What Is ApeCoin APE: Token to Ape Into or Meme Fodder?

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. Some commentators have pointed out that the token distribution might have been chosen in a way that benefits project insiders and the team since a lot of the DAO funds will also be controlled by them.

This is assured in perpetuity by the Ethereum-based smart contract responsible for the cryptocurrency’s creation, which does not allow for minting or burning of tokens. 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.

What is ApeCoin?

For instance, Yuga Labs received 16% of the token’s total supply, with an initial lock-up of 12 months, meaning that they can’t cash out their tokens for that period. Bored what is apecoin Ape Kennel Club NFT owners were not eligible to claim the coin. ApeCoin’s vision is to fuel a Web3 world of digital art, video games, entertainment, merch and IRL events.

Ape Improvement Proposal Processes would allow the DAO members to make decisions on the Ecosystem Fund applications, projects, partnerships, and beyond. There are no capabilities to mint further tokens through its contract interface, and this supply should never increase. Moreover, there is also no burning capability, so the supply won’t decrease either. Of course, with BitPay’s recent support for the token, you can also buy ApeCoin , 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.

As players progress through the game, they can collect points and “fragments” and also have the option to purchase boosters with cryptocurrency. High scoring players may also see their NFTs transformed, potentially increasing their value. The Bored Ape Yacht Club recently announced the start of a new chapter in their lore, with the trial of Jimmy the Monkey. This new chapter will provide a unique experience for BAYC and Mutant Ape Yacht Club holders, with pieces of the narrative being released along the way.

Can you mine ApeCoin?

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. The fact that APE is adopted by Yuga Labs gives it heft, as it also has CryptoPunks and Meebits, two other frontline NFT projects. The development of ApeCoin was coordinated by multiple parties and is governed by holders of the APE token through the ApeDAO. ApeCoin Improvement Proposal-1 (AIP-1), which established the ApeDAO and creative direction for APE, was submitted by the co-founder of Cartan Group LLC, a consulting firm based in the Cayman Islands.

Soon after its launch, ApeCoin has become tradable on most major centralized and decentralized exchanges like Binance, Huobi Global, Coinbase Pro, or Uniswap. On the first day of trading, ApeCoin’s price shot up to 17.75 USD, while correcting to below 10 USD in the following days. 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.

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Spend your APE or more than a dozen other cryptocurrencies as easily as cash. The BitPay Wallet is a non-custodial crypto wallet meaning you, and only you, control your ApeCoin. Otherside deeds are available in the Ape ecosysemIn April 2022, Yuga Labs started minting virtual land in its metaverse project Otherside. The sale went viral, and helped raise $320 million within just 45 minutes.

Based on tweets from Yuga folks and board members, there was clearly a lot of attention put on precise and uniform messaging, likely for regulatory reasons. Many of the total supply of tokens will vest gradually over the next few years. Benji Bananas offers a Membership Pass (‘Benji Pass’), an NFT that will enable its owners to earn special tokens when playing Benji Bananas, and that will also allow those tokens to be swapped for ApeCoin. The APE ecosystem is made up of the community holders of ApeCoin, and all products & services utilizing APE. Being the utility token of the ecosystem, APE also gives its participants a currency that can be used without any centralized intermediaries. The DAO itself, on the other hand, exists to deliver power to the community of APE holders.

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(Bored Apes’ lifetime sales exceed $1.5 billion.) This week, Yuga Labs announced that it had raised a fresh $450 million in capital, valuing the company at $4 billion. Although nearly 30% of all APE were unlocked at launch, the remainder were set to unlock gradually over the course of the following 48 months—ending in 2026. ApeCoin is designed to be used in any number of web3 and metaverse projects, but perhaps the most notable one (which came soon after ApeCoin’s release) was the release of Otherside land NFTs. Unification of spend – APE can be used as a decentralized currency, powered by the Ethereum blockchain.

Bored Ape NFT holders were eligible to claim a share of the ApeCoins that debuted earlier this year as the official cryptocurrency of the BAYC ecosystem. Quadency is a cryptocurrency portfolio management platform that aggregates digital asset exchanges into one easy-to-use interface for traders and investors of all skill levels. Users access simplified automated bot strategies and a 360 portfolio view with a free account.

Yuga Labs also developed the popular Mutant Ape Yacht Club and Bored Ape Kennel Club NFT collections. Additionally, they acquired Crypto Punks and Meebits shortly before launching APE. ApeCoin Board – Yuga Labs appointed the first 5 board members, which will serve for 6 months and then the APE DAO will vote in board members for 1-year terms.

Who is behind ApeCoin?

However, the use of ApeCoin is not limited to projects developed by Yuga Labs. Animoca Brands’ Benji Bananas is a play-to-earn game in which players can realize their gains in the form of ApeCoin. It is the vision of ApeCoin’s creators that this kind of adoption expands and continues into the future.

They will be able to earn special tokens when playing and swap these tokens for ApeCoin. 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. The community holders of ApeCoin and various products/services using the cryptocurrency collectively make up the APE ecosystem. Yuga Labs, founded in 2021 and headquartered in Miami, Florida, is a prominent name in NFTs and digital collectibles. The first quarter of 2022 was abuzz with the talks about ApeCoin , a cryptocurrency adopted to be the native coin of Bored Ape Yacht Club , developed by Yuga Labs.

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The ApeCoin buzz has been going off since Yuga Labs announced this move. The new crypto’s Twitter account has already attracted more than 100,000 followers and counting. Benji Bananas, a game developed by Animoca Brands, now accepts ApeCoin for in-game purchases. At the forefront of industry change, Boardroom is committed to unique perspectives on and access to the news, trending topics and key players you need to know. All Seeing Seneca, or simply Seneca, an Asian-American artist, is credited as the lead designer of the artwork featured in Bored Ape NFTs. 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.

• ApeCoin is an ERC-20 token, a particular flavor of build-it-yourself cryptocurrency on the Ethereum blockchain.
• Benji Bananas offers a Membership Pass (‘Benji Pass’), an NFT that will enable its owners to earn special tokens when playing Benji Bananas, and that will also allow those tokens to be swapped for ApeCoin.
• According to Dune Analytics, in the first two weeks after the launch, more than 90% of all eligible addresses had claimed the ApeCoin airdrop.
• The founders want to build it as the new frontier for digital-human interaction.
• In addition, the ApeCoin DAO also sets the ideal precedents for improvement with the APE Improvement Proposal Process.

Zoltan holds a master’s degree from the Ludwig Maximilian University of Munich and is interested in the future of global financial decentralization. One factor to consider is that the token wasn’t launched by Yuga Labs, despite its role as the official token of the BAYC. Below we’ll explore ApeCoin’s peculiar launch, tokenomics, and future outlook.

ApeCoin DAO exists because decentralized governance is critical to building and managing a globally dispersed community, and therefore critical to the success of the ApeCoin ecosystem. The ApeCoin Improvement Proposal Process allows ApeCoin DAO members to make decisions regarding Ecosystem Fund allocations, governance rules, projects, partnerships, and beyond. In addition, APE is adopted by Yuga Labs as the primary token for all new products and services. Yuga Labs is the creator of the trending Bored Ape Yacht Club NFT collections. It also owns the IP of another two popular NFT projects, CryptoPunks and Meebits.

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The two told The New Yorker they initially bonded by arguing about the work of David Foster Wallace. In an interview with CoinDesk, “they evoked Austrian-British philosopher Ludwig Wittgenstein’s idea of the unutterable to describe .” The two of them grew up together in Miami. The other two founders go by the pseudonyms “No Sass” and “Emperor https://xcritical.com/ Tomato Ketchup”, the latter deriving his alias from the 1996 Stereolab album of the same name. Currently, there is an on-going second round of pre-sale, with the project offering new investors a great point of entry with a discount of 20% for a limited time. ApeCoin is a new Ethereum token based on the Bored Ape Yacht Club NFT project.

Trading under the symbol $APE, the Ethereum-native ERC-20 token has a market capitalization of US$4.02 billion, according to data by CoinMarketCap. About 28% of ApeCoin’s fixed supply of 1 billion tokens is in circulation. ApeCoin is a token that is at the forefront of the web3 economy, designed to support the next generation of web3 culture. The ApeCoin ecosystem is built on decentralized governance, with the ApeCoin DAO allowing for community-led decision making and the ApeCoin Foundation serving as the steward of the token.