ApeCoin: The new hot crypto explained


With that period now over, rewards for staked $APE are now live and accruing, and all ApeCoin or BAYC NFT holders can join in on staking. Unfortunately, due to regulatory concerns, ApeStake is not available to residents of the United States, Canada, North Korea, and more . After an initial 6-month term, DAO members will vote annually to keep existing or appoint new Board members. The goal is for the Foundation to become more decentralised over time.

What is ApeCoin used for

Provides holders with access to certain parts of the ecosystem that are unavailable to others, such as exclusive games, merchandise, events and services. Anyone holding the coin can vote on the relevant governance decisions. At launch, the total market value of ApeCoin was immediately over a billion dollars. It hasn’t left the top 100 and even climbed to around #35 at the time of writing , even though the price in dollar terms has dropped in the bear market. But more than just the high prices, BAYC has managed to fulfill its promise of creating a thriving community that is posed to be a major player in entertainment and culture for years to come.

NFT — Non-Fungible Token

Chief among its ecosystem members is Yuga Labs itself, which has adopted APE as the primary token for its projects. As an ERC-20 governance and utility token of the APE ecosystem, ApeCoin is administered by a decentralized autonomous organization, or DAO. Anyone holding the coin is allowed to cast their vote on the relevant governance decisions. Of the total supply, 15% of tokens were made immediately available to the BAYC and MAYC NFT holders upon launch, and 47% of tokens went to the DAO treasury.

Focusing on evolution of Web3 and blockchain technology to facilitate art, entertainment, gaming, and many more possibilities beyond. ApeCoin can be used and traded on both AVAX and BSC using decentralized exchanges on both these blockchains. The purpose of the ApeCoin DAO is to facilitate and support the community-led proposals and ideas to become a reality for the holders. SourceAPE was launched by the ApeCoin DAO, a decentralised autonomous organisation that acts as a governing body in which all ApeCoin holders are members. ApeCoin’s supply is fixed at 1 billion APE, meaning tokens cannot be mined or burned.

The DAO provides a suitable option for ensuring decentralized governance while also supporting the growth of a globally interspersed community. All the ApeCoin owners can have the eligibility for joining the ApeCoin DAO. ” would obviously draw the focus towards the different functionalities of ApeCoin.

Apecoin price prediction round-up

ApeCoin crypto and its tokenomics, alongside its significance in the evolving NFT landscape. Let’s look at the NFT collections that are related to the APE ecosystem. Bored Ape Yacht Club has become one of the most popular NFT collections. BAYC is well-known for having a vibrant and active community of supporters. 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.

What is ApeCoin used for

You might also pay a broker commission or fees when buying and selling assets direct and you’d need somewhere to store them safely. While many forecasts were positive as of 11 January 2022, price predictions are often wrong and prices can, and do, go down as well as up. On 29 April at $26.19, as three new proposals were opened for ApeCoin DAO members to vote on. 14% was allocated to the companies and people that helped to create the project. You should consider whether you understand how CFDs work and whether you can afford to take the high risk of losing your money.

Is apecoin a good investment?

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. APE is a token made to support what’s next, controlled, and built on by the community. It will serve as a decentralized protocol layer for community-led initiatives that drive culture forward into the metaverse.»

Apecoin , the native cryptocurrency of the non-fungible token collection Bored Ape Yacht Club , became the biggest metaverse token by market capitalisation a little over a month after its release in 2022. The coin has dethroned Decentraland’s coin , which has been around since early 2020. Yuga Labs, the brains behind the Bored Ape Yacht Club and Mutant Ape Yacht Club , has launched its own in-house token – ApeCoin . The coin will be used as the primary token for the BAYC ecosystem, and there are also lofty plans to use it for future Yuga products and services, from gaming to commerce. With the launch of ApeCoin, Yuga Lab further solidifies its position as a powerhouse in the NFT space. You can learn more by reading nft now’s full article on the topic here, but those are just the basics of ApeCoin.

ApeCoin’s primary use is as a governance and utility token within the APE ecosystem. It allows holders to participate in DAO governance votes while also offering access to members-only features of the ecosystem like games, events and other services. As a governance and utility token, ApeCoin serves multiple purposes in the ecosystem. ApeCoin use cases include enabling holders to participate in the governance of the DAO and enabling them to access exclusive features of the ecosystem, such as games, events, merchandise and services. If you are considering investing in cryptocurrency tokens, we recommend that you always do your own research. Look at the latest market trends, news, technical and fundamental analysis, and expert opinion before making any investment decision.

  • CoinDesk is an independent operating subsidiary of Digital Currency Group, which invests in cryptocurrencies and blockchain startups.
  • Bored Ape Kennel Club is a collection of dog NFTs that were made available to every single member of the BAYC.
  • Celebrity names such as Justin Bieber and Eminem are Bored Ape Yacht Club NFT owners.
  • Their role is to ensure the implementation of decisions made by the ApeDAO, which is governed by holders of the APE token.
  • The site said that APE be worth $10.02 this year and reach $17.47 by 2025.
  • Mutant Ape NFT holders will benefit most initially, given that they all get a free stash of valuable tokens that they could sell off, anyone can buy APE from popular exchanges.

Or, if the project fails before it can sell or go public, the VC can earn a profit on an investment that would have otherwise been a loss. According to Rohan Grey, a law professor at Willamette University and crypto regulation observer, the distinction between ApeCoin DAO and Yuga Labs probably also has to do with something called the Hinman Test. So far, around 110 million APE tokens have been claimed by NFT holders (here’s a convenient dashboard for tracking APE tokenomics, courtesy of a Dune Analytics wizard called Hildobby). Earlier this week, it was announced that members of the Bored Ape Yacht Club NFT collection would be getting their very own cryptocurrency, ApeCoin.

The APE cryptocurrency

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. ApeCoin is explicitly linked to these famously pricey non-fungible tokens, and is very much involved with Yuga Labs, the company stewarding the intellectual property behind the Bored Apes. But a carefully coordinated marketing campaign has taken great pains to dissociate ApeCoin from any one conventional corporation.

NFT holders were free to cash out their ApeCoin holdings from the first day of trade. The rush to secure windfall gains was cited as one reason for volatility in the token during its trading debut on March 17, which rose from US$1 to close at US$8.52 per token. ApeCoin saw 62% of total minted supply allocated to the community, while 15% of minted supply was airdropped to Bored Ape Yacht Club and Mutant Ape Yacht Club holders. A few months ago, a VC friend told me that they are hearing about startups being pressured to offer tokens, for just this reason. A downside of this arrangement is that companies can take a very long time to arrive at these exits. Most VC funds assume it will take 7 to 10 years to know how well their bets are paying off, and in the meantime they face risk and uncertainty.

What is ApeCoin Token?

ApeCoin may also gain from wider adoption in the metaverse and daily transactions. Blockchain game company Animoca Brands announced in March that it will adopt the token for a new project being developed with BAYC. Additional upside of ApeCoin may be limited by the future expiration of the lock-up provisions on the tokens granted to contributors. For instance, Yuga Labs received 16% of the token’s total supply, with an initial lock-up of 12 months, meaning that they can’t cash out their tokens for that period. ApeCoin has utility as the membership pass and governance token of the ApeCoin decentralized autonomous organization , where every token holder can vote on the use of the Ecosystem Fund or cast their own proposals. The token can also be used as an open currency for payments and transactions without centralized intermediaries.

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 mobile game ‘Benji Bananas’. Those fortunate enough to secure some ApeCoin today had to do so via airdrop claims. Blockchain-based projects and companies what is apecoin often use crypto airdrops to release free tokens to their community members as part of a broader marketing plan to raise awareness about new offerings. CoinDesk compares airdrops to finding free discount cards in the mail that encourage you to visit a new store — the difference with crypto airdrops is that companies aren’t usually asking people to spend money.

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Developers are building the next generation of innovative products for the blockchain, but user adoption is still a long way off. (Remember, it took more than a decade for the internet to really go mainstream.) Crypto might be on a similar path to wider adoption over the next ten years, but it will suffer fits and starts in the meantime. This week was an up week on speculation that the future will be bright, but next week, that sentiment could reverse. Yuga Labs, which launched the Bored Ape Yacht Club, launched an NFT called the Sewer Pass and a related game last week, which has brought attention to ApeCoin once again. The token is used in the game to buy power-ups and is a reminder that Yuga Labs is building a game that will use ApeCoin in some way.

Get stock recommendations, portfolio guidance, and more from The Motley Fool’s premium services. Blockchain games haven’t become very popular yet, but this could be a new age for the industry. Yuga Labs has more public visibility than any other game, and if it’s successful, more gamers could move into the space. CFDs attract overnight costs to hold the trades (unless you use 1-1 leverage), which makes them more suited to short-term trading opportunities. Stocks and commodities are more normally bought and held for longer.

Ownership of a BAYC NFT can provide access to exclusive events and premium spaces. Currently, the floor price of a BAYC – meaning the lowest price you can get one at – is 98 ETH(approx Rs 1.05 crore). A metaverse is a shared, online space in which users can explore and interact with each other. Metaverse-like business and experiences have been taking over the entertainment industry, and Fortnite – the popular game – has been privately valued at $31.5 billion.

BitPay Now Supports ApeCoin! Buy, Store, Swap and Spend APE with BitPay

Bored Ape Kennel Club NFT owners were not eligible to claim the coin. The arrival of blockchains over the past decade created a new option for impatient VCs. Companies in the Web 2.0 era produced only goods and services, whose value was always denominated in dollars or other national currencies. But companies in the web3 era offer a third product — tokens — and the value of those tokens is far less tethered to reality.

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