What is ApeCoin? Exploring The Bored Ape Yacht Club Native Token

While purchasing ApeCoin on a crypto exchange is arguably the simplest option, you could also purchase APE on a peer-to-peer exchange or a decentralized exchange . Mutant Ape Yacht Club expanded on the original concept unveiled by the BAYC with a unique twist. Each NFT collectible in the collection shares traits with original BAYC items but also features a mutant aspect due to them being exposed to a vial of airdropped “Mutant Serum”. Half of the collection, which consists of 20,000 unique NFTs, was sold in a public auction, while the remaining half was created by original BAYC holders. Once APE owners cast their votes and the final decision is reached, the ApeCoin Foundation is tasked with the implementation of community decisions.

Holders of BAYC can claim 10,094 APE for each NFT they own, while MAYC holders are entitled to 2,042 APE. The remaining part will be released as a component of the DAO’s ecosystem fund. 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.

APEcoin Historical Stats

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. Alternatively, you could deposit APE tokens on Binance to make use of Binance Earn accounts that enable you to earn yield on your ApeCoin holdings for a set period of time. While the yields offered are high, they come with the risk of leaving your funds on a centralized exchange, thus giving up control over your crypto. You can use ApeCoin to gain entrance to physical or digital events held by the APE community, purchase BAYC merchandise, and spend it within the APE ecosystem’s suite of products and services. Moreover, you can use APE to participate in the ApeCoin DAO if you’d like to have a say in the future of the APE ecosystem.

ApeCoin essentials

Holders of both Bored Ape NFTs and Kennel Club NFTs, another derivative NFT project, could claim 10,950 tokens. Those who held a Mutant Ape NFT and a Kennel Club NFT were entitled to 2,898 tokens. The protocol introduced 30.25% of them into circulation at launch and will add the rest over the following four years.

Final Thoughts: The Future of ApeCoin

DCG has no operational input into the selection or duration of CoinDesk content in all its forms. While the Bored Ape Yacht Club is a non-fungible token collection that comprises 10,000 images of apes, APE is a fungible ERC-20 token with a maximum supply of 10 billion. ApeCoin is a fungible ERC-20 token on the Ethereum blockchain that serves as a means of network governance and as a utility token for web3 projects. Meanwhile, although BAYC creator Yuga Labs doesn’t control ApeCoin, its founders did receive a significant portion of the total supply of APE and the company is listed as a contributor to the project. A bitcoin exchange is a digital marketplace where traders can buy and sell bitcoins using different fiat currencies or altcoins. ApeCoin is an ERC-20 token operating on the Ethereum blockchain that enables holders to gain access to a variety of products and services offered by the APE ecosystem and vote on the future direction of the Web3 project.

ApeCoin essentials

Crypto lending is the process of depositing cryptocurrency that is lent out to borrowers in return for regular interest payments. Atomic swaps are smart contracts that enable the exchange of cryptocurrencies from different blockchains in one transaction instead of many. OpenSea is the largest non-fungible token marketplace, offering the ability to buy, sell, create, and trade.

Creation of ApeCoin

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. 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.

  • A part of this allocation will go toward the primatologist Jane Goodall’s charity foundation.
  • The ApeCoin Foundation implements the governance decisions taken by the community.
  • The collection showcases algorithmically generated profile pictures of cartoon apes.
  • 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.
  • World currency prices are based on rates obtained via Open Exchange Rates.

Crypto exchanges typically require you to make a minimum deposit, ranging from $10 to $20. However, there are a handful of trading apps that allow you to purchase crypto for as little as $1. If you are building what sounds like a creative house, and desiring to use the ape coin logos for marketing, you are you also in turn giving a % of royalties x profits back to the DAO outside of the noted music video? You utilize the APEcoin credibility as well in pushing anything predicted with the association i.e. logo as expressed. A part of this allocation will go toward the primatologist Jane Goodall’s charity foundation. 14% of the tokens are for the people who contributed to the launch of the ApeCoin protocol.

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. According to our historical chart for the price of ApeCoin, the price of APE was about $8.69 upon a series of centralized exchange listings in March 2022. ApeCoin’s price quickly increased beyond $15 and reached a monthly high in March just above $18, fueling bullish APE price predictions from investors. However, as the ApeCoin price chart shows, the token had faced considerable selling pressure in the months after the initial surge.

ApeCoin Converter

As APE is an ERC-20 token, you could swap Ethereum-based stablecoins or ETH on a decentralized exchange like Uniswap for ApeCoin, for example. Moreover, numerous crypto wallets also offer in-app token swapping, enabling you to swap other ERC-20 tokens for APE. Crypto exchanges are online trading platforms for digital assets that function in a similar way as online stock brokerage platforms, such as Fidelity or Charles Schwab.

Original BAYC NFT holders were handed 10,000 mutant serums in three tiers via airdrop to add the rarity of traits. Unification of Spend – ApeCoin is the ecosystem’s utility token, giving all its participants a shared and open currency that can be used without centralized intermediaries. Jul 31, 2020, was the day when a smart contract for token was started on the Ethereum platform, approximately 2 years ago.

Global ApeCoin Prices

If we want to expand the ApeCoin brand and usage I believe we need more people from outside NFT communites and “web3”, we need great prodcuts and services that people wanna use regardless of a token. With the help of a grant from the ApecoinDAO Shilly will be the first chart topping NFT recording artist and bring apecoin adoption to another level. 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.

Cryptocurrencies, like ApeCoin, are decentralized digital assets that typically act as a proxy for the success of a particular crypto project. However, cryptocurrencies are a high-risk asset class, so any investment in this market should be preceded with in-depth research into the cryptocurrency you plan to purchase. 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.

With ApeCoin set to be integrated with the upcoming metaverse Otherside, which could make it a high-in-demand metaverse coin this year. If the Metaverse incorporates P2E elements, it might also be used for rewarding players. 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.

One of the main objectives is to turn it into a token that can be used by numerous NFT projects and community members across several multiverse worlds, creating a broader in-game economy and ecosystem. The DAO handles critical matters in the ApeCoin ecosystem, such as how many funds are allocated to the Treasury, setting up or changing rules, verifying and selecting what projects are coming in, forming partnerships, etc. When the company announced the minting of 55,000 parcels of digital real estate NFTs called “Otherdeeds,” they were priced in APE. In total, Yuga Labs generated more than $300 million through the sale—all transacted in ApeCoin. Incentivization – Developers of new blockchain projects like games or metaverses can incorporate APE into their projects and participate in the Bored Ape ecosystem.

Step 3: Select ApeCoin among the available assets and buy the token

ApeCoin is a cryptocurrency launched by a decentralized autonomous organization ApeCoin DAO in March 2022. APE token holders can participate in community governance of Yuga Labs’ Bored Ape Yacht Club ecosystem. They are able to cast their votes on fund allocation, express their stance on the forging of new partnerships, co-create rules, and influence the general development of the world’s leading non-fungible token ecosystem. ApeCoin is governance, utility, and in time, potentially a primary reward cryptocurrency in the APE ecosystem. The APE coin is an ERC-20 digital asset that grants its holders governance rights and the ability to transact value using blockchain technology. Due to its inherent design, there will never be more than 1 billion APE tokens in circulation.

Market Overview

Next, scroll through the available offers to buy ApeCoin for a payment method that works for you. These marketplaces typically use escrow to enhance security, but it’s still advisable to only trade with users with high trust ratings. For investors, ApeCoin provides investment exposure to the Web3 ecosystem built on the Bored Ape brand. The market cap of ApeCoin has reflected high volatility in the crypto market ever since the token first became available to the broader community in the first half of 2022.

Unlike traditional brokerage firms, cryptocurrency exchanges are not members of the Securities Investor Protection Corp. . Therefore, unless user terms specify otherwise, investors with cryptocurrency assets commingled on a custodial cryptocurrency exchange could potentially lose their funds as unsecured creditors. In total, BAYC consists of 10,000 unique digital what is apecoin creations with special attributes and a specific art style. The most expensive BAYC collectible sold to date was item #8816, which exchanged hands for over $3.4 million in October 2021. In the 90-day period following the APE launch, BAYC and MAYC NFT owners were able to collectively claim 150 million APE, out of the total supply of 1 billion tokens.

Designed identically to any other Web3 coin, ApeCoin can be used for payments. ApeCoin is technically acceptable by most merchants because it is a pervasive ERC-20 token. The coin is also already in use as NFT https://xcritical.com/ rewards, and holders with the BAYC receive free APE that they can immediately cash. 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.

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