ApeCoin: What Is the Bored Ape Ethereum Token and Who Gets It?

If that’s the case, this is a token simply not worth buying at current levels. Bitcoin has typically doubled within around a month or so of previous halvings. And while momentum has been on this token’s side in recent weeks, Bitcoin hasn’t made a new high since immediately following the event.

What is ApeCoin used for

BAYC NFT is a collection of 10,000 unique images of literally ‘bored’ Apes. Other projects in the APE ecosystem have greatly profited from BAYC’s reputation and status. The APE ecosystem consists of ApeCoin holders as well as other related products and services, such as NFT collections and metaverses. On March 17, 2022; Yugalabs airdropped 150 million ApeCoin tokens to Bored Ape Yacht Club (BAYC) and Mutant Apes Yacht Club (MAYC) NFT holders. The airdrop program also marked the onset of trading activities for the token which rose to prominence almost immediately.

What is ApeCoin used for

Yuga Labs strives to be one of the biggest players in the Metaverse and already created a few retail opportunities. ApeCoin will be distributed among four main groups, as detailed in the chart
below. Wallets holding tokens alloted to the DAO treasury and resources can be
viewed here. José is a copywriter and journalist with over 4 years of experience in the crypto field. He started his career in 2017 amid the Bitcoin and the cryptocurrency boom, and he hasn’t turned his back on the industry since then. It acts as a sort of corporational parent of the DAO and carries out community-approved proposals, facilitating its development and growth.

The only difference is that you use U.S. dollars to buy and sell cryptocurrencies instead of traditional financial investments, such as stocks and bonds. Cryptocurrencies, like ApeCoin, are decentralized digital assets that typically act as a proxy for the success of a particular crypto project. However, cryptocurrencies are a high-risk asset class, so any investment in this market should be preceded with in-depth research into the cryptocurrency you plan to purchase. And because ApeCoin is governed by a DAO, holders will have the ability to vote on community-led proposals that determine the future of the token. For example, there are already governance proposals regarding things like ecosystem fund allocation and staking rewards.

ApeCoin is many things, but primarily it’s the result of a vision to link many different decentralized projects together. This is shown by its creators, Yuga Labs, stating that ApeCoin will be the coin and token (APE token) for all new products and services launched by their company — from in-game currency to governance tokens. Thus, as both an ApeCoin cryptocurrency and an APE token for utility, ApeCoin has been built to launch all Yuga Lab’s future plans in the crypto space. ApeCoin is a very recent cryptocurrency with a lot of its features and functionality still to come. Despite that, the token is already doing well and has significant backing through its parent companies and platforms — both financial and socially, with many backers in the form of household celebrity names. ApeCoin is set to be used across the DeFi space, as a utility token in the decentralized community, as in-game crypto for Yuga Labs’ games as well as those from other developers, and more.

With just a 1 $SOL investment, you will receive over 178,000 $BOO tokens. Lucky Boo has a total supply of 8.1 billion, 5% of which is being allocated for the presale. With other Solana-based meme tokens, such as $BONK offering billions of dollars to investors, Lucky Boo aims to be the next project to take the crypto world by storm.

What is ApeCoin used for

About 400 BAYC NFT holders didn’t claim the BAKC NFTs at launch, thus bringing the total supply to just over 9,600 NFT arts. Once the votes are tallied, the ApeCoin Foundation implements the governance decisions taken by the community. The APE Foundation’s goal is to steward the growth and development of the APE ecosystem, with a special council, the Board, to administer DAO proposals and manage administrative reviews of proposals. One of the best new cryptos is Dogeverse – a new dog-themed meme coin, available on six blockchains.

One of ApeCoin’s primary roles is to tokenize participation in the governance of BAYC and other Yugalabs’ products through ApeCoinDAO. But ApeCoin itself is to a large extent, an independent entity and some proposals passed by the ApeCoinDAO could be of relevance to Bored Ape NFT holders. Yugalabs hints at adopting ApeCoin as the primary medium of exchange on The Otherside project. By this, ApeCoin will be used for in-game NFT purchases and to pay for certain privileges and character improvements. ApeCoin adopts the DAO (Decentralized Autonomous Organization) system to create an impartial management strategy for the ApeCoin treasury and other political affairs.

These technologies will be augmented with NFT technology and decentralized payment systems. To raise funds for the development of its metaverse project – Otherside, Yugalabs auctioned deeds for genesis Otherside lands in ApeCoin. The auction program accepts ApeCoin from NFT and metaverse enthusiasts in exchange for Otherdeeds. Following the enormous success of BAYC NFTs and the demand that accompanied them, Yugalabs introduced the Mutant Apes (MAYC) as a variant of the BAYC. In addition to the 10,000 BAYC NFTs, Yugalabs released 20,000 MAYC NFT collectibles. Of these, half were sold in a public auction, while the rest were created by BAYC holders, who “exposed” their Bored Apes to airdropped “mutant serum,” which added new attributes to their Bored Apes.

  • It is important to have a clear understanding of how ApeCoin can play the roles of utility and governance in the Bored Ape ecosystem.
  • Once your funds have been received, Sealana will airdrop your $SEAL directly into your cryptocurrency wallet.
  • Acquiring a Benji Bananas Membership Pass allows the user to swap in-game tokens into ApeCoin.
  • The live ApeCoin price today is $1.22 USD with a 24-hour trading volume of $31,857,801 USD.
  • The first presale round sold out in no time, and now investors can purchase $BOO through the second stage.

As Mega Dice Casino is powered via Telegram, users can start playing casino games in a decentralized manner. Even though Dogeverse has a huge token supply of 200 billion, only 15% will be made available during the presale. This means the token supply will be low once it launches on exchanges.

This article is not a recommendation by Investopedia or the writer to invest in cryptocurrencies nor can the accuracy or timeliness of the information be guaranteed. The live ApeCoin price today is $1.22 USD with a 24-hour trading volume of $31,857,801 USD. The current CoinMarketCap ranking is #103, with a live market cap of $740,791,627 USD.

For example, Play-to-earn (P2E) games might adopt ApeCoin in the future. One example of a project already using it is Benji Bananas, a game developed by Animoca Brands. Acquiring a Benji Bananas Membership Pass allows the user to swap in-game tokens into ApeCoin. Culture has found new expression in web3 through art, gaming,
entertainment, and events. The possibilities for blockchain’s impact on culture
are so endless that they can’t possibly all be predicted yet. APE is a token
made to support what’s next, controlled and built on by the community.

What is ApeCoin used for

But if you have a Kennel Club NFT plus a Bored or Mutant Ape, you’ll get bonus tokens for holding the dog NFT. ApeCoin is operated on the Ethereum blockchain – one of the most reliable blockchains that exist – and is an ERC-20 token, which is the most common token standard on Ethereum. Other ERC-20 tokens include Uniswap (UNI), Chainlink (LINK) and Aave (AAVE).

This is usually in the form of the cryptocurrency in question or NFTs. Moreover, we considered the pace of development and innovation on the project, recognizing that technological advancements and increased adoption could further fuel its growth potential. Through the $HLX token, users can schedule appointments, earn discounts on healthcare products, and access unique AI protocols. Insanity Bets are intent on taking on some of the biggest names in crypto gambling. By using innovative DeFi concepts, the team behind the project have their sights firmly set on a share of the $281 billion global industry.