when they concern a commodity as potentially volatile as crypto, often end up being wrong. Also, it is worth pointing out that many long-term crypto price predictions are made using an algorithm, which means that they can change https://xcritical.com/ at a moment’s notice. In layman’s terms, ApeCoin wallets come in different forms like software and hardware formats. Each wallet behaves a bit differently depending on what you choose but in general, every wallet allows you to access the cryptocurrency you own in a safe, secure manner.

Self-dealing founders and investors; a hype machine in overdrive; and a growing disconnect between the web3 we were promised and the one that’s being traded on the crypto exchanges. And when it does, I wouldn’t be surprised to see that decentralization is its first casualty. Bored Apes seems like a fun brand, and if any NFT project tokens are what is apecoin going to have lasting value, it may well be Yuga Labs’. 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.

Other projects in the APE ecosystem have greatly profited from BAYC’s reputation and status. ApeCoin is designed to give its holders certain advantages and other privileges in the Bored Ape ecosystem, especially when combined with the BAYC, MAYC, or Bored Ape Kennel Club NFTs. Currently, it finds its major use as a governance token, a store of value and a reward token on decentralized gaming applications.

How to buy ApeCoin?

Importantly, ApeCoin’s Board of Directors oversees several projects. Wylie Aronow and Greg Solano started Yuga Labs in 2021, and its main office is in Miami, Florida. The company started selling Bored Ape NFTs in Apr. 2021 with Bored Ape Yacht Club . Despite its fluctuating price and market size, it’s intriguing to see how ApeCoin will be employed in web3.

  • In this new, more innovative staking program, you can stake a cryptocurrency , a digital asset , or both.
  • ApeCoin is a cryptocurrency that is affiliated by Bored Ape Yacht Club , and according to its creators, Yuga Labs, will be the de facto currency that fuels its metaverse economy.
  • More often, the value is correlated to the collective belief that the project’s backers have in it, and both those beliefs and the tokens’ value can be manipulated as part of the startup’s growth.
  • They feature bored-looking apes that could be customized down to the tiniest detail based on the buyer’s taste.
  • ApeCoin’s primary use is as a governance and utility token within the APE ecosystem.
  • Yuga Labs, founded in 2021 and headquartered in Miami, Florida, is a prominent name in NFTs and digital collectibles.
  • One of the most famous web3 projects is the Bored Ape Yacht Club , a collection of whimsical NFTs created by a company called Yuga Labs.

This Board is voted in by the ApeCoin DAO members on an annual basis and is not controlled by Yuga Labs. In April 2022, Yuga Labs started minting virtual land in their Otherside metaverse, using ApeCoin for payment. ApeCoin is used to facilitate all transactions taking place in this virtual world. 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.

How to Buy ApeCoin

On Monday, the DAO enabled its staking mechanism, which seeks to incentivize holders to lock their APE tokens in a smart contract and accrue benefits over time. In addition to tracking price, volume and market capitalisation, CoinGecko tracks community growth, open-source code development, major events and on-chain metrics. As a rule of thumb; do well to carry out your own research before investing in cryptocurrency and NFT projects. And apply caution while interacting with smart contract applications.

Out of all the limelight-stealing NFTs, the Bored Ape Yacht Club and related collections are probably the most prominent. They feature bored-looking apes that could be customized down to the tiniest detail based on the buyer’s taste. These seemingly-ordinary looking artworks attracted extraordinary attention. Some of them even sold for hundreds of thousands of dollars with a customer list, including Justin Bieber, Eminem, Jimmy Fallon, etc. One of the governance and utility tokens that serve the Bored Ape Yacht Club and related communities is ApeCoin .

Is ApeCoin a good investment?

The ApeCoin website says that the fund will be dispersed among an ecosystem fund , Yuga Laboratories (16%), launch contributors (14%), and the founders of Bored Ape Yacht Club (8%). Alternatively, you could purchase ApeCoin on a decentralized exchange by swapping another cryptocurrency for it. As APE is an ERC-20 token, you could swap Ethereum-based stablecoins or ETH on a decentralized exchange like Uniswap for ApeCoin, for example. Moreover, numerous crypto wallets also offer in-app token swapping, enabling you to swap other ERC-20 tokens for APE.

How does ApeCoin work

In total, Yuga Labs generated more than $300 million through the sale—all transacted in 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. The fact that ApeCoin has been issued by a dynamic online community like the Bored Ape Yacht Club has given it streams of takers right from the start.

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Holders of BAYC can claim 10,094 APE for each NFT they own, while MAYC holders are entitled to 2,042 APE. The remaining part will be released as a component of the DAO’s ecosystem fund. The DAO’s decisions are then implemented by the ApeCoin Foundation, which serves as the DAO’s legal representative and supports the growth of the ecosystem in various ways. The Foundation includes a 5-member board made up of luminaries in the world of crypto and tech. The Board is responsible for ensuring the community’s vision is being followed as the ecosystem continues to develop.

It also acts as a tool in which third-party developers can tap into the Ape Ecosystem by incorporating APE into their own projects, games, and services. The ApeCoin is an interesting example of introducing new forms of utility with NFT collections. No one would have ever imagined that the cryptocurrency ApeCoin would become an integral aspect of BAYC NFTs. The Bored Ape community is growing continuously at a favorable rate. As of now, it is important to learn about the ways in which ApeCoin can deliver value to the decentralized web. The next crucial advantage you can notice with ApeCoin protocol would refer to the facility of incentives.

What is an ApeCoin wallet?

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. This is assured in perpetuity by the Ethereum-based smart contract responsible for the cryptocurrency’s creation, which does not allow for minting or burning of tokens. 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.

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