Other members include BAYC and MAYC (Mutant Ape Yacht Club) NFT holders, other companies and individuals that actively contributed to the ecosystem’s https://www.xcritical.com/ creation, and the individual founders of BAYC. What really propelled the NFT project into popularity is the community. The community surrounding the project managed to get the right people to invest – celebrities. Some celebrities that have famously invested in BAYC NFTs include Jimmy Fallon, Eminem, Snoop Dogg, Paris Hilton and more. This helped the relatively new NFT project gain mainstream attention and drove its value up, making it a status symbol. The world of NFTs and cryptocurrencies have been abuzz with ApeCoin lately.

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For example, in Animoca Brands’ Benji Bananas, a play-to-earn (P2E) mobile game, the coin is used as an incentive for players. They can earn special tokens while playing and exchange these tokens for ApeCoin. They can use it to purchase new products and services, such as a play-to-earn game being developed by BAYC ape meaning crypto and nWay. Furthermore, ApeCoin is accepted in Animoca Brands’ Benji Bananas game. For instance, if a game builds within the ecosystem, it can accept Apecoin as payment for in-game skins/objects.

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Holders of ApeCoin will get access to certain parts of the ecosystem that are otherwise unavailable. For third-party creators, ApeCoin acts as a means to participate in the ecosystem. Since its inception, the Bored Ape Yacht Club has been a sizzling topic in the NFT marketplace. The sudden ripple of its acceptance among crypto enthusiasts and celebrities exalted BAYC to a premium NFT class. While the famous and influential personalities were endorsing BAYC NFT openly, something was brewing in the backend – ApeCoin. On the other hand, were BAYC to be displaced by more successful brands, APE holders should expect a corresponding loss of value in the crypto.

Everything About ApeCoin: An Ape-powered Cryptocurrency

ApeCoin has a fixed total supply of 1 billion APE tokens, which cannot be minted or burned. This means the number of ApeCoins in circulation will never go up or down. 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. Cryptocurrencies, like ApeCoin, are decentralized digital assets that typically act as a proxy for the success of a particular crypto project.

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Additionally, holding a certain number of Apecoins gives users access to exclusive products like rare NFTs or providing early entries into pre-sales hosted by partnered projects. The ApeCoin DAO operates as the decentralized governance framework that supports the Ecosystem Fund. This community governance system was created to provide a more democratic and transparent experience to Bored Ape Yacht Club token holders and fans. Core AIPs focus on brand decisions which include anything the project attaches its name to and even partnerships and collaborations.

What Are NFT Games and How Do They Work?

ApeCoin was created to allow governance and participation in the Ape Foundations ecosystem, where APE allows exclusive access to games, merchandise, and events. In addition, the APE coin encourages developers to incorporate APE into projects outside the APE ecosystem. External developers use ApeCoin to play a role in the ecosystem and incorporate the token into their services, games, and various projects.

• A lot is happening in the cryptocurrency market, and ApeCoin is as changeable as the weather.
• The community is at the heart of this framework, prioritizing members’ voices when making crucial decisions.
• Investing in cryptocurrencies, decentralized finance (DeFi), and other initial coin offerings (ICOs) is highly risky and speculative, and the markets can be extremely volatile.
• The coin is also already in use as NFT rewards, and members of the Bored Ape Yacht Club receive APE for free, which they can immediately redeem.
• These partnerships include travel and tourism services, real estate providers and many more businesses looking to expand their payment options in the burgeoning crypto commerce world.
• At the moment, there isn’t much you can do with APE directly except to trade it on several crypto exchanges.

Procedures to Securely Purchase Apecoin

According to experts, ApeCoin owners are merely shareholders of an imaginary entity. The illegality raises concerns about its regulation and protection. Holders of ApeCoin can employ the token for services and transactions without any interference from the centralized authority. It is responsible for project management, record keeping, coordinating DAO actions, and other day-to-day activities.

The lowest price for a Bored Ape is around $262,630 making it the top of the NFT sector in terms of popularity. The highest-priced token in the collection, Bored Ape #232, just sold for $2.85 million. The firm behind the concept, Yuga Labs, managed to keep the creators’ identity secret for a while. However, it has been revealed that a team of designers led by the concept creators, Greg Solano and Wylie Aronow. This gave the launch and airdrop event of ApeCoin more publicity and fame, as the community behind these NFTs became instantly involved in the project and coin. It’s a decentralised token that can be used for payments and transaction within Web3 apps.

ApeCoin (APE) Price Predictions: Experts’ Opinions

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. Following on from the successful and highly sought-after BAYC NFT collection, ApeCoin was released on March 16, 2022 by Yuga Labs, the creators behind BAYC. The coins/tokens were released and made available exclusively for holders of BAYC NFTs.

Firstly, like many cryptocurrencies, its main purpose is a currency. To explain, ApeCoin will be the currency for the Otherside Metaverse, created by Yuga Labs. 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. Since its launch, ApeCoin has made major waves in the crypto community.

Initially, traders bought the NFT for its utility – this includes membership to the Bored Ape Yacht Club, with exclusive access and benefits. BAYC offered members access to the Bathroom, a virtual graffiti board, and knowledge about the BAYC roadmap progress (the goals and strategies of the project). Members also enjoy rewards such as commercial rights to their NFT apes, exclusive merchandise for NFT owners, and some upcoming members-only activities such as a scavenger hunt, games, and more. The ApeCoin DAO governs it, and the APE Foundation provides support. ApeCoin DAO is a decentralized autonomous organization (DAO) in which all APE token holders can vote on governance issues. They have the authority to allocate the Ecosystem Fund, establish governance rules, select projects and partnerships, and so on.

Join Standard/Premium Plan and get free access to NFT Fundamentals Course. Therefore, the average price of one BAYC NFT rounded up on an average estimate of $285,000. However, the buzz around BAYC NFTs gained momentum in recent times with the launch of ApeCoin on March 16, 2022. On its debut trading day, ApeCoin scaled unfathomable heights in the first five minutes itself. A simple, easy-to-understand explanation of what these various transactions mean when it comes to blockchain technology, and cryptocurrencies. Those who own Yuga Labs NFTs, like Bored or Mutant Apes, can also stake their NFTs as part of the Horizen Labs staking launch.

The DAO treasury and resources would get a total of 470 million tokens from the total ApeCoin supply. You must also note that the ApeCoin pool has unlocked around 117,500,000 tokens at the launch. Now, the collection releases around 7,343,750 tokens every month over the course of the next 48 months. Buy, sell, store and trade APE from the secure location of your Tap app. From a governance perspective, holders of APE can become members of the ApeCoin DAO which vote on decisions impacting the ecosystem’s functioning and growth.