In this article, where we will make a detailed analysis on Apecoin, we will look for an answer to the question of what is ApeCoin. ApeCoin (APE) token holders can make collective management decisions, vote and decide on issues such as fund allocation, partnerships, project selection and more. Since the launch of ApeCoin DAO in April 2021, BAYC has been among the top NFT collectibles, with a vibrant community. The BAYC collection showcases seemingly bored-looking monkeys. As we reported on Kriptokoin.com, investors around the world have invested their money in these works of art, and buyers include names like Justin Bieber and Eminem. So what is ApeCoin that has become so popular?
What is ApeCoin?
You may be interested in who is behind ApeCoin. ApeCoin’s community owners and various products/services using the cryptocurrency collectively make up the APE ecosystem. Founded in 2021 and headquartered in Miami, Florida, Yuga Labs is a prominent name in NFTs and digital collectibles. Considered the creator of Bored Ape Yacht Club, Yuga Labs serves as a community member in ApeCoin DAO. They have adopted ApeCoin as their primary token in the projects they have undertaken. To give brief information about the NFT collections that are part of the APE ecosystem, BAYC, MAYC and BAKC constitute this NFT ecosystem.
Launched in April 2021, Bored Ape Yacht Club (BAYC) has 10,000 NFT Monkeys living on the ETH blockchain. Each of these unique digital collections has a different look, style and rarity. The Mutant Ape Yacht Club (MAYC) helps recruit new members to the Ape community, as an NFT basket of up to 20,000 mutated versions of the BAYC Monkeys. The Bored Ape Kennel Club (BAKC), which launched at 6pm EST on June 25, 2021, on the other hand, is a canine NFT variant available to every member of the BAYC. Owners of each Bored Ape NFT can receive a random Club Dog NFT while paying for gas only. BAKC NFTs also have their own rarity. Besides all that, at the end of April 2022, Yuga Labs began printing the Otherside metaverse plots. Within 45 minutes, the virtual real estate was valued at 100,000k and raised a total of $320M, making BAYC the NFT collecting the maximum sales.
How does ApeCoin work? What Is It Used For?
APE token holders collectively make management decisions by voting and deciding on issues such as fund allocation, framing rules, partnerships, project selection and more. ApeCoin Foundation implements management decisions made by the community. 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 carries out the visions of the community. The APE Board consists of five members from the technology and crypto community. ApeCoin holders vote for new Board members every year. As a governance and utility token, ApeCoin serves multiple purposes in the ecosystem. ApeCoin use cases include enabling its holders to participate in the governance of the DAO and access exclusive features of the ecosystem such as games, events, products and services.
Designed in the same way as other Web3 coins, ApeCoin can be used for payments. Altcoin is also already used as NFT rewards and those who have BAYC get free APE where they can get instant cash. Third-party developers use ApeCoin to play a role in the ecosystem and include it in their services, games and various projects. For example, in Animoca Brands’ Benji Bananas, a play-to-win (P2E) mobile game, the token is adopted as an incentive for players. With ApeCoin integrating with the other upcoming metaverse, this year could make it a highly demanded metaverse coin. This will make ApeCoin a trading token on metastore markets.
What is ApeCoin? Is APE a good investment choice?
ApeCoin has a total supply of 1 billion tokens. The contract interface does not allow any more tokens to be minted, thus creating an upper limit. There is also no combustion mechanism, so the supply will not decrease. 62 percent of the tokens are allocated to the ApeCoin DAO community. 15 percent of this is reserved for BAYC and MAYC owners. BAYC holders can claim 10,094 APE for each NFT they own, while MAYC holders are entitled to 2,042 APEs. The remainder will be released as a component of the DAO’s ecosystem fund. 16 percent of the tokens will be transferred to Yuga Labs. Part of this allocation will go to primatologist Jane Goodall’s charity. 14 percent of the tokens are for people who contributed to the launch of the ApeCoin protocol.
8 percent of tokens are reserved for Yuga Labs and the four founders of BAYC. ApeCoin follows the concept of locked tokens to prevent Yuga Labs, the founders of BAYC, and other launch participants from selling their assets. ApeCoin allocations to them cannot be unlocked for at least 12 months. After this period, a certain token allocation becomes available to them on a monthly basis. The fact that ApeCoin is owned by a dynamic online community like the Bored Ape Yacht Club gives it a charm from the very beginning. Art, culture, gaming and entertainment enthusiasts are more likely to use cryptocurrency. Metaverse land sales are also one of the factors that will increase the altcoin price. Despite all these factors, you need to be careful when investing in metaverse coin and metaverse coin can present a fluctuating price chart. .
What is the Future of ApeCoin?
At a time when NFTs are still taking the crypto arena by storm, ApeCoin has been in the limelight since its inception. Token creators have set up an ecosystem fund to allow third-party developers to integrate the cryptocurrency into their projects and support projects using the token.
With use cases ranging from decentralized payments to land sales in the metadatabase, the company has a number of supporting components. As the APE ecosystem grows, ApeCoin is gaining more value than realistically expected.
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