Yuga Labs, the creator of the popular Bored Ape Yacht Club (BAYC) NFT collections, has also adopted APE as the primary token for all new products and services. ApeCoin has some actual utility within the APE ecosystem, so it’s more than just a speculative “meme coin”. However, its price is prone to dramatic fluctuations like many other cryptocurrencies, so as always it’s important to do your homework before investing. The next https://www.xcritical.com/ 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 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.
In today’s market, something like ApeCoin needs to show real value to remain relevant. The development of ApeCoin DAO, along with the new staking platform, has set ApeCoin apart from the rest of the rabble. The odds are stacked against ApeCoin, especially if the bear market is prolonged. While its survival is trivial, https://www.xcritical.com/blog/what-is-apecoin-ape/ those on the inside of the DAO have the ability to guide it through this crypto winter. A lot of BAYC NFT holders are also holders of ApeCoin, sharing community and vision among the NFT collectors and DAO operators. The DAO itself, on the other hand, exists to deliver power to the community of APE holders.
Overview of ApeCoin
After this duration, a specific allotment of tokens becomes accessible to them on a monthly basis. Cryptocurrency experts typically advise investors against leaving funds on a centralized exchange because exchange bankruptcies can lead to a complete loss of assets held with the company. Hybrid exchanges combine a centralized order book for trade-matching with decentralized asset custody to allow digital asset investors to benefit from the best of both centralized and decentralized trading venues. While purchasing ApeCoin on a crypto exchange is arguably the simplest option, you could also purchase APE on a peer-to-peer (P2P) exchange or a decentralized exchange (DEX).
Since the ApeCoin DAO came into being in April 2021, the BAYC has been among the top nonfungible token (NFT) collections with a vibrant community. 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. 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.
Bitcoin steady at US$28,500; Dogecoin leads market decline in Asia
Web 3.0 – these words encompass the next generation of the internet built to be more functional, interactive, open, and decentralised. As the world increasingly moves online, newer technologies like blockchain and digital assets offer a way to re-engineer how we interact with the internet, with each other, and the world around us. Bored Ape Yacht Club is the first NFT series in the ecosystem, consisting of 10,000 unique digital avatars featuring colorful cartoon apes.
- For original Bored Ape owners, the 10,094 tokens comes out to more than $80,000 worth of ApeCoin, as of this writing.
- Ownership of a BAYC NFT can provide access to exclusive events and premium spaces.
- Prices fluctuate, but individual pieces in the series sell for a minimum of $130,000 as of this writing, with a ceiling well above $1 million.
- As the APE ecosystem grows, ApeCoin earns more value than can be realistically expected.
- ApeCoin (APE) is a utility and governance token that was created to empower the community surrounding the APE ecosystem, which was built on the back of the Bored Ape Yacht Club (BAYC).
- Instead, it’s officially the creation of ApeCoin DAO, a new decentralized autonomous organization created to govern the token and its roadmap forward.
- Yuga Labs is getting 150 million APE, 10 million of which (“or equal value”) will go to the Jane Goodall Legacy Foundation.
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. The collapse of crypto exchange FTX in November 2022 highlighted this risk when billions of dollars in user funds were lost. Hence, trading on a decentralized exchange (where you control the custody of your assets) is typically considered the safer option.
The ApeCoin DAO is governed by the token holders; a “special council” is responsible for implementing these proposals and making them a reality. While a lot of energy was behind the DAO during the bull run, noticeably less activity has occurred recently. The founder of Reddit, Alexis Ohanian, sat on the special council with other notable tech executives. Also, a token allocation has been reserved for people that have been working on the project. Ten percent is given to Yuga Labs, 6% to charity, 14% to launch contributors, and 8% to the founders. When it comes to charity, the Jane Goodall Legacy Foundation will handle the funds provided for this purpose.
Since its launch in April 2021, Bored Ape Yacht Club (BAYC) has become one of the most popular NFT collections. BAYC is well-known for having a vibrant and active community of supporters. Of course, with BitPay’s recent support for the token, you can also buy ApeCoin (APE), store, swap and spend in the BitPay app. All BitPay merchants have the option to accept ApeCoin as payment, opening up thousands of new ways to use and spend the token. You can send ApeCoin payments from any compatible wallet, including the BitPay Wallet. Use the BitPay Card to instantly convert APE to cash online, in-store or at compatible ATMs around the world.
What You Need To Open a Cryptocurrency Exchange Account
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. At a time when NFTs are still storming the crypto arena, ApeCoin has managed to steal the limelight since its appearance. 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.