Here we go over what ApeCoin is, how it works and the roles it plays in the NFT ecosystem. Bored Ape Yacht Club , is almost a household name at this point and the latest NFT collection, Mutant Ape Yacht Club , is no less popular. The team recently released its proprietary cryptocurrency, ‘ApeCoin ,’ which has attracted considerable interest since its debut. Streaming services are in the process of switching to a dual-revenue model that features advertising dollars. Meanwhile, signs that the subscription model may have already peaked are starting to appear.
The APE ecosystem includes two of the most popular NFT communities, the Bored Ape Yacht Club and the Mutant Ape Yacht Club . Its price in ETH today is nearly identical to what it was on November 1; what’s changed is the USD value of ETH. The Bored Ape floor, on the other hand, has dropped from 66.6 ETH to 58.2 ETH, and fell as low as 48 ETH on Tuesday morning. Crypto bear market, and the price to join the exclusive club has been dropping lower and lower in recent weeks. And a “floor” Bored Ape, like the one that singer Justin Bieber spent $1.3 million worth of ETH to buy in January, now sells for a tiny fraction of that price point.
These tokens are released to give ApeCoin DAO uninterrupted access to the APE ecosystem. The interesting thing here is that 62% of all ApeCoins were allocated to the Ecosystem Fund which will help in supporting the community-driven initiatives that will be voted on by APE DAO members. The project also gives access to exclusive games and services to its members. ApeCoin is also the utility and governance token for the entire Ape NFT ecosystem. And though the ApeCoin DAO, or decentralized autonomous organization, token holders can vote on upcoming changes to the token and future projects.
How to Buy ApeCoin (APE)?
Is APE’s current state the result of it being a relatively new cryptocurrency, the lack of having a significant real-world use case and a unique technical advantage, or something else? There are also plans to enable holders to stake the token and thus earn an income from GameFi applications. The ApeCoin protocol follows the footsteps of other NFT and crypto projects. The token’s maximum supply is capped at 1 billion, with the DAO ensuring that there is no technical capability to mint additional tokens using the ApeCoin smart contract. Web3 gaming NFT assets are stored on the blockchain, making them unhackable. This means that the fighting stats of Apes, Jaguars and Toucans are visible for everyone to see on the blockchain.
While you can hope to sell it for a profit in the future and pick up some cool airdrops and other Ape digital swag, there’s a possibility that they could plunge in value to zero. The crash also caused a plunge in the value of ApeCoin as some investors are skeptical about Yuga Labs’ ability to successfully break into the metaverse following the fiasco. The serums were initially issued to existing Bored Ape holders as an airdrop in August 2021. As for recent sales, 54 serum NFTs were sold last week for $9.09 million worth of ETH, or an average of $168,000 each. Bored Ape owners who purchase “Mutant Serum” can create new breeds of Bored Apes, similar to the initial mutant series discussed above.
After it “broke” the Ethereum blockchain, the founders discussed moving Ape Coin and Bored Ape NFTs to a different blockchain that can better handle the scale and demands of this popular series. The colossal launch generated $285 million for the company as it sold off a limited supply of 55,000 parcels, known as Otherdeeds. The parcels sold initially for $7,000 each, only available in Ape Coin. In short, ApeCoin is the token that powers the massive Ape NFT world and future Web 3.0 projects for Yuga Labs. But before deciding to potentially invest in the token or any NFTs, it’s important to know what your options are.
Information found in this website are to be used at your own risk, Skrumble will be not liable for any loss or profit that derivates from the use of those. ApeCoin is a great investment as it has a ton of potential in the rapidly furrowing Metaverse ecosystem. Currently, ApeCoin already is used as an in-game currency for a popular play-to-earn game. When this happens ApeCoin will be used as a transaction token in the metaverse marketplaces. The Administrators are a third-party group that specializes in administering Web3 organizations.
ApeCoin: Vote, Govern, and Transact Throughout the BAYC Ecosystem
Around $1 million in assets were stuck on the exchange when withdrawals were halted. Whether you’re picking it up for yourself or gifting it to a family member this holiday season, the Apple TV HD is a great option for your smart home. Not only does it stream content in 1080p HD video, but you’ll also get Dolby Digital Plus 7.1 surround sound software to enhance the audio quality. ZDNET independently tests and researches products to bring you our best recommendations and advice. That said, ApeCoin is a project you would want to keep an eye on as far as the future of art, entertainment, and culture is concerned.
- Due to the recent euphoria surrounding the crypto industry, the coin may experience a short-term increase.
- As a decentralized Board, the initial Board members will serve for 6 months before APE holders vote for new Board members on an annual basis.
- If a person has a thousand ApeCoins, he or she would get a thousand votes in that total.
- The official story is that Yuga Labs isn’t exactly behind the coin’s creation, the APE Foundation is.
- The Otherside metaverse is an ordinary, bright, and diverse landscape.
- Access – ApeCoin provides access to certain parts of the ecosystem that are otherwise unavailable, such as exclusive games, merch, events, and services.
“ApeCoin holders must go through a wallet authentication process to post ideas or give feedback to ideas via comments,” a simple solution to a complex problem. All of the team’s coins are locked for 12 months, and after that they’ll get a specific amount each month. The percentage of ApeCoin that is beyond their control is gargantuan.
What Is GameFi and How Does It Work?
A weekly meeting is held to discuss AIPs and to ensure that every proposal presented to the DAO for approval is carefully thought out and given the appropriate consideration. 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. Depending on your mood and choice, you can choose these apes down to the tiniest details. Investors across the world have put their money into these artworks and the buyers include the likes of Justin Bieber and Eminem.
ApeCoin is an ERC-20 governance and utility token used within the APE ecosystem to empower a decentralized community building at the forefront of web3. ApeCoin or APE (APE/USDT – Trade it here) is an ERC-20 governance and utility token used within the APE ecosystem to empower a decentralized community building at the forefront of web3. In addition, APE is adopted by Yuga Labs as the primary token for all new products and services. Yuga Labs is the creator of the trending Bored Ape Yacht Club NFT collections.
DAO members make contributions to the ecosystem through the APE Improvement Proposal Process. This enables DAO members to make decisions regarding funds allocation in the APE ecosystem, partnerships, projects, rules, and governance of the ecosystem. Membership to APECoin DAO is open to anyone who buys the APECoin token. As the legal representative of the DAO, the ApeCoin Foundation facilitates the growth of the ecosystem. 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.
What is APE?
The team at MEXC Global is some of the first movers and pioneers of financial and blockchain technology. Bored Ape Kennel Club is a collection of dog NFTs that were made available to every single member of the BAYC. For each Bored Ape NFT they own, holders could “adopt” a random Club Dog NFT for free, only paying a gas fee.
ApeCoin’s connection with one of the most popular and exclusive NFT collections in the market BAYC makes it a formidable digital asset to monitor and invest in. Yuga Labs, the creator of the BAYC and MAYC series, has ambitious plans to enter the metaverse and expand its ecosystem beyond art and into gaming, events, and other services. Apecoin is a decentralized autonomous organization that enables APE holders to participate in administrative decisions. After the DAO members vote on the proposals, they also implement the community-based administrative decisions. The APE Foundation created APE to be used within the expanding APE ecosystem.
ApeCoin DAO is a decentralized autonomous organization 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. After the DAO members vote on the proposals, the APE Foundation will proceed to carry out the community-led governance decisions. 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. Decentralized autonomous organization for all APE token holders to participate in governance decisions.
But each serum isn’t the same, and one NFT enthusiast recently paid more than $3 million for a “Mega Mutant Serum” NFT. With 10,000 original Bored Apes, this series is capped at 10,000 NFT pets. Each Kennel Club NFT is an image of a dog meant to keep the Bored Apes company while hanging out in the Yacht Club. Mutant Ape Yacht Club is a collection of 20,000 additional Ape NFTs. These are created with current Bored Ape NFTs combined with “mutant serum” as well as through public sales.
Who created ApeCoin?
It is centralized as FTX and Alameda owned 58 million SOL tokens, which represents nearly 11% of the total supply. Since the FTX fiasco began on Nov. 6, SOL has plunged more than 50% and is now trading at $18.01. What is an APE token The battered coin is currently down more than 93% from its all-time high, according to CoinGecko. So much so that the collapse of the exchange last week sent shockwaves throughout the Solana ecosystem.
If you’re a fan of non-fungible tokens , then you probably have. Yuga Labs is a contributor to the APE Ecosystem and will assist in the creation of products and experiences for the ecosystem as a whole. Founded in 2018, MEXC Global is known as the exchange of high-performance and mega transaction matching technology.
For instance, if a game builds within the ecosystem, it can accept Apecoin as payment for in-game skins/objects. ApeCoin, more generally known as APE, is the native cryptocurrency of the Bored Ape Yacht Club ecosystem, which is the most popular NFT collection onEthereum Blockchain. https://xcritical.com/ It is an ERC-20 utility and governance token used inside the APE ecosystem. 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.
As soon as the creators can sell those coins, they probably will. Trade of cryptocurrencies is a high risk investment, not suitable for all investors. It is possible to lose the entire initial investment, so do not trade what you can not afford to lose. We strongly advise to make your own researches before start investing.All the contents in our website has to be considered as general market information, and not to be taken as investment advice.
The final 8% tranche of ApeCoin was distributed to the quartet of founders behind Yuga Labs and BAYC. Of course, with BitPay’s recent support for the token, you can also buy ApeCoin , store, swap and spend in the BitPay app. All BitPay merchants have the option to accept ApeCoin as payment, opening up thousands of new ways to use and spend the token. You can send ApeCoin payments from any compatible wallet, including the BitPay Wallet. Use the BitPay Card to instantly convert APE to cash online, in-store or at compatible ATMs around the world.