Owners literally woke up on March 17th to tens of thousands of dollars in their wallets. The next 16% (160 million tokens) was distributed to Yuga Labs itself (150 million tokens) and 10 million tokens (or equal value) went to the Jane Goodall Legacy Foundation. The entirety of the next 14% (140 million tokens) were paid out what is apecoin to various launch contributors for helping bring the project to life. The final 8% tranche of ApeCoin (80 million tokens) was distributed to the quartet of founders behind Yuga Labs and BAYC. Of course, with BitPay’s recent support for the token, you can also buy ApeCoin (APE), store, swap and spend in the BitPay app.
ApeCoin follows a locked token protocol to prevent the founders and other launch contributors from selling their tokens. For these members, the tokens are locked completely for 12 months, after which they receive a specified number of tokens every month. The creator of this collection, Yuga Labs, now uses ApeCoin as the primary token in all its projects. These include other NFT series like Mutant Ape Yacht Club (MAYC) and Bored Ape Kennel Club (BAKC). Long story short, an APE ecosystem exists, and ApeCoin is the primary token in this ecosystem. ApeCoin can be used to send and receive payments between individuals without the need for a third-party intermediary, to power decentralized applications, to raise funds for community-driven projects, and much more.
APE has a total supply of 1 billion tokens, and there are currently about 310 million in circulation. The team behind the project has implemented a number of security measures, such as two-factor authentication and a secure wallet. The main advantage of APEcoin is that it is backed by real assets, which are the ape population. This means that the value of APEcoin is directly linked to the number of apes in the world. There are a limited number of apes in the world, so the value of APEcoin should theoretically go up as the number of apes decreases. The ApeCoin blockchain is powered by the ApeCoin Protocol, a fork of the Bitcoin protocol.
Unlike widely recognised cryptocurrencies like Bitcoin and Ethereum, ApeCoin is not available on every exchange. This is an ecosystem which comes from the infamous Bored Ape Yacht Club (BAYC) which is a sought-after collection of non-fungible tokens (NFTs). The ApeCoin’s parent platform, the Bored Ape Yacht Club (BAYC), has had a strong start from the beginning and all the way into 2022. All things said, APE is intrinsically connected to NFTs, and with NFTs comes volatility.
Another purpose of the MAYC was to welcome newcomers to the APE community. There were also 10,000 mutant Apes available for public purchase following the AirDrop in Aug. 2021. The Ape Foundation Board includes Reddit co-founder Alexis Ohanian, Yat Siu of developer and venture capital group Animoca Brands, and FTX investor Amy Wu, among others. Their role is to ensure the implementation of decisions made by the ApeDAO, which is governed by holders of the APE token. 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. Bored Ape Kennel Club (BAKC) is a collection of dog NFTs that were made available to every single member of the BAYC.
- Each BAYC can only generate a single mutant from a single serum type, and the serum disappears after use.
- As the Ape ecosystem expands, bringing with it increased functionality for the Ape cryptocurrency and APE token, it will also help launch ApeCoin’s value.
- ApeCoin seems to have stabilized but it’s still very early days in the token’s life.
- A well-designed mobile app can provide you with flexibility and accessibility.
When he’s not writing, he’s usually busy making wine, tinkering with his android device, or hiking some mountains. However, it is yet to be shown if Yuga Labs knows how to manage that money properly. Launched by the Bored Ape Yacht Club development team, ApeCoin will play a prominent role in metaverse environments. ApeCoin has recently captured the public’s attention like many other memecoins.
It is most known for creating Bored Ape Yacht Club, an Ethereum-based collection of unique Bored Ape NFTs. The token originated from the Bored Ape Yacht Club (BAYC), an NFT series from Web3 company Yuga Labs. The collection features 10,000 unique cartoon ape drawings, each with a distinct look and style, with ownership of each verified on the blockchain. BAYC has been one of the most successful NFT projects to date, enjoying viral popularity including famous owners like Jimmy Fallon and Eminem.
BAYC is well-known for having a vibrant and active community of supporters. The utility part refers to using APE coins for whatever utility new projects demand. For example, ApeCoin will be used for a play-to-earn mobile game, Benji Bananas, owned by nWay. By doing this, Yuga Labs expanded the access to the coin but also created a code exploit. Suffice to say, the end result was a shadow on the team’s competence for future projects.
It’s intended to serve as a decentralized token for various community-led initiatives. 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.
Here we go over what ApeCoin is, how it works and the roles it plays in the NFT ecosystem. Bored Ape Yacht Club (BAYC), is almost a household name at this point and the latest NFT collection, Mutant Ape Yacht Club (MAYC), is no less popular. The team recently released its proprietary ‘ApeCoin (APE)’ crypto, which has attracted considerable interest since its debut. The views and opinions expressed in this article are solely those of the authors and do not reflect the views of Bitcoin Insider. Every investment and trading move involves risk – this is especially true for cryptocurrencies given their volatility.
The team behind ApeCoin believes that by doing this, they will be able to provide a more stable and secure financial system for apes. It’s designed to be the decentralized protocol layer for various initiatives that are supposed to be led by the https://www.xcritical.in/ community. ApeCoin is building a marketplace that allows users to buy, sell, and trade NFTs easily and securely. The ApeCoin team is also working on integrations with popular games and platforms so that users can use their NFTs across the web.
The APE ecosystem is made up of the community holders of ApeCoin, and all products & services utilizing APE. 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. YugaLabs announced that the token will also be used as the governance token for the ApeCoin DAO. Holders will be able to vote on relevant topics ranging from the allocation of funds to what future endeavors the DAO should embrace. It generated $300 million in sales from the initial release and another $300 million in resales in the post-market. The demand for land in the Otherside was responsible for the largest amount of traffic on the Ethereum blockchain this year.
After all, we have seen multiple times how token appreciation can mint millionaires overnight based on wild price swings. Other than this, ApeCoin is one such platform that is also known to provide access to certain parts of the Ecosystem that are otherwise unavailable including exclusive games and services. However, for third-party developers, ApeCoin is rather a tool used for participating in the ecosystem by incorporating ApeCoin into games, services as well as other projects. ApeCoin has a fixed total supply of 1 billion APE tokens, which cannot be minted or burned.