The discussion about ApeCoin ( APE) was a buzz in the first quarter 2022. This cryptocurrency, which Yuga Labs developed, was adopted as the native currency of Bored Ape Yacht Club. The ApeCoin DAO was created in April 2021. Since then, the BAYC has been a top-ranked non-fungible token (NFT), with a vibrant community.
The BAYC collection features apes who appear bored. These apes can be chosen according to your mood. These artworks have been purchased by investors from all over the globe, including Justin Bieber and Eminem.
ApeCoin, an ERC-20 governance token and utility token of APE ecosystem is managed by a decentralized autonomous organisation or DAO. Any person holding the coin can vote on relevant governance decisions.
Similar: How to create an autonomous decentralized organization and the types of DAOs
Yuga Labs has adopted APE, which also includes CryptoPunks and Meebits . These are two frontline NFT projects.
What is the APE ecosystem?
ApeCoin’s originators might interest you. ApeCoin’s community holders and other products/services that use the cryptocurrency together make up the APE ecosystem. Yuga Labs, was founded 2021 and is based in Miami, Florida. It is a well-known name in digital collectibles and NFTs.
Yuga Labs is a community member of the ApeCoin DAO and has been hailed as the creator of Bored Ape Yacht Club. They have adopted ApeCoin to be their primary token for the projects they take on. Let’s get to the bottom of the APE ecosystem by learning about the NFT collections.
Bored Ape Yacht Club was launched in April 2021 and features 10,000 unique Apes that reside on the Ethereum blockchain. Each one of these digital collectibles is unique in its own way. This collection features algorithmically generated profiles of cartoon apes.
Mutant Ape Yacht Club (MAYC)
The MAYC is an NFT basket that contains up to 20,000 mutant versions of the BAYC Apes. It helps to onboard new members of the Ape community. To add rare traits, original BAYC NFT holders received 10,000 mutant serums in three levels via airdrop.
Bored Ape Kennel club (BAKC).
The Bored Ape Kennel Club was launched at 6:00 EST on June 25, 2021. It offers a variety of dog NFTs that are available to all members of the BAYC. Each Bored Ape NFT holder can choose a Club Dog NFT to adopt, and only pay for gas. BAKC NFTs have their own rareties.
Yuga Labs started minting Otherside metaverse land at the end of April 2022. The virtual real estate reached a value of $100,000 in just 45 minutes and raised $320 million. BAYC was the NFT that garnered the highest sales.
What is APE?
APE token holders can collectively make governance decisions, casting their votes and deciding issues such as allocation of funds, rules framing, partnership selection, and project selection. The governance decisions made by the community are implemented by the ApeCoin Foundation.
The ApeCoin Foundation is the legal representative for the DAO and facilitates growth of the ecosystem. The Foundation’s Board is a special body that implements the visions of the community. Five members of the crypto and technology community make up the APE Board. Annually, ApeCoin holders vote to elect the new Board members.
Similar: DAOs and the rise in legal industry impact
What can ApeCoin be used to do?
ApeCoin is a utility and governance token that serves multiple purposes within the ecosystem. ApeCoin’s use cases include allowing holders to participate and enabling them access to exclusive features of this ecosystem such as games and events.
<a href="https://cointelegraph.com/blockchain-for-beginners/what-is-web-3-0-a-beginners-guide-to-the-decentralized-internet-of-the-future#:~:text=Web%203.0%20explained,known%20for%20facilitating%20cryptocurrency%20transactions. ApeCoin is a Web3 coin that can be used to make payments. ApeCoin can technically be accepted by most merchants as it is an ERC-20 token pervasive. Holders of the BAYC get free APE, which they can cash immediately.
ApeCoin is used by third-party developers to participate in the ecosystem. They incorporate the token into various services, games, and projects. The coin is used as an incentive in Animoca Brands’ Benji Bananas mobile game. Players will be able earn tokens and exchange them for ApeCoin.
ApeCoin will be integrated with the forthcoming metaverse Otherside. This could make ApeCoin a highly-in-demand metaverse currency this year. ApeCoin will be a metaverse transaction token. It could also be used to reward players if the Metaverse contains P2E elements.
Tokenomics for ApeCoin
ApeCoin’s total supply is 1 billion tokens. The contract interface prohibits the creation of additional tokens and imposes a limit. There is no burning mechanism so there will be no shortage of tokens. Here is how the tokens are distributed:
62% of tokens are allotted to the ApeCoin community. 15% of the tokens are allocated to BAYC and MAYC holders. BAYC holders can get 10,094 APE per NFT, while MAYC owners are entitled to 2,042APE. The DAO will release the remaining portion as part of its ecosystem fund.
Yuga Labs will receive 16% of the tokens. Part of this allocation will be donated to Jane Goodall, primatologist and charity foundation. 14% of tokens will be given to people who helped launch the ApeCoin protocol.
8% of tokens were reserved for Yuga Labs founders. ApeCoin adheres to the concept of locked tokens in order to stop Yuga Labs founders and other launch contributors selling their holdings. ApeCoin allocations are locked for at most 12 months. They can access a particular allotment of tokens on a monthly basis after this period.
How do I buy ApeCoin
ApeCoin can be purchased on a cryptocurrency exchange. This usually involves a three-step process.
- Sign up: Fill in your email address, phone number, and user name on the sign-up page. After verifying your email ID, the system will prompt you to create a strong password.
- Complete KYC: Many regulatory domains require users to complete Know Your Customer (KYC). Your account will be activated after you upload your ID and any other documents.
- Purchase ApeCoin: Now you can deposit your fiat to purchase as many ApeCoins as you like.
Is ApeCoin worth the investment?
ApeCoin was issued by an active online community such as the Bored Ape Yacht Club, which has brought it many takers from the beginning. The cryptocurrency is more popular with people who are passionate about arts, culture, gaming, and entertainment. Metaverse land sales will <a href="https://cointelegraph.com/explained/how-the-metaverse-could-impact-the-lives-of-kids#:~:text=1.-,What%20is%20the%20Metaverse%3F,can%20carry%20out%20various%20tasks. The coin can also be boosted.
ApeCoin can be purchased for many reasons. The buyers have the option to use APE to pay, receive NFT rewards, and access exclusive features within the APE ecosystem. The coin has an inherent association with NFT-related volatility. You need to be aware of this.
The future is bright
ApeCoin is a shining example of the value of the cryptocurrency, even though NFTs continue to dominate the crypto space. To promote the utility of the coin, the token creators used multiple incentives such as allowing third-party developers to integrate it into their projects and creating an ecosystem fund to support projects that use the coin.
The company is equipped with a variety of support components, including use cases that range from decentralized payments to land sale on metaverse. ApeCoin is gaining more value as the APE ecosystem expands.