The four founders of Yuga Labs and the BAYC were given 8% of all APE tokens. Finally, 1% was donated to the Jane Goodall Legacy Foundation to aid in its efforts to promote conservation, educational programs, and research of environmental initiatives. This represented one of the most valuable airdrops in crypto history at the time. In fact, each holder of a BAYC NFT was able to claim over $100,000 worth of APE at launch. The company is working on several other initiatives that will incorporate ApeCoin (APE), such as a decentralized exchange and a play-to-earn video game.
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. Because APE has a discrete value and is already trading on major exchanges, claiming these coins is a little like claiming free money.
However, the BAYC team envisions a much larger future for the Bored Ape ecosystem– and ApeCoin (APE) will serve several important functions. Lastly, it’s worth mentioning that an attack on the ApeCoin crypto airdrop was detected, and the attacker seized a large sum of tokens via a flash loan, leveraging BAYC NFTs, according to Certik Alert. There are members of the ApeCoin DAO board, this https://www.xcritical.in/ 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. The fact that ApeCoin has been issued by a dynamic online community like the Bored Ape Yacht Club has given it streams of takers right from the start.
ApeCoin DAO(Decentralized Autonomous Organization) exists because decentralized governance is essential for establishing and sustaining a globally distributed community. It’s important to remember that there is no way to create more tokens, and there is no capacity for burning. He has over a decade of experience writing about technology and has been covering the blockchain and cryptocurrency space since 2010. He has also interviewed a few prominent experts within the cryptocurrency space. ApeCoin can be staked to earn additional APE tokens, making ApeCoin a yield-generating crypto asset. All you need to do is connect your crypto wallet and start earning staking rewards.
The Bored Ape Yacht Club
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. Almost every major centralized crypto exchange listed the token immediately after launch.
Here we go over what ApeCoin is, how it works and the roles it plays in the NFT ecosystem. 8% of the tokens have been set aside for the four founders of Yuga Labs and BAYC. ApeCoin follows the concept of locked tokens to prevent Yuga Labs, the founders of BAYC, and other launch contributors from selling their holdings. ApeCoin allocations to them aren’t unlocked for at least 12 months. After this duration, a specific allotment of tokens becomes accessible to them on a monthly basis. A part of this allocation will go toward the primatologist Jane Goodall’s charity foundation.
- Despite its fluctuating price and market size, it’s intriguing to see how ApeCoin (APE) will be employed in web3.
- He has also interviewed a few prominent experts within the cryptocurrency space.
- In addition to its use in network governance, APE is meant to be used as a utility token—or currency—in web3 projects like games and metaverse worlds.
- Launched in April 2021, Bored Ape Yacht Club (BAYC) features 10,000 unique Apes residing on the Ethereum blockchain.
- DappRadar data shows that 532 wallets possess over two Bored Apes, and at least five wallets possess over 50 Bored Apes.
Equally important, token owners can use their tokens to purchase new goods and services, such as the play-to-earn game that BAYC and nWay are developing. In addition, now you can use ApeCoin in Animoca Brands’ Benji Bananas game. They have the authority to allocate the Ecosystem Fund and establish governance rules, special projects, and partnerships. Another key point is after the DAO members have voted on the proposals, the APE Foundation will implement the community-driven governance decisions. As a result, DAO will have a special council comprising web3 veterans and gaming and technology thought leaders (the Board). ApeCoin is the native cryptocurrency for the ecosystem and also serves as the governance token.
Where to Buy Apecoin
APEcoin APE Price today is $1.47, for the last 24 hours 64,130,421 APE’s were exchanged with a trading volume of $94,330,066. The idea for the apes in the Bored Ape Yacht Club came from the history of people in cryptocurrency calling themselves “apes.” Furthermore, 36 investors have invested heavily into Yuga Labs. The last company they bought was CryptoPunks, which happened on Mar. 17, 2022. APE token holders take governance decisions collectively, casting their votes and deciding on issues like allocation of funds, framing of rules, partnerships, project selection and more. The ApeCoin Foundation implements the governance decisions taken by the community.
Floki was created by fans and members of the Shiba Inu (SHIB) community. Meanwhile, it was inspired by and named after Elon Musk’s Shiba Inu, which was named after a Viking character. Due to the large following of the Bored Ape Yacht Club and YugaLabs’ plans to make ApeCoin the default currency for all their web3 projects, this cryptocurrency might stick around. ApeCoin (APE) is an Ethereum-based token linked to the Bored Ape Yacht Club NFTs. Bored Ape Yacht Club NFTs are one of the most successful NFT projects to date. Their notoriety amongst celebrities and high-profile NFT collectors has bolstered their astronomic rise.
As the ecosystem’s open-source protocol layer, ApeCoin serves various objectives. The Bored Ape Yacht Club (BAYC) is a highly popular NFT collection composed of 10,000 unique images of cartoon apes. During the height of the NFT boom in 2021, Bored Ape emerged as one of the most popular NFTs, with rare Apes selling for hundreds of millions of dollars.
Property developers can now crowd-fund their ambitious projects directly from the community. For investors, this means direct access to prime real estate ventures right from their inception, a privilege once reserved for the well-heeled. https://www.xcritical.in/blog/what-is-apecoin-ape/ ApeCoin (APE) holders are closely monitoring the price movements of APE and eagerly anticipating the upcoming plans of the NFT company, assessing Apecoin’s (APE) long-term potential amidst the current market volatility.
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. It is available on almost all reputable exchanges, including Binance, OKX, Bybit, and FTX. Comparatively, DigitalCoinPrice echoed a bullish ApeCoin crypto price forecast, predicting that the token’s value will grow over the next few years. Even more, the website showed APE could end this year at $16.23 and reach $25.30 by 2025. The ApeCoin website states that owners of MAYC were given 2,042 tokens worth approximately $21,970.
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