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- For example, Yuga Labs‘ development of the Otherside platform increases ApeCoin’s utility value.
- Yuga Labs is led by CEO Nicole Muniz, who is a former partner at advertising company B-Reel and founder of her own boutique consulting agency.
- The Board consists of 5 members from the tech and crypto community, including Reddit co-founder Alexis Ohanian.
- In other words, crypto is a blockchain-based platform that is known to be decentralized to its very core.
The community’s governance choices are put into action through the ApeCoin Foundation. Benji Banana is a rising decentralized game where users can trade NFTs using ApeCoin. The hotly anticipated metaverse will play an essential role in the expansion of BAYC universe. It means the users will also be able to purchase virtual land in the BAYC metaverse with this cryptocurrency. Over the past few years, NFT projects have become a popular choice in the crypto industry.
The team behind ApeCoin believes that the current financial system is unfair and centralized. They believe that the current system gives too much power to banks and financial institutions. ApeCoin was created to provide a decentralized and fair financial system. The APE Foundation implements the decision based on the opinion of the community members. APE Foundation ensures the growth and development of the APE ecosystem in a fair manner.
The sale went viral, and helped raise $320 million within just 45 minutes. Rahul Nambiampurath started his career as an accountant but has now transitioned into working full-time in the tech space. When he’s not writing, he’s usually busy making wine, tinkering with his android device, or hiking some mountains. Speaking of which, all NFTs released by Yuga Labs in the future will be minted with ApeCoins. This already happened with Otherdeed NFTs—land plot NFTs costing 305 APE a piece when launched.
They will be able to earn special tokens when playing and swap these tokens for ApeCoin. APE token holders make collective governance decisions, casting votes and deciding on issues such as fund allocation, rule framing, partnerships, project selection, and more. Secondly, the potential for capital appreciation and passive income from property rentals make it an even more attractive investment opportunity. This amount of utility is extremely rare in the crypto market and has been luring investors in droves. The cryptocurrency world is witnessing a new phenomenon – Everlodge (ELDG) fever.
Original BAYC NFT holders were handed 10,000 mutant serums in three tiers via airdrop to add the rarity of traits. A decrease of 50% in one month indicates that ApeCoin is still under bearish pressure. ApeCoin is currently among the worst-performing assets listed on CoinMarketCap. Similarly, the BAYC NFTs, which previously had a floor price of an astounding 128 ETH, have now lost significant value and are currently trading at just 25 ETH. Initially priced at $0.010, the ELDG token has witnessed an immense demand, leading to a quick surge in its value to $0.018. The tiered pricing structure, designed to gradually boost the token’s worth with each presale phase, is causing FOMO among crypto enthusiasts.
Crypto asset investing is highly volatile and unregulated in some EU countries. With time, it would not be surprising to see PayPal and e-wallets from PaySafe Group Skrill and Neteller allow their customers to buy, hold, and sell ApeCoin (APE). As a result, it would not be surprising to find mainstream companies supporting APE as a payment method for the buying of goods and services. From the creators of the Bored Ape Yacht Club, the much anticipated ApeCoin ($APE) was finally launched in late March 2022 by Yuga Labs. Yuga Labs is led by CEO Nicole Muniz, who is a former partner at advertising company B-Reel and founder of her own boutique consulting agency. Thereafter, one should not substitute forecasts and analysts’ expectations for one’s investigation.
Simply put, ApeCoin is the native cryptocurrency of the Bored Ape Yacht Club (BAYC) and Mutant Ape Yacht Club (MAYC) ecosystem. With a market cap of almost USD $2 billion on its first day of trading, ApeCoin definitely took the spotlight in the crypto space in recent weeks. However, the use of ApeCoin is not limited to projects developed by Yuga Labs. Animoca Brands’ Benji Bananas is a play-to-earn (P2E) game in which players can realize their gains in the form of ApeCoin.
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 https://www.xcritical.in/ $21,970. DappRadar data shows that 532 wallets possess over two Bored Apes, and at least five wallets possess over 50 Bored Apes. 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.
How does ApeCoin function?
This means the number of ApeCoins in circulation will never go up or down. In the previous section, it is important to take the second point with a grain of salt. While the company that launches blockchain tokens doesn’t directly affect its price, it does so indirectly. For example, Yuga Labs‘ development of the Otherside platform increases ApeCoin’s utility value. The registration process requires nothing more than an email address and a crypto deposit. After this, users get direct access to a sprawling trading canvas that spans cryptocurrencies, forex, commodities, and company stocks.
Given BAYC’s pole position in the NFT world, artists, sports persons, and other cultural icons are attracted towards this project, giving it a solid narrative to drive forth with. ApeCoin can be bought and sold on a variety of ApeCoin crypto exchanges. After creating an account with an exchange and depositing INR to the account, you can purchase APE. To sum up, ApeCoin was primarily built as a token to reward BAYC owners, but anyone, regardless of whether they own BAYC or not, can purchase it. The purpose and usage of APE extend beyond BAYC, and holders have a stake in the development of the Ape foundation and can alter the direction of its future pathway.
The Bored Ape Yacht Club
To purchase APE coins on a P2P exchange, you first need to choose a marketplace that supports ApeCoin, sign up for the platform, and complete the verification process. Next, scroll through the available offers to buy ApeCoin for a payment method that works for you. These marketplaces typically use escrow to enhance what is apecoin security, but it’s still advisable to only trade with users with high trust ratings. The Board is accountable for monitoring the decisions made by DAO members. 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.
ApeCoin sets the foundation that will enable NFTs to thrive in an interconnected metaverse type of internet thanks to the integration of popular NFT collections such as Bore Ape Yacht Club. What’s more, ApeCoin gives access to everyone and anyone and also features incentives that bring everyone on board. If you are interested in this space, it’s worth the effort putting more time into researching this potentially profitable project.
Chief among its ecosystem members is Yuga Labs itself, which has adopted APE as the primary token for its projects. As an ERC-20 governance and utility token of the APE ecosystem, ApeCoin is administered by a decentralized autonomous organization, or DAO. Anyone holding the coin is allowed to cast their vote on the relevant governance decisions.