APE is a fungible, ERC-20 token built on the Ethereum blockchain. This represented one of the most valuable airdrops in crypto history at the time. In fact, each holder of a BAYC NFT was able to claim over $100,000 worth of APE at launch. 8% of the tokens have been set aside for the four founders of Yuga Labs and BAYC. ApeCoin follows the concept of locked tokens to prevent Yuga Labs, the founders of BAYC, and other launch contributors from selling their holdings. ApeCoin allocations to them aren’t unlocked for at least 12 months.
But a carefully coordinated marketing campaign has taken great pains to dissociate ApeCoin from any one conventional corporation. Buying ApeCoin works in the same way as buying any other cryptocurrency. The main difference between buying Bitcoin or Ethereum and ApeCoin is that the latter is not supported by all leading cryptocurrency exchanges. The Bored Ape Yacht Club is a highly popular NFT collection composed of 10,000 unique images of cartoon apes.
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Consult with a qualified professional before making any financial decisions. This article is not a recommendation by Investopedia or the writer to invest in cryptocurrencies nor can the accuracy or timeliness of the information be guaranteed. ApeCoin grants holders access to exclusive games and services within the Ape Ecosystem and can be used for transaction purposes on the Otherside metaverse. 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. ApeCoin is an ERC-20 token that was created on the Ethereum blockchain. It’s a governance and utility token, holders of which gain access to the ApeCoin DAO.
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”. Provides holders with access to certain parts of the ecosystem that are unavailable to others, such as exclusive games, merchandise, events and services. The cryptocurrency provides access to some parts of the ecosystem which are otherwise unavailable. These would include merch, events, games, and so forth – exclusive to holders. From a governance token to a store of value in an otherworldly ecosystem, it is hard not to build fantasies about what the future holds for BAYC, ApeCoin, and the Otherside metaverse project. Yet, it is important to be conscious of the fact that these ideas are built using emerging technologies.
The development of ApeCoin was coordinated by multiple parties and is governed by holders of the APE token through the ApeDAO. Unification of spend – APE can be used as a decentralized currency, powered by the Ethereum blockchain. The fact that APE is adopted by Yuga Labs gives it heft, as it also has CryptoPunks and Meebits, two other frontline NFT projects. APE is poised to be deeply integrated with Yuga Labs’ metaverse project, Otherside, where it could be used for any transaction within the environment.
Can You Trust ApeCoin?
Meaning they were provided with free money purely for holding the BAYC NFT. In addition, ApeCoin Dao is the official DAO for the biggest NFT project ever – the BAYC. While the founders of the ApeCoin DAO and BAYC are different, APE also serves as the governance token for BAYC. Here’s an interesting read for you on the most important aspects of ApeCoin, the cryptocurrency of Bored Ape Yacht Club – one of the biggest NFT and metaverse projects. Web 3.0 – these words encompass the next generation of the internet built to be more functional, interactive, open, and decentralised. As the world increasingly moves online, newer technologies like blockchain and digital assets offer a way to re-engineer how we interact with the internet, with each other, and the world around us.
Amonicabrands is the first recorded project to take this path with the integration of ApeCoin into its gameFi platform. Amonicabrands’Benji Bananas decentralized game rewards players with in-game tokens that can be exchanged for ApeCoin. Other projects joining the ApeCoin ecosystem will also be expected to follow a similar pattern.
Can you mine ApeCoin?
“ApeCoin is an ERC-20 token, which means that it is built on the Ethereum blockchain. The supply in circulation is limited to 1 billion tokens – all of them minted in one go,” said CNBC. According to reports, every investor who bought or will buy a BAYCNFT will have access to claim APE tokens for free. Bored Ape Yacht Club owners http://cikave.org.ua/drevnist/ostanky-najdavnishyh-predstavnykiv-homo-sapiens-znajshly-u-krymu/ can now claim the token, which will have utility and governance capabilities—plus other potential benefits. Learn more about Consensus 2023, CoinDesk’s longest-running and most influential event that brings together all sides of crypto, blockchain and Web3. Head to consensus.coindesk.com to register and buy your pass now.
- Animoca Brands’ Benji Bananas is a play-to-earn game in which players can realize their gains in the form of ApeCoin.
- Launched in April 2021, Bored Ape Yacht Club features 10,000 unique Apes residing on the Ethereum blockchain.
- Some of those investors already cashed a profitable amount of money.
- Most of the Ethereum-based social tokens that have taken off over the past year are built using this framework.
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ApeCoin APE for delivering something of utility to the community owners. After all, many experts in the domain of crypto and NFTs have pointed out how ApeCoin can deliver favorable advantages. Although nearly 30% of all APE were unlocked at launch, the remainder were set to unlock gradually over the course of the following 48 months—ending in 2026.