The collection’s NFTs are currently worth about $200k each, so if you sold every one of them, you could earn billions of dollars. Club was a big topic of conversation in the first three months of 2022. Participating in idea submission, commentary, proposal submission, and voting is restricted to ApeCoin DAO members. Apecoin Staking Calculator to determine your expected rewards over your holding period. We take our time to identify, research and create educative content that is useful to our readers. You can use the Coinbase app to buy ApeCoins in any country where the exchange is available.

How is the APE token used

BAYC is a profile picture NFT project created by a pseudonymous company called Yuga Labs. The two core founders go by the pseudonyms ‘Gordon Gomer’ and ‘Gargamel’ who eventually became known as Greg Solano and Wylie Aronow. The two lead engineers/co-founders who go by the names ‘Emperor Tomato Ketchup’ and ‘No Sass’ remain unknown. The views and opinions stated by the author, or any people named in this article, are for informational purposes only, and they do not establish financial, investment, or other advice. Investing in or trading crypto assets comes with a risk of financial loss.

What you need to know about the APE token

DappRadar data shows that 532 wallets possess over two Bored Apes, and at least five wallets possess over 50 Bored Apes. Before Jun. 15, 2022, both BAYC and MAYC have a 90-day claim period. These are the businesses and individuals who contributed to the success of this project. Yuga Labs has also committed a portion of its budget to Jane Goodall’s humanitarian foundation, supporting primates in the wild. The Otherside metaverse is an ordinary, bright, and diverse landscape. It consists of 200,000 parcels of “land” that can be acquired by the purchase or minting of “Otherdeeds” — non-fungible tokens that serve as title deeds for the parcels of virtual land.

Still, given the volatility in the crypto market and the continuously unclear macroeconomic conditions influencing it, it is impossible to make a precise price prediction. In the long run, the growth of ApeCoin will depend on the development of its ecosystem and utility. In the ApeCoin DAO, each token holder will have a stake in the organization’s development. A selection of Web3 veterans, as well as gaming and technology thought leaders, will serve as the DAO’s special council . The Board is responsible for overseeing the decisions of DAO members.

What is Ape Coin? $APE

This might include anything from which partnerships the ecosystem should pursue to how funds are allocated. These decisions are then implemented by the ApeCoin Foundation, the 5-member Board acting as the DAO’s legal representative. ApeCoin was created by Yuga Labs, inspired by the Bored Ape Yacht Club project. Supported by the Ape Foundation, ApeCoin is governed by the ApeCoin DAO which creates a framework for permissionless governance processes. These decentralized authoritative frameworks are designed to create a fair and inclusive ecosystem in which the coin can flourish. A special council on the APE Foundation (the DAO’s “Board”) provides, at the behest of the ApeCoin DAO members, oversight of the Foundation administrators.

The key point to remember is that APE is both a governance and a utility token for the upcoming Otherside metaverse platform. The governance part refers to token holders’ voting rights on the direction of the ecosystem and partnerships. Airdropping tokens is a common marketing tactic to get new blockchain projects into people’s wallets. This attracts public scrutiny and triggers the FOMO instinct—fear of missing out.

  • Prior to the launch of the token, the BAYC Collection witnessed a fall in price from an average of $317,000 to $220,000.
  • If you know anything about the NFT craze in the cryptosphere, you’ve likely heard of the wildly successful Bored Ape Yacht Club .
  • Based on demand and supply price swings , trading in blockchain tokens can be profitable, using the classic buy-low, sell-high method.
  • Created as the governance and utility token of BAYC, the token offers a variety of benefits only available for holders.
  • But, do bear in mind that this is information from the time of writing and that things might again drastically change.
  • The last company they bought was CryptoPunks, which happened on Mar. 17, 2022.

For each Bored Ape NFT, 10,094 tokens were allocated and for each Mutant Ape NFT, 2042 tokens were allocated. The total supply of tokens is one billion, and not one more ApeCoin can be created or burnt. It is responsible for day-to-day administration, bookkeeping, project management, and other duties that ensure the ApeCoin DAO community’s ideas get the support what is apecoin they need to manifest into reality. DAO treasury and resources will receive 470 million tokens from the same pool, with 117,500,000 unlocked upon launch and 7,343,750 released monthly for the next 48 months. The allocation is driven by the difference in floor price between each collection of NFTs to enable a fair launch of ApeCoin for BAYC and MAYC NFT holders.

What Is ApeCoin? How Does APE Work? How To Buy And Store In 2023 For Crypto Traders

There are members of the ApeCoin DAO board, this group committed to improving the APE ecosystem. Furthermore, there will be a six-month term limit for the DAO board members, and fresh members will replace them every year. Importantly, ApeCoin’s Board of Directors oversees several projects. Since its launch, the token has shown some great progress and possibilities.

How is the APE token used

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. APE is managed by the ApeCoin DAO and is backed by the APE Foundation.

APE price and price prediction

Neither BAYC NFTs nor upcoming concrete software constitutes social media vaporware, which meme coins revolve around. However, it is yet to be shown if Yuga Labs knows how to manage that money properly.

After the launch of ApeCoin, the owners of NFT Bored Ape Yacht Club and Mutant Ape Yacht Club had the right to collectively claim 15% of the circulating ApeCoin offer . The token enables access to parts of the ecosystem which are otherwise unavailable. Think of it as a ticket which grants access to exclusive merchandise, events, games, services, and more to holders of the ticket. It is planned to grow even more decentralized over time and supports community-led governance.

ApeCoin Protocol

On March 17, 2023, trading pairs such as APE/BTC, APE/BUSD and APE/USDT were opened for sale. In the short term, they want to become the first cryptocurrency platform for apes and primates. ApeCoin solves the problem of how to get more people to use and invest in cryptocurrency. By making it more accessible and user-friendly, ApeCoin hopes to increase adoption of cryptocurrency and blockchain technology. The community’s ideals are carried out through a unique organization inside the Foundation called the Board. The technology and cryptocurrency communities are represented by five members of the APE Board.

The possibilities with ApeCoin will likely continue to grow as the infrastructure and proposals continue to be improved upon by the community. Based on the data of ApeCoin Airdrop, there are 98.11% people already claimed. ApeCoin is heavily linked to two popular NFT collections by YugaLabs, Bored Ape Yacht Club and Mutant Ape Yacht Club .

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ApeCoin DAO exists because decentralized governance is critical to building and managing a globally dispersed community—and therefore critical to the success of the APE ecosystem. ApeCoin can be used and traded on both AVAX and BSC using decentralized exchanges on both these blockchains. These two NFT collections have had a large reputation in the cryptocurrency community, and especially in the NFT community.

How is the APE token used

The token is used for protocol governance, unification of spend, access to certain ecosystem parts, and incentivisation. The integration of ApeCoin with the upcoming metaverse Otherside may make it the most highly sought-after metaverse coin this year. As a result, ApeCoin will become a transaction token on metaverse marketplaces. If P2E components are included in the Metaverse, it might also be used to reward players.

ApeCoin is an ERC-20 governance and utility token used within the APE ecosystem that aims to empower a decentralized community to build products and services related to the Bored Ape Yacht Club brand. Trading cryptocurrencies is like foreign exchange of traditional currencies – you trade APE for BTC the same way you trade CAD for USD. To learn how to buy ApeCoin, scroll down to see how to buy ApeCoin. ApeCoin’s primary purpose is as a governance and utility token within the APE ecosystem.

The purpose of the Board is to administer DAO proposals and serve the vision of the community. It meets on proposals requiring administrative review under ApeCoin DAO rules. The initial Board serves a term of six months, after which DAO members will vote annually on Board members. The tokens follow a concept known as “locked tokens”, which will limit the distribution of the coins to prevent mass sell offs, or dumping, and disrupt the price of the token. ApeCoin has a lot of potential, but it’s still in its early stages. The team is currently working on creating a mobile app that will allow users to easily buy, sell, and trade ApeCoins.

Compared to the all-time high of $27.50, ApeCoin has fallen 66.72%. Thereafter, one should not substitute forecasts and analysts’ expectations for one’s investigation. For each Bored Ape NFT a holder possesses, they may “adopt” a selected Club Dog NFT for the cost of gas. Similar to apes, the 10,000 BAKC NFTs exhibit a variety of traits and oddities. Wylie Aronow and Greg Solano started Yuga Labs in 2021, and its main office is in Miami, Florida.

They can be exchanged for other tokens used by other blockchain platforms. The ApeCoin tokenomics are thus far not entirely disclosed, but from the currently available information, there will be a total supply of 1 billion ApeCoin tokens. The airdrop distribution will depend on whether NFT owners hold a Bored Ape or a Mutant Ape and whether the NFT is paired with a Bored Ape Kennel Club NFT. ApeCoin is available in numerous cryptocurrency exchanges such as Binance, KuCoin, Coinbase and SushiSwap.