Projects on the Ethereum blockchain can easily communicate with other projects, using the functionality of other protocols to benefit your own. This relationship attracts more protocols and developers to work on the Ethereum chain, in turn making the ecosystem richer with utility. Ethereum also has a simple programming language in Solidity (at least compared to some other chains like Solana which uses a mix of Rust, C and C++), a decentralized structure and reliable security. In addition, APE is adopted by Yuga Labs as the primary token for ape meaning crypto all new products and services.

• If you do not own BAYC/MAYC NFT, you can buy, store, swap and spend ApeCoin in your BitPay Wallet.
• Based on the price at the time of the original airdrop that was about $70,000.
• And they also get members-only features that include access to games and events, among other things.
• It appears to be tied into the recent launch of a website (somethingisbrewing.xyz) collecting info from interested parties.
• Contrary to popular belief, Apecoin was created by ApeCoin DAO rather than Yuga Labs itself.
• ApeCoin DAO is the community in charge of governing the entire ApeCoin ecosystem.

How was the Foundation Board selected?

The token will allow users to buy items and power-ups in this highly anticipated metaverse. Plus it may even play a part in user-generated content and more. You https://www.xcritical.com/ may have heard about the Bored Ape Yacht Club – the most successful NFT project to date. In fact, for many, it’s the first NFT collection they learn about. The BAYC pioneered its way into the NFT space and served as an influence for many other projects. DAO members vote biannually to keep eligible existing Board members, or appoint new Board members.

What Is ApeCoin (APE) and How Does It Work?

ApeCoin (APE) is an ERC-20 governance and utility token that serves a variety of functions within the APE ecosystem, which is made up of individual token holders and the products and services utilizing the token. It’s affiliated with a non-fungible token (NFT) project known as the Bored Ape Yacht Club (BAYC), a massively successful and valuable collection launched by Web3 company Yuga Labs. For investors, ApeCoin provides investment exposure to the Web3 ecosystem built on the Bored Ape brand. ApeCoin DAO is a decentralized autonomous organization (DAO) for all APE token holders to participate in governance decisions. They can decide how to allocate the Ecosystem Fund, make governance rules, select projects, partnerships, etc.

What Is ApeCoin? Features, Tokenomics and Price Prediction

While current Bored Ape and 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. According to the team behind APE, there are plans ahead for the token, naturally, including exclusive games and services. A decentralized autonomous organization (DAO) is the best way to give everymember of the community a vote on important decisions whether it’s a technicalupgrade or a decision to fund a new idea. However, the reality is that today aDAO cannot sign a lease or hire people or make merch or whatever the communitydecides to do on its own. The Foundation is responsible for the day-to-dayadministration, bookkeeping, project management, and other tasks that ensure theApeCoin DAO community’s ideas have the support they need to become a reality. It facilitates the growth and development of the APE ecosystem in a fair and inclusive way.

Ethereum Blockchain vs. Other Blockchains

As it holds today, the ApeCoin DAO is a completely separate decentralized entity, so Yuga Labs doesn’t have complete control over it. The ApeCoin DAO is governed by the token holders; a “special council” is responsible for implementing these proposals and making them a reality. While a lot of energy was behind the DAO during the bull run, noticeably less activity has occurred recently.

ApeCoin Price Analysis: From Launch to Now

BAYC is well-known for having a vibrant and active community of supporters. 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 launched. By doing this, Yuga Labs expanded the access to the coin but also created a code exploit.

Will there be a chance for other individuals to join the Board?

ApeCoin (APE) is a utility and governance token that was created to empower the community surrounding the APE ecosystem, which was built on the back of the Bored Ape Yacht Club (BAYC). And because ApeCoin is governed by a DAO, holders will have the ability to vote on community-led proposals that determine the future of the token. For example, there are already governance proposals regarding things like ecosystem fund allocation and staking rewards.

How Many ApeCoin Are There in Circulation?

ApeCoin DAO exists because decentralized governance is critical to building andmanaging a globally dispersed community—and therefore critical to the success ofthe APE ecosystem. The goal of the APE Foundation is to steward the growth and development of theAPE ecosystem in a fair and inclusive way. The total supply of ApeCoin is permanently fixed at 1 billion tokens, all minted at once. The time for launching useless cryptocurrencies and NFTs has passed. In today’s market, something like ApeCoin needs to show real value to remain relevant. The development of ApeCoin DAO, along with the new staking platform, has set ApeCoin apart from the rest of the rabble.

All things said, APE is intrinsically connected to NFTs, and with NFTs comes volatility. If you are looking to add crypto to your portfolio, we’d suggest taking a look at Mudrex’s Coin Sets. These are baskets of crypto tokens based on themes, curated by experts. This is a collection of 20,000 mutant versions of the Bored Apes. For this project, the creators airdropped 10,000 “mutant serums” to BAYC holders. The recipients could use these serums to generate a mutated version of their Bored Ape NFT.

But it’s not just the metaverse, ApeCoin has many other uses within the blockchain gaming ecosystem. The answer lies with the Yuga Lab ecosystem and its token allocation at launch. With all eyes on them, the demand for its own crypto token rose – and so it was delivered. Certain members of the community that have strong operational experience wereconsulted on how to best structure the ApeCoin DAO.

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. Notable exchanges like Coinbase, FTX, and Gemini have listed APE. You can buy ApeCoin on a number of centralized and decentralized exchanges. However, when you buy crypto from a centralized exchange, you are forfeiting the custody of your private keys. Unfortunately, that also means you are giving up the ownership of your crypto to a centralized entity.

The ApeCoin DAO is voting Board members annually, with its current board consisting of five people. Three of them were selected in an eight-week election voting by the ApeCoin DAO members. Yuga Labs and Charity make up 16%, or 160 million $APE, of ApeCoin’s total token supply.

For example, Play-to-earn (P2E) games might adopt ApeCoin in the future. One example of a project already using it is Benji Bananas, a game developed by Animoca Brands. Acquiring a Benji Bananas Membership Pass allows the user to swap in-game tokens into ApeCoin.

The token entered a consolidation phase, fluctuating between $10 to $12 apiece. Given the tremendous popularity of the Bored Ape collection, ApeCoin is expected to be used by various artists and celebrities for sales and other brand engagements. For example, Rappers Snoop Dogg and Whiz Khalifa released an NFT music album together available for purchase with APE. TIME Magazine announced it will start accepting subscriptions paid with the token.

This means the number of ApeCoins in circulation will never go up or down. The ApeCoin ecosystem is made up of individual token holders, as well as a wide range of products and services that are using the cryptocurrency. Chief among its ecosystem members is Yuga Labs itself, which has adopted APE as the primary token for its projects. Alternatively, you could deposit APE tokens on Binance to make use of Binance Earn accounts that enable you to earn yield on your ApeCoin holdings for a set period of time. While the yields offered are high, they come with the risk of leaving your funds on a centralized exchange, thus giving up control over your crypto. While its name may nod to Bitcoin, the ApeCoin asset itself is more specifically a digital token built according to the Ethereum ERC-20 tokenization standard.

Meanwhile, although BAYC creator Yuga Labs doesn’t control ApeCoin, its founders did receive a significant portion of the total supply of APE and the company is listed as a contributor to the project. One of the main objectives is to turn it into a token that can be used by numerous NFT projects and community members across several multiverse worlds, creating a broader in-game economy and ecosystem. The community behind the launch of ApeCoin has given investors faith in the asset. Art enthusiasts, gamers, and entertainment buffs are very likely to use the token. Metaverse land sales seem to be doing wonders for the token as well. APE has a total supply of 1 billion tokens, and there are currently about 310 million in circulation.

Prices fluctuate, but individual pieces in the series sell for a minimum of $130,000 as of this writing, with a ceiling well above $1 million. Cryptocurrency experts typically advise investors against leaving funds on a centralized exchange because exchange bankruptcies can lead to a complete loss of assets held with the company. Yuga Labs is the company that developed BAYC, and went on to release the successful Mutant Ape Yacht Club (MAYC) and Bored Ape Kennel Club (BAKC) NFT collections. The company also acquired the intellectual property (IP) rights of the popular CryptoPunks and Meebits NFT collections in March 2022. So while APE will be used as the primary token within the BAYC crypto ecosystem, it can also be used with other Yuga Labs-related projects. Well, it’s a decentralized token that can be used for payments and transactions within Web3 apps of all sorts, even those not created or controlled by Yuga Labs or related to the Bored Ape Yacht Club.

Cold wallets are kept away from the internet and store cryptocurrencies in a hardware wallet. The Ledger Nano S Plus is one of the most popular cold storage options for crypto investors. Ledgers are all you need to keep your cryptos safe and support more than 1,000 different cryptocurrencies including Bitcoin, Ethereum, Dogecoin, Ripple and all ERC-20 tokens. While there are centralized exchanges that offer ApeCoin, many crypto investors don’t want to trust a centralized intermediary to hold their digital assets. Many assets are leaving centralized exchanges in favor of non-custodial wallets. With the use of a non-custodial wallet, users are responsible for their own crypto.