What Is ApeCoin APE and How Does It Work?

Yuga Labs, the creator of the popular Bored Ape Yacht Club NFT collections, has also adopted APE as the primary token for all new products and services. Launched in April 2021, Bored Ape Yacht Club features 10,000 unique Apes residing on the Ethereum blockchain. Each of these unique digital collectibles features a different look, style and rarity. The collection showcases algorithmically generated profile pictures of cartoon apes. The next 16% was distributed to Yuga Labs itself and 10 million tokens went to the Jane Goodall Legacy Foundation. The entirety of the next 14% were paid out to various launch contributors for helping bring the project to life.

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. APE was developed by Yuga Labs, a company that specializes in cryptoassets, especially NFTs, and has become known for its collection of assets called Bored Apes. However, ApeCoin DAO was created to manage and develop the next steps of the project. Therefore, despite being created by Yuga Labs, APE is managed by its own user community, which is ApeCoin DAO. ApeCoin will also be used to buy games and merchandise, attend events, and receive services. It’s intended to serve as a decentralized token for various community-led initiatives.

ApeCoin is an ERC-20 governance and utility token used to empower a decentralised community building a metaverse called ‘the Otherside’. 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.

Use the BitPay Card to instantly convert APE to cash online, in-store or at compatible ATMs around the world. Buy gift cards for your favorite brands and shops from the app or extension. Needs to review the security of your connection before proceeding. Cryptocurrency analysts are ready to announce their estimations of the ApeCoin’s price.

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. Developers can receive incentives for integration of APE in their new games, projects, or other services.

Can you buy ApeCoin on Coinbase?

They will be able to earn special tokens when playing and swap these tokens for ApeCoin. APE token holders make collective governance decisions, casting votes and deciding on issues such as fund allocation, rule framing, partnerships, project selection, and more. Yesterday, the ApeCoin treasury released 25 million APE tokens that had been saved for “launch contributors,” including “companies and people that helped make this project a reality.” Over the past year, Bored Ape Yacht Club has risen drastically in popularity. The project has released non-fungible tokens that are owned by countless celebrities, ranging from celebrities such as Justin Bieber, Post Malone and Neymar Jr. to billionaire investor Mark Cuban. However, the NFTs are extremely expensive, and many smaller investors want a way to invest in the project without paying more than the $150,000 floor price at the time of writing.

It will serve as a decentralized protocol layer for community-led initiatives that drive culture forward into the metaverse. Yuga Labs is a web3 company best known for the creation of the Bored Ape Yacht Club. It will be a community member in the ApeCoin DAO and will adopt APE as the primary token across new projects. 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. ApeCoin’s primary use is as a governance and utility token within the APE ecosystem.

• The final 8% tranche of ApeCoin was distributed to the quartet of founders behind Yuga Labs and BAYC.
• Make an initial deposit of 5 USD on the Bitso app or website to purchase APE or other cryptocurrencies.
• The uses of the $APE token might dig deeper into the evolving metaverse culture.
• Spend your APE or more than a dozen other cryptocurrencies as easily as cash.
• Self-management, transparency and speed in managing crypto assets are the foundations of this organization.
• ApeCoin is an ERC-20 token, a particular flavor of build-it-yourself cryptocurrency on the Ethereum blockchain.

One of their main features is the ApeCoin community, which is governed by the ApeCoin DAO, a decentralised governance mechanism that supports the Ecosystem Fund. The DAO votes on how the APE Foundation’s Ecosystem Fund will be disbursed to foster a diversified and self-sustaining ecosystem through a proposal process. Due to the decentralised structure of the DAO under which it operates, users have a voice in how the system is administered. Users may freely buy, sell, and trade cryptocurrencies from other networks using a decentralised exchange .

This will make ApeCoin a transaction token on metaverse marketplaces. If the Metaverse incorporates P2E elements, it might also be used for rewarding players. Designed identically to any other Web3 coin, ApeCoin can be used for payments. ApeCoin is technically acceptable by most merchants because it is a pervasive ERC-20 token. The coin is also already in use as NFT rewards, and holders with the BAYC receive free APE that they can immediately cash.

The Ape Foundation and The DAO

What if you could take Fortnite’s V-Bucks or Roblox’s Robux and exchange these “virtual currencies” for hard cash? Both currencies are locked to gaming accounts without blockchain networks and smart contracts. This means they are not even virtual currencies but arbitrary representations of value to be used in a specific venue and nowhere else. Launched by the Bored Ape Yacht Club development team, ApeCoin will play a prominent role in metaverse environments. 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.

CoinDesk is an independent operating subsidiary of Digital Currency Group, which invests in cryptocurrencies and blockchain startups. As part of their compensation, certain CoinDesk employees, including editorial employees, may receive exposure to DCG equity in the form of stock appreciation rights, which vest over a multi-year period. CoinDesk journalists are not allowed to purchase stock outright in DCG. Back in September, a developer launched a cryptocurrency called “Adventure Gold” as a companion to an ascendant NFT collection called Loot.

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During these bleak times, various NFT and GameFi projects continue to buidl, despite the immense pressure coming from traditional institutions. Sign up for First Mover, our daily newsletter putting the latest moves in crypto markets in context. Horizen Labs, the company selected by the ApeCoin DAO to build the staking product, confirmed in July that development was underway and that its team was aiming to release the product this fall. ApeCoin’s APE tokens slid early Friday ahead of a token unlock over the weekend. ApeCoin rebounded to over $15 after lows of $6.48 on its first day of trading. It hinges on the idea that ApeCoin DAO is entirely independent from Yuga Labs.

The “metaverse” bit in that equation just means that people can use their MetaMask wallet to import their NFTs. As for the Otherside gameplay itself, not much has yet been revealed , except it will be “immersive and supported by AI and physics.” Otherside aims to be more than just a blockchain game, similar to the mega-popular Axie Infinity. Instead, it is a gamified metaverse platform where users can use their NFTs from other collections as playable avatars. Their price moves organically based on the market’s law of supply and demand, not arbitrary company policies.

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Yuga Labs is the creator of the trending Bored Ape Yacht Club NFT collections. It also owns the IP of another two popular NFT projects, CryptoPunks and Meebits. 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. Acclaimed as a creator of the Bored Ape Yacht Club, Yuga Labs serves as a community member in the ApeCoin DAO. They have adopted ApeCoin as their primary token in the projects they undertake. Let’s learn concise information about the NFT collections that are a part of the APE ecosystem.

Speaking of which, all NFTs released by Yuga Labs in the future will be minted with ApeCoins. This already happened with Otherdeed NFTs—land plot NFTs costing 305 APE a piece when https://xcritical.com/ launched. In turn, greater utility translates to increased token value because it can be used for more things, increasing the demand for the token, which increases its price.

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ApeCoin’s supply is fixed at 1 billion APE, meaning tokens cannot be mined or burned. 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. Otherside deeds are available in the Ape ecosysemIn April 2022, Yuga Labs started minting virtual land in its metaverse project Otherside. The sale went viral, and helped raise $320 million within just 45 minutes.

Apecoin DAO

” would draw attention to the identity of ApeCoin as the utility token of the ecosystem. It serves as shared and open money, which you can employ without using any centralized intermediaries. Every member of the ecosystem can use ApeCoin, thereby signifying the unification of spend. Governance is another significant highlight in the discussions around ApeCoin and its potential. ApeCoin serves as the governance token of the Bored Ape ecosystem, and ApeCoin owners have the privilege of joining ApeCoin DAO. ApeCoin DAO exists because decentralized governance is critical to building and managing a globally dispersed community—and therefore critical to the success of the APE ecosystem.

Holders of the otken are able to help make ecosystem decisions such as fund designation, changes or additions in rules, etc. The utility part refers to using APE coins for whatever utility new projects demand. For example, ApeCoin will be used for a play-to-earn mobile game, Benji Bananas, owned by nWay.

Furthermore, ApeCoin will facilitate web3 in the APE network, allowing creators to sell their digital artworks and various industries, including games, entertainment, and events. To some extent, Yuga Labs’ BAYC project inspired the decentralized ApeCoin idea. ApeCoin is the native cryptocurrency for the ecosystem and also serves as the governance What is an APE token token. It plays an essential role in allowing people to vote on and build AIPs. Something that the team had hinted at a few months back was the creation of a native cryptocurrency – APE coin – that would power the entire ecosystem. In addition, APE is adopted by Yuga Labs as the primary token for all new products and services.

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. ApeCoin was officially released on March 16, 2022, as “a token for culture, gaming, and commerce” and is the main cryptocurrency of the Bored Ape Yacht Club ecosystem. Trading under the symbol $APE, the Ethereum-native ERC-20 token has a market capitalization of US$4.02 billion, according to data by CoinMarketCap. About 28% of ApeCoin’s fixed supply of 1 billion tokens is in circulation. The idea for the apes in the Bored Ape Yacht Club came from the history of people in cryptocurrency calling themselves “apes.” Furthermore, 36 investors have invested heavily into Yuga Labs.

The control of the community alongside the design of the token helps in supporting use cases of commerce, culture, and gaming. The uses of the $APE token might dig deeper into the evolving metaverse culture. ApeCoin can serve as a vital tool for facilitating metaverse purchases and sales alongside creating their identities and other experiences on the metaverse.