Each BAYC NFT owner receives the commercial usage rights for the token and can build products upon it. For now, keep a close watch on the token’s Twitter for significant announcements. The Bored Ape NFTs have attracted a considerable amount of negative reception, with many detractors of BAYC having opined that the NFTs have had a negative impact on artists.

Launch tokens are locked for 12 months with a 48-month unlocking schedule to follow. The ApeCoin project was targeted in a blog and video hit piece shortly after their launch. Extensive information was presented suggesting that Bored Apes founders use their platform and its imagery as dog whistles to white supremists. Yuga Labs published a response and is now suing the author of the piece for illegally using their image.

ApeCoin: Bored Ape Yacht Club’s New Crypto Token

Mutant Ape NFT holders will benefit most initially, given that they all get a free stash of valuable tokens that they could sell off, anyone can buy APE from popular exchanges. According to the team behind APE, there are plans ahead for the token, naturally, including exclusive games and services. There are also 14% to launch contributors that fall under different lockups, and 8% of the tokens will go to the founders of BAYC under a 12-month lock-up and 2,222,222.22 unlocked tokens per month after that. 470 million tokens from the same fund are going to DAO treasury and resources where 117,500,000 from these are unlocked at launch and 7,343,750 will unlock monthly for 48 months.

Due to these highly unique selling points, the project’s growth and success has been independent from the current crypto winter conditions. Golteum has been on an uptrend, from the launch price of GLTM of $0.07 to $0.13, an increase of 85% in value. Furthermore, as the project undergoes further development, the prices of the tokens are predicted to rapidly increase even further. ApeCoin DAO has said that some future functionality will be reserved exclusively for APE holders, such as upcoming games and services. Governance proposals regarding things like ecosystem fund allocation and staking rewards. That might sound dry and dull to some, but it may impact future benefits for APE holders.

ApeCoin: The new hot crypto explained

If Otherside eventually incorporates a P2E mechanic, APE could be given as rewards to players. It’s also used by a number of developers outside of the APE ecosystem, such as play-to-earn game Benji Bananas by Animoca Brands, which uses ApeCoin to incentivize and reward players. Georgia Weston is one of the most prolific thinkers in the blockchain space. In the past years, she came up with many clever ideas that brought scalability, anonymity and more features to the open blockchains. She has a keen interest in topics like Blockchain, NFTs, Defis, etc., and is currently working with 101 Blockchains as a content writer and customer relationship specialist.

APE holders can also access exclusive features of the APE ecosystem, including games, merch, events, and services. Decentralized autonomous organization for all APE token holders to participate in governance decisions. They can decide how to allocate the Ecosystem Fund, make governance rules, select projects, partnerships, etc. After the DAO members vote on the proposals, the APE Foundation will proceed to carry out the community-led governance decisions.

The APE Coin Protocol

Made up of 10,000 unique Bored Ape NFTs, the collection ranks as the second-largest by trading volume. Yuga Labs designed and launched ApeCoin to ultimately function what is apecoin autonomously as a DAO and attempted to create a path to decentralization. Bored Apes are sometimes used as status symbols in the crypto space, such as with PFPs.

• Companies in the Web 2.0 era produced only goods and services, whose value was always denominated in dollars or other national currencies.
• Blockchain game company Animoca Brands announced in March that it will adopt the token for a new project being developed with BAYC.
• Bored Ape Yacht Club holds hosted events in New York, California, Hong Kong, and the UK for its owners.
• 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.
• Seneca clarified that she was not the sole illustrator of the artwork, but the “lead artist of the original collection” and that the ape’s body is “exactly line-for-line” her drawing.
• This was an accomplishment in and of itself, given the notoriously finicky nature of major players like Coinbase .

ApeCoin launched on March 16 and was picked up by major crypto exchanges such as Coinbase. As of Friday, one APE was worth $13.30 and the crypto had a total market cap of $3.7 billion. 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. Acclaimed as a creator of the Bored Ape Yacht Club, Yuga Labs serves as a community member in the ApeCoin DAO. They have adopted ApeCoin as their primary token in the projects they undertake. Let’s learn concise information about the NFT collections that are a part of the APE ecosystem.

10 million tokens or their equal value will be donated to the Jane Goodall Legacy Foundation with an initial lock-up of 12 months, and 277,777.78 tokens unlocked per month for 36 months after that. 150 million will go to Yuga Labs under a 12-month lockup, and then 4,166,666.67 tokens unlocked per month for 36 months. It’s built on Ethereum’s ERC-20 token standard, and its address can be found here.

Governance is another significant highlight in the discussions around ApeCoin and its potential. ApeCoin serves as the governance token of the Bored Ape ecosystem, and ApeCoin owners have the privilege of joining ApeCoin DAO. The DAO provides a suitable option for ensuring decentralized governance while also supporting the growth of a globally interspersed community. All the ApeCoin owners can have the eligibility for joining the ApeCoin DAO.

What is ApeCoin and How It Made The Bored Apes Richer

ApeCoin does not offer any facility for creating more tokens or capacity for burning tokens, thereby ensuring a constant supply in its tokenomics. Therefore, the average price of one BAYC NFT rounded up on an average estimate of $285,000. However, the buzz around BAYC NFTs gained momentum in recent times with the launch of ApeCoin on March 16, 2022. On its debut trading day, ApeCoin scaled unfathomable heights in the first five minutes itself. Earlier this week, it was announced members of the Bored Ape Yacht Club NFT collection would be getting their very own cryptocurrency, ApeCoin. The arrival of blockchains over the past decade created a new option for impatient VCs.

The DAO follows a proposal process to vote on how the Ecosystem Fund will be distributed by the ApeCoin Foundation to promote a diverse and self-sustaining ecosystem. Jan 18, 2023 ApeCoin is the currency of choice of the Bored Apes Yacht Club ecosystem, which includes the Otherside open metaverse. Not to be confused with the Bored Ape NFT’s, investing in ApeCoin the currency is a bet on the ecosystem developed by parent company Yuga Labs, considered by some the Disney of the metaverse. After you have purchased ApeCoin, your crypto will show up in your ApeCoin wallet.

What is ApeCoin (APE)?

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. CoinDesk is an independent operating subsidiary of Digital Currency Group, which invests in cryptocurrencies and blockchain startups. As part of their compensation, certain CoinDesk employees, including editorial employees, may receive exposure to DCG equity in the form of stock appreciation rights, which vest over a multi-year period. CoinDesk journalists are not allowed to purchase stock outright in DCG. A mobile game called Benji Bananas, developed by Animoca Brands (whose co-founder, Yat Siu, is on the board of the Ape Foundation), is adopting ApeCoin as a kind of in-game currency. For 25 ApeCoins, you can buy a Benji Bananas Membership Pass, which lets you earn “special tokens” in-game.

The vision for the Otherside metaverse is to create something more than just a general metaverse platform, with a focus on interaction. The founders want to build it as the new frontier for digital-human interaction. The collaboration with Animoca Brands has also served as a powerful boost for the project’s vision of creating a large virtual ecosystem offering ownership of virtual real estate through NFTs.

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ApeCoin has utility as the membership pass and governance token of the ApeCoin decentralized autonomous organization , where every token holder can vote on the use of the Ecosystem Fund or cast their own proposals. The token can also be used as an https://xcritical.com/ open currency for payments and transactions without centralized intermediaries. ApeCoin was officially released on March 16, 2022, as “a token for culture, gaming, and commerce” and is the main cryptocurrency of the Bored Ape Yacht Club ecosystem.

The rush to secure windfall gains was cited as one reason for volatility in the token during its trading debut on March 17, which rose from US$1 to close at US$8.52 per token. The Bored Ape Yacht Club is a popular non-fungible token collection based on the Ethereum blockchain. The top 4 NFT collections by all-time OpenSea volume are all in the ApeCoin ecocystem. It’s a little bit complicated because two of the founders of BAYC, ”Gordon Goner” and “Gargamel”, intended to remain anonymous but were outed by BuzzFeed in February of 2022. After the publication was released, Yuga Labs CEO, Nicole Muniz, confirmed the identities of the two founders as Wylie Aronow and Greg Solano. The identity of the two engineer co-founders, Emperor Tomato Ketchup and No Sass, remain a mystery.

What Is ApeCoin and Who Is Behind It?

The collection exists on the Ethereum blockchain and contains 10,000 unique NFTs derived from 172 unique assets. Membership to the club includes access to THE BATHROOM , a digital graffiti board where users commonly “draw dicks,” according to the founder. The NFTs were originally sold for 0.08 ether each, around $190 at the time of their April 2021 launch and were sold out in 12 hours. Owners of a Bored Ape NFT are granted access to a private online club, exclusive in-person events, and intellectual property rights for the image. Another 47% of the total supply will be granted to the DAO treasury and resources, with much of that tally vesting over the next 48 months. It facilitates the growth and development of the APE ecosystem in a fair and inclusive way.

14% of the tokens are for the people who contributed to the launch of the ApeCoin protocol. 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. Original BAYC NFT holders were handed 10,000 mutant serums in three tiers via airdrop to add the rarity of traits. 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.

According to Dune Analytics, in the first two weeks after the launch, more than 90% of all eligible addresses had claimed the ApeCoin airdrop. In addition to its use in network governance, APE is meant to be used as a utility token—or currency—in web3 projects like games and metaverse worlds. 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. Sixty-two percent of the total ApeCoins are being set aside for token holders and the DAO treasury.