What is ApeCoin and how does it work?

The total supply of ApeCoin is permanently fixed at 1 billion tokens. No minting
capability is exposed through the contract interface, thus the total supply will
never increase. Similarly, the contract interface does not expose any token
burning capability, so the total supply will never decrease.

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Second, the token is supposed to be a unit of account for all sorts of transactions in the BAYC ecosystem. A third benefit the token has is the potential access it grants to holders for events and games that will be hosted by the BAYC in the future. One way an impatient VC could manipulate a project is by insisting that a startup offer tokens as part of their project, and require https://www.xcritical.in/ that a certain amount of tokens be set aside for the VC. That way, once the tokens become available for trading on public crypto exchanges, VCs can cash out part of their investment years ahead of schedule. ApeCoin originated in 2022 as the official cryptocurrency of the Bored Ape Yacht Club (BAYC) – a highly sought-after NFT collection that was later acquired by Yuga Labs.

Why is ApeCoin popular?

In line with the Trust Project guidelines, the educational content on this website is offered in good faith and for general information purposes only. BeInCrypto prioritizes providing high-quality information, taking the time to research and create informative content for readers. While partners may reward the company with commissions for placements in articles, these commissions do not influence the unbiased, honest, and helpful content creation process. Any action taken by the reader based on this information is strictly at their own risk. It is available on almost all reputable exchanges, including Binance, OKX, Bybit, and FTX.

  • This could also hint at the fact that ApeCoin’s goal is to be used as an in-game currency for upcoming Yuga Labs releases.
  • It was developed by the Bored Ape Yacht Club and governed by the ApeCoin DAO.
  • ApeCoin is a blockchain-based cryptocurrency that uses proof-of-work consensus to secure its transactions.
  • Overall, ApeCoin is a potentially interesting investment, but it is important to do your research before deciding whether or not to invest.
  • Instead, it is a gamified metaverse platform where users can use their NFTs from other collections as playable avatars.

They include the Bored Ape Yacht Club (BAYC), Mutant Ape Yacht Club (MAYC), and Bored Ape Kennel Club (BACK). ApeCoin was developed in February 2021 by Yuga Labs, a company led by CEO Nicole Muniz. It was initially part of a collection known as BAYC and helped generate $127 million in revenue that year.

Is ApeCoin a Meme Coin?

The launch of these projects has the potential to increase demand for ApeCoin (APE). 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. APE is a utility token that allows users to access the services offered by the APE project. The token will be used as a means of payment within the ecosystem and will give users the ability to purchase, sell, or exchange data. 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.

How was ApeCoin developed

The Board consists of 5 members from the tech and crypto community, including Reddit co-founder Alexis Ohanian. As a decentralized Board, the initial Board members will serve for 6 months before APE holders what is apecoin vote for new Board members on an annual basis. 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.

Being decentralized, the crypto world becomes more than capable of stepping outside the overall control and jurisdiction of central authorities and can work freely without any unnecessary government interferences as well. The value of the token heavily depends on Yuga Lab’s future plans and how successful they will turn out to be. Interestingly enough, executives in the gaming industry from FTX and Animoca Brands sit on the ApeCoin DAO’s special council. This could also hint at the fact that ApeCoin’s goal is to be used as an in-game currency for upcoming Yuga Labs releases. The company behind ApeCoin as well as the Bored Ape Yacht Club is Yuga Labs, a company based in the U.S.

In the future, ApeCoin has the potential to revolutionize the way that digital assets are managed and traded. It’s intended to serve as a decentralized token for various community-led initiatives. The BAYC and MAYC collections distributed over $800 million in assets to their owners as part of the available 150 million tokens. Eventually, every BAYC owner received 10,094 tokens worth between $80,000 and $200,000. It is planned to grow even more decentralized over time and supports community-led governance.

How To Buy ApeCoin (APE)

For example at EY, we are targeting industrial companies as users of our OpsChain solutions to help manage inventory and track carbon emissions. When we sit down and do scaling planning, the volumes we talk about are very large. For example, one of our clients is asking us to think about handling 500,000 units a day (all unique and serialized) for a single product line.

How was ApeCoin developed

That is surely not the case anymore as today, we have pools of currencies available for investors to choose from, with newer ones coming in with each passing day and tons of new investors joining in every hour. The Bored Ape Yacht Club is living up to its name, as it is an exclusive club indeed. Since their first minting at a price of 0.08 ETH in April 2021, BAYC NFTs have reached a floor price of more than 100 ETH. At the end of April 2022, Yuga Labs began minting Otherside metaverse lands. Within 45 minutes, the virtual real estate clocked the value of $100,000 and raised a total of $320 million, making BAYC the NFT garnering the maximum sales. Depending on your mood and choice, you can choose these apes down to the tiniest details.

This will make ApeCoin a transaction token on metaverse marketplaces. If the Metaverse incorporates P2E elements, it might also be used for rewarding players. Launched in April 2021, Bored Ape Yacht Club (BAYC) features 10,000 unique Apes residing on the Ethereum blockchain. Each of these unique digital collectibles features a different look, style and rarity.

Bored Apes seems like a fun brand, and if any NFT project tokens are going to have lasting value, it may well be Yuga Labs’. Over the past month or so, I’ve seen Bored Apes painted on jackets in fashion boutiques in Miami, and graffitied on walls in Brooklyn. It seems possible that people will enjoy the major-label Bored Apes virtual band, or make real money off the forthcoming Bored Apes play-to-earn game. But this is a lot of power to grant to the public, and so perhaps it’s understandable that web3 startups are being stingy with it. Nearly half of any tokens (38 percent, in the case of ApeCoin) are given for free to an inner circle.

However, the reality is that today a
DAO cannot sign a lease or hire people or make merch or whatever the community
decides to do on its own. The Foundation is responsible for the day-to-day
administration, bookkeeping, project management, and other tasks that ensure the
ApeCoin DAO community’s ideas have the support they need to become a reality. The ApeCoin ecosystem is made up of individual token holders, as well as a wide range of products and services that are using the cryptocurrency. Chief among its ecosystem members is Yuga Labs itself, which has adopted APE as the primary token for its projects.

Amidst the bearish market conditions, VC Spectra (SPCT) continues to astound investors with a staggering 220% ROI in its ongoing public presale. After the announcement, the price of ApeCoin (APE) experienced a decline from $1.95 to $1.75 over the subsequent three days. However, ApeCoin (APE) managed to recover slightly and reached $1.80 by August 1. Despite the temporary setback, given the recent developments in the Chainlink (LINK) ecosystem, it is expected that the project will gradually recover in the coming months. Investors and enthusiasts remain optimistic about the long-term prospects of Chainlink (LINK) and anticipate a positive trajectory for the project’s value.

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