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

The initial Board is comprised of Alexis Ohanian (co-founder of Reddit; general partner and founder of Seven Seven Six), Amy Wu , Maaria Bajwa , Yat Siu (co-founder and chairman of Animoca Brands) and Dean Steinbeck . For this reason, ApeCoin will be gradually released, following a preset unlock schedule that started on March 17, 2022. Over a period of 48 months, a total https://xcritical.com/ of one billion APE coins will be unlocked as a circulating supply. Their price moves organically based on the market’s law of supply and demand, not arbitrary company policies. However, the use of ApeCoin is not limited to projects developed by Yuga Labs. Animoca Brands’ Benji Bananas is a play-to-earn game in which players can realize their gains in the form of ApeCoin.

The Foundation has a special body called the Board that executes the community’s visions. The APE Board comprises five members from the technology and crypto community. 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.

June 2022: Eminem and Snoop Dogg’s music video boosts ApeCoin

Yugalabs hints at adopting ApeCoin as the primary medium of exchange on The Otherside project. By this, ApeCoin will be used for in-game NFT purchases and to pay for certain privileges and character improvements. Holders of ApeCoin token can create proposals and vote on improvement proposals on the ApeCoinDAO governance portal. A bitcoin exchange is a digital marketplace where traders can buy and sell bitcoins using different fiat currencies or altcoins.

Bored Ape Yacht Club is the first NFT series in the ecosystem, consisting of 10,000 unique digital avatars featuring colorful cartoon apes. 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. 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. Aficionados of arts, culture, gaming and entertainment are more likely to use the cryptocurrency.

Why ApeCoin?

Therefore, unless user terms specify otherwise, investors with cryptocurrency assets commingled on a custodial cryptocurrency exchange could potentially lose their funds as unsecured creditors. 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 adopt APE as the primary token across new projects. Upon the launch of ApeCoin, holders of Bored Ape Yacht Club and Mutant Ape Yacht Club NFTs were entitled to collectively claim 15% of the ApeCoin supply . APE TOKEN is a BEP-20 governance and utility token used within the APES ecosystem to empower a decentralized community building at the forefront of web3.

• Holders of ApeCoin token can create proposals and vote on improvement proposals on the ApeCoinDAO governance portal.
• ApeCoin is the native cryptocurrency token for the Bored Ape and Mutant Ape ecosystem.
• They will be able to earn special tokens when playing and swap these tokens for ApeCoin.
• Amonicabrands’Benji Bananas decentralized game rewards players with in-game tokens that can be exchanged for ApeCoin.
• ApeCoin will be used to fund the Bored Ape Gazette, a news site “that covers all things Ape”.

Gucci said it plans to extend this pilot service to all its North American stores by the end of the summer. Using BitPay, a Bitcoin and crypto payment service provider, Gucci boutiques in the US will now accept APE for in-store purchases. This means BitPay users can now store, swap and spend ApeCoin in the BitPay Wallet, as well as spend the crypto instantly via the BitPay Card. KINGSHIP Key Cards NFT owners were the first to know about this collaboration and were given an early opportunity to purchase one of the products on mms.com. The marketplace allows APE staking and non-fungible token metadata integrations. Snagsolutions, which builds project-owned marketplaces, has launched the official ApeCoin decentralised autonomous organisation marketplace.

How to buy APE

Dzengi Сom сlosed joint stock companyis a cryptoplatform operator and carries out activities using tokens. Certain tokens sold by Dzengi Сom сlosed joint stock company may be of value only when using the information system of Dzengi Com CJSC and the services rendered by Dzengi Com CJSC. The Otherside is a play-to-earn game for BAYC members created in partnership with Asian metaverse giant firm Animoca Brands.

Every single platform on Ethereum supports MetaMask so it’s an easy choice. You can install it on Google Chrome and use it as an extension, making it a convenient option for users that want to use DeFi or buy and sell NFTs. A Bored or Mutant Ape, you’ll get bonus tokens for holding the dog NFT. Each NFT draws its own allocation of tokens, so if you own a bunch, your token rewards will stack. 3 new ways blockchain technology is being used in 2023 Blockchain technology is revolutionizing the way people invest and how businesses work.

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. As an NFT basket of up to 20,000 mutated versions of the BAYC Apes, the MAYC helps onboard new members to the Ape community. Original BAYC NFT holders were handed 10,000 mutant serums in three tiers via airdrop to add the rarity of traits. However, given BAYC’s popularity and high demand from price-insensitive buyers like celebrities and sports stars, it is entirely reasonable to assume that strong demand for APE from investors.

OpenSea is the largest non-fungible token marketplace, offering the ability to buy, sell, create, and trade. Let’s take a look at the requirements to open an account on a crypto exchange. The Bored Ape NFTs have attracted a considerable amount of negative reception, with many detractors of BAYC having opined that the NFTs have had a negative impact on artists. In some cases of celebrities owning Bored Ape NFTs, such as with Justin Bieber, it has been reported that the actual purchase of the NFT may not have been made by the celebrity themselves. In January 2023, Yuga Labs launched, for a limited time, an “endless runner” game called Dookey Dash for holders of the BAYC NFTs. Getting the highest score granted the player a “golden key” NFT, which a Twitch streamer Mongraal won and subsequently sold to Adam Weitsman for $1.6 million.

ApeCoin tokenomics

According to CoinMarketCap, ApeCoin , the governance token of the BAYC ecosystem, was changing hands on the morning of 9 June at $5.80, down 2.4% over the previous 24 hours. APE’s market cap was $1.6bn, while the trading volume was $194m, lower by 23% over the previous 24 hours. The Board is accountable for monitoring the decisions made by DAO members. Equally important, token owners can use their tokens to purchase new goods and services, such as the play-to-earn game that BAYC and nWay are developing. In addition, now you can use ApeCoin in Animoca Brands’ Benji Bananas game.

After this duration, a specific allotment of tokens becomes accessible to them on a monthly basis. A part of this allocation will go toward the primatologist Jane Goodall’s charity foundation. 14% of the tokens are for the people who contributed to the launch of the ApeCoin protocol. As the legal representative of the DAO, the ApeCoin Foundation facilitates the growth of the ecosystem.

How much is an ApeCoin worth?

What we do know for sure is that there is lots of buying and selling ApeCoin as a speculative asset. As of this writing, more than 85 percent of all airdropped ApeCoin has been claimed by NFT owners, according to a dashboard put together by a Dune analytics power user. ApeCoin is the most traded token by the biggest 100 wallets in the Ethereum ecosystem, according to WhaleStats. Look, I’ve been told by a bunch of people with more money than me that Web3 is the future and that I should get in now. But how we regulate the future is going to matter, and I can’t help but remember a craze in crypto token launches in 2017 that ended in tears for the issuers. That may not be good news for Yuga Labs, which originated the BAYC and Mutant Ape Yacht Club NFTs, but it’s great news for me, a person who loves drama.

Holders of the token will be able to vote on vital decisions through the ApeCoin decentralized autonomous organization . It will also be used to purchase almost anything under the Bored Ape umbrella including merch, exclusive games, access to events, and various services. The DAO hasestimated that the overall set-up costs for the network will be more than $3m.

The possibilities with ApeCoin will likely continue to grow as the infrastructure and proposals continue to be improved upon by the community. 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.

August 2022: Eminem and Snoop Dogg to perform Bored Ape theme track at MTV VMAs

Exciting token launches like this almost always breed volatility in the token itself and the market in general and ApeCoin is a prime example. For those who don’t hold a Bored Ape NFT and didn’t help bring the Bored Apes or ApeCoin to life, the token is currently trading on an array of cryptocurrency exchanges. The ApeCoin airdrop was designed to this effect and in an attempt to give an edge to BAYC NFT holders. However, a good percentage of BAYC and MAYC NFT holders already sold a part or all of the airdropped tokens. This has seemingly created an imbalance between the NFT holders and the governing body. Amonicabrands is the first recorded project to take this path with the integration of ApeCoin into its gameFi platform.

This is due in large part to the sales of the Bored Ape Yacht Club NFT collection totalling over US$1 billion as well as high value auction sales from their investor, now defunct FTX. Various celebrities have purchased these non-fungible tokens, including Justin Bieber, Snoop Dogg, Gwyneth Paltrow and others. However, it launched at $20.40, but witnessed an initial crash as the ApeCoin decentralised autonomous organisation distributed tokens to NFT ‘hodlers’ – representing a sell-off for the crypto market. The analytic firm estimated the four NFT collections in the BAYC ecosystem to be worth around $5.5bn and account for 29% of the floor market cap of the Top 100 Ethereum NFT collections. The price of ApeCoin has dropped to the $8 level from the $26 high witnessed in late April 2022 as the largest NFT collections by market cap are seeing their floor price plummeting. The vote came as the creator of theBored Ape Yacht Club ecosystem, Yuga Labs, started hinting at leaving the Ethereum blockchain after the launch of its metaverse, the Otherside, as users witnessed disruptions and gas fees issues.

It is most known for creating Bored Ape Yacht Club, an Ethereum-based collection of unique Bored Ape NFTs. Third-party developers use ApeCoin to play a role in the ecosystem and incorporate the token into their services, games and various projects. For instance, in Animoca Brands’ Benji Bananas, a play-to-earn mobile game, the coin is adopted as an incentive for players. They will be able to earn special tokens when playing and swap these tokens for ApeCoin. APE token holders take governance decisions collectively, casting their votes and deciding on issues like allocation of funds, framing of rules, partnerships, project selection and more.

There are two ways in which customers can use ApeCoin to buy TAG Heuer watches. One is paying directly from your crypto what is apecoin wallet on the TAG Heuer online boutique. BitPay, the Bitcoin and crypto payment service, now supports ApeCoin.