The Bored Ape Yacht Club (BAYC) was one of the most popular non-fungible token (NFT) collections in 2021, cementing its position as a market leader by market valuation. Despite the collection’s rapid rise in 2021, the buzz hasn’t died. Increased acceptance by celebrities such as Post Malone, the ecosystem’s purchase of the popular CryptoPunks collection, and an ApeCoin airdrop to qualifying members of the community have all contributed to the BAYC ecosystem’s rapid growth in 2022.
The BAYC ecosystem’s native cryptocurrency is ApeCoin. Bored Ape owners received almost $100,000 in ApeCoin, while Mutant Ape owners received roughly $30,000 in the cryptocurrency. Investors could either keep or sell for a profit after claiming.
Those outside of the BAYC ecosystem were able to get their feet wet by purchasing ApeCoin when it first became available.
Despite the fact that ApeCoin is linked to Yuga Labs, the firm behind the famed and expensive Bored Apes intellectual property. The ApeCoin decentralized autonomous organization created ApeCoin (DAO). A DAO is a mechanism that uses the blockchain to organize people and their interests, which means that each ApeCoin DAO token holder has a say in the organization’s development. ApeCoin appears to be a potential utility token for the developing ecosystem, with a bright future ahead for the Bored Apes and BAYC linked projects.
What Is Apecoin?
The official ApeCoin token (APE) will serve as the utility token for the APE ecosystem, with a focus on the BAYC community. A utility token is a token that allows users to execute actions or initiate initiatives on a certain network. APE effectively provides its users with a money that may be used without the requirement of a centralized intermediary.
The Ape Token is an ERC-20 token, which is a sort of Ethereum blockchain-based bespoke cryptocurrency.
It is not possible to manufacture more APE tokens because the overall supply is set at 1 billion. The supply should never exceed one billion units. However, the creators did not include the option to burn APE, therefore supply will not be affected.
Ape Token distribution is as follows: 62 percent of the total supply goes to the ecosystem fund, 16 percent to Yuga Labs and various charities, 14 percent to launch contributors, and 8% to BAYC founders, according to ApeCoin’s official website.
150 million tokens were airdropped to holders of BAYC-related NFTs from the tokens allotted to the ecosystem fund. The distribution of airdrops was determined by whether NFT owners owned a Bored Ape or Mutant Ape, as well as if the NFT was partnered with a Bored Ape Kennel Club NFT.
Apecoin Price History
ApeCoin is currently listed in the top 25 cryptocurrencies by market capitalization and has gained over 50% in the previous seven days. The notion that the “Otherside” metaverse land sale will take place in APE has fueled this huge expansion. Yuga Labs’ The Otherside is a new NFT metaverse project planned to launch on April 30th for an unknown price of 300 APE.
How To Buy Apecoin
There are a few options accessible right now if you only want to buy APE. Many exchanges are planning to support APE, and DeFi swaps are one way to get it. The most successful strategies are listed below.
Right now, you can purchase APE on any of the following exchanges:
Best Hardware Wallet For Apecoin
Because ApeCoin is an ERC-20 token, it is supported by default by the Trezor hardware wallet, which supports all ERC-20 tokens. Hardware wallets keep your keys off the internet, keeping your money safe from online thieves. For everyday use, software wallets like MetaMask and Coinbase Wallet are wonderful, but hardware wallets should hold the majority of your cash that you don’t plan to sell in the near future.
Also Read: Top 5 Hardware Crypto Wallets
Is Apecoin A Good Investment?
APE can also be purchased over most DeFi protocols. ApeCoin is a high-risk investment with the potential for massive profits. Due to anticipation that Yuga Lab’s “Otherside” virtual land sale may be priced in APE, there is likely to be unusually significant volatility in the immediate term. As a result, if extreme volatility persists, a sensible investor may wait for ApeCoin to stabilize before investing. Nonetheless, given BAYC’s popularity and high demand from price-insensitive investors such as athletes and celebrities, it’s realistic to expect that investor demand for APE will expand if the BAYC ecosystem continues to thrive. If you feel the BAYC ecosystem and Yuga Labs will continue to thrive and surpass competitors in the future, ApeCoin could be a lucrative method to profit from the ecosystem’s rising value.
Why You Should Consider Buying Apecoin
ApeCoin was created with usability and governance in mind. What exactly does that imply? It’s a decentralized token that can be used for payments and transactions in any Web3 app, even if it wasn’t created or owned by Yuga Labs or has nothing to do with the Bored Ape Yacht Club.
ApeCoin holders will be able to vote on community-led proposals that will determine the token’s future because it is managed by a DAO. There are currently governance proposals in place for topics like ecosystem money allocation and staking rewards, for example. That may sound dry and boring to some, but it could have an impact on APE holders’ future benefits.
Animoca Brands, a crypto game developer, has announced plans to integrate APE into a “secret project” it is working on with the Bored Ape Yacht Club. It appears to be connected to the recent development of a website (somethingisbrewing.xyz) that collects information from potential participants.
APE will be integrated into a “secret project” that Animoca Brands is working on with the Bored Ape Yacht Club, according to the company. It appears to be linked to the recent launch of a website (somethingisbrewing.xyz) that collects data from potential participants.
There’s also the chance that much more is on the way. For example, E11EVEN Residencies in Miami will accept APE payments, and SaltWater Brewery in Florida has announced the same for its beer, with a discount.
As a decentralized token, APE has the potential to be used by a wide range of enterprises and activities. And that is ApeCoin DAO’s goal: the more valuable it becomes, the more beneficial it is. APE investors can only hope that the Web3 sector rises in favor as a metaverse payment option, as it is still in its infancy.
In light of this, APE is expected to generate a lot of buzz in the coming weeks. The question is whether YugaLabs and BAYC will be able to maintain their momentum.
The answer is most likely yes, based on their previous experience with BAYC, but only time will tell.
If you’re considering investing in “ApeCoins,” now might be a perfect time.
Disclaimer: This article is not investment advice, and it does not constitute an offer, solicitation, or recommendation of any investment product.