ApeCoin is an ERC-20 standard token for the future Otherside metaverse and the APE ecosystem, including many projects from Yuga Labs and ApeCoin DAO. The project was launched in March 2022 by Yuga Labs, the founders of the famous Bored Ape Yacht Club (BAYC) NFT collection.
So far, ApeCoin has limited functionality, but soon the tokens will be paid out as a reward for staking the NFT ecosystem of APE. The developers also promise to integrate the token into their Otherside metaverse, blockchain games, and other NFT collections.
| Official Website | https://apecoin.com/ |
| Launched in | March 16, 2022 |
| Disbursement | Medium |
| Liquidity | Medium |
| License | Open-source |
| Original author | Alexis Ohanian, Amy Wu, and Yat Siu |
| Active hosts | N/A |
| Limits | 1,000,000,000 APE |
| Private Transactions | No |
| Public vs. Private | Public |
We figured out how ApeCoin works, how its ecosystem develops and the prospects for the token.
APE: Key Facts
APE holders can vote for various proposals for the development of the project, pay them for transactions within the ecosystem, and also get access to additional functionality, such as closed events or exclusive merchandise.
BAYC is a popular NFT collection released last spring. It represents 10,000 humanoid NFT monkeys, the price of which sometimes reaches several hundred thousand dollars. Celebrities put NFT monkeys as avatars, mention them in their work, and go to themed events.
Bored Ape owners include
- Elon Musk
- Justin Bieber
- Eminem
- Paris Hilton
- Snoop Dogg
- Justin Bieber, and
- Serena Williams, among others.
After the buzz around BAYC, Yuga Labs released two more collections: Bored Ape Kennel Club (BAKC) and Mutant Ape Yacht Club (MAYC).
In BAYC, the company focuses on the social component: token holders get access to a kind of “closed club”, can communicate in an exclusive server on Discord, have the rights to commercially use the image of the NFT monkey, participate in private events, get early access to new NFTs. company collections and their airdrops.
It is worth noting that even though Yuga Labs developed ApeCoin, a separate decentralised organisation is responsible for issuing the token. The company does not issue tokens directly, as it fears regulatory problems – the US Securities and Exchange Commission (SEC) may be interested in a token if a regular company like Yuga Labs issues it.
Therefore, APE is managed by ApeCoin DAO, a decentralised organisation legally independent from Yuga Labs – DAO.
All holders of APE tokens are members of the DAO: they can vote on decisions on the use of the ecosystem fund.
The APE Foundation, the choice of new partnerships and taking part in other ApeCoin governance issues. The organization is led by a Council that includes prominent entrepreneurs and industry representatives:
- Alexis Ohanian – co-founder of Reddit;
- Amy Wu – FTX in background;
- Maaria Bajwa – Director of Sound Ventures;
- Yat Siu is the co-founder of blockchain unicorn Animoca Brands;
- Dean Steinbeck is President of Horizen Labs.
The Council will work on this composition for half a year, and then members of ApeCoin DAO will regularly choose new members. The APE Foundation supports the work of ApeCoin DAO. Its goal is to manage the development of the ApeCoin ecosystem.
The fund manages the funds that will be used for administrative expenses, project management, development and everything that is necessary for the successful development of ApeCoin.
What Is ApeCoin?
ApeCoin (APE) is an ERC-20 utility and governance token on Ethereum.
The project is the brainchild of the American company Yuga Labs, which founded the popular NFT collection Bored Ape Yacht Club (BAYC).
Therefore, APE will be the native asset of all Yuga Labs products, including the future Otherside metaverse.
APE holders can vote for various proposals for the development of the project, pay them for transactions within the ecosystem, and also get access to additional functionality, such as closed events or exclusive merchandise.
How ApeCoin Works
ApeCoin has a limited supply of 1 billion tokens – they have already been issued in total, which means it is impossible to issue new tokens. On April 17, the tokens were distributed as follows:
- 150 million APE went to the owners of BAYC and MAYC at the time of the token launch (March 17). BAYC holders received 10,094 tokens (about $62,000 on the day the article was published), and MAYC holders received 2,042 tokens for each monkey ($12,550). Holders of BAYC and BAKC pairs received 10,950 APE each, while MAYC and BAKC pairs received 2,898 APE each (about $67,300 and $17,800, respectively). Holders of only WACS did not receive free tokens – the developers explained this by saying that this collection is a companion for BAYC and MAYC and does not carry independent value. To receive tokens, you must apply and pay for the gas for the transaction – the airdrop will last until June 15 this year. More than 97% of NFT holders have already received their tokens.
- 150 million APE went to Yuga Labs. Tokens are locked for 12 months, after which 4.166 million tokens will be transferred to the company monthly for three years.
- 470 million APE was sent to The APE Foundation. Of these, 117.5 million were unlocked immediately, and then every month, 7.434 million APE will be transferred to the fund.
- 140 million APE is reserved for companies and people involved in the launch of ApeCoin. Of these, 10 million were transferred immediately, 25 million will be transferred in six months, 25 million in a year, and another 25 million in a year and a half.
- 80 million APE sent to the four anonymous founders of Yuga Labs.
- APE 60 million donated to the Jane Goodall Legacy Foundation, founded by renowned primatologist and conservationist Jane Goodall.
Source: coinmarketcap
ApeCoin Ecosystem
ApeCoin will be the token of the entire ecosystem of Yuga Labs and ApeCoin DAO projects. Yuga Labs is building its Otherside metaverse based on the Ethereum blockchain, which will bring together various NFT collections and blockchain games.
APE will become the in-game currency of this digital world. Users can purchase digital real estate, in-game assets and characters in NFTs and have fun in the metaverse by participating in quests or games.
Otherside will include many different NFT projects.
In March, Yuga Labs bought the intellectual property rights to the popular CryptoPunks and Meebits NFT collections from Larva Labs to expand its ecosystem.
Pros of APE
Autonomy
The Apecoin project is managed by a decentralized autonomous organization; therefore, each user can influence the decision-making on the management of the ecosystem.
Game metaverses and NFT collections continue to gain popularity, and many athletes and celebrities have invested in the BAYC project.
This gives hope that investor demand for APE will grow as the BAYC ecosystem develops.
Control
The token allows you to control the ecosystem, and its owners have the right to join the ApeCoin DAO.
Reward
The base platform allows third-party developers to plug in and integrate APE into their projects.
Consolidation of Spending
ApeCoin provides free capital, which is easy to use without the use of centralized intermediaries. And this applies to all participants in the system.
Free Access
The token provides access to platform elements that are unavailable to ordinary users. In particular, these are unique services and goods events.
Cons of APE
Volatility
We should remember that cryptocurrencies are volatile. Compared to the maximum rate, which was recorded on April 28 this year, the ApeCoin rate fell by 74%. Traders who bought APE in the spring, hoping for further growth, are still sitting in the red and waiting for developments. It is challenging to give ApeCoin a forecast now. If bitcoin continues to fall, it will take all the alts with it.
Lack of Use
In fact, ApeCoin has an indirect relationship with the success of the NFT collection of the APE ecosystem, but is not directly an asset that has a high investment attractiveness, the expert explained. He admitted that most likely the trends in the popularity of the NFT collection will have a high degree of correlation with the trend in the demand for the utility token ApeCoin. But the token itself will not be able to maintain high demand and sufficient liquidity to hold the position.
According to the analysts, one can consider the medium-term purchase of this asset as one of the risky strategies. At the same time, while maintaining hope for new news stories that support the high citation of the APE ecosystem in the information field. This has a positive effect on the price of ApeCoin.
APE in Numbers
- ApeCoin Price: $4.12
- Trading Volume 24h: $179,736,733
- Volume / Market Cap:0.1207
- Market Dominance: 0.17%
- Market Rank: #31
- Market Cap: $1,487,851,135
- Max Supply: 1,000,000,000
- Fully Diluted Market Cap: $4,119,154,493.
How Can I Obtain APE?
ApeCoin DAO is a decentralized organization that has the ability to manage where spending from the DAO treasury goes. Also, the votes of its members are taken into account in voting that relate to new projects related to the coin. Each buyer of ApeCoin gets the opportunity to become part of this organization.
Although technically affiliated with Yuga Labs and the Bored Ape Yacht Club, the coin is operated by the ApeCoin DAO, which Yuga Labs claims they do not own.
ApeCoin DAO does not have a centralized management, the main decisions are made by a board consisting of five crypto investors who have invested the most in development. The council in its composition lasts for six months, after which a vote is held, where it is decided who will enter the new composition.
Buy Ape
The first major cryptocurrency exchanges (Binance, Coinbase, etc.) are already listing trading pairs that include ARE.
To purchase cryptocurrency, you first need to create a profile on one of the exchanges. Provided that the trader is not yet registered on any of them. To do this, you will need to specify:
- e-mail;
- password;
- custom currency.
In general, it is safe to store purchased digital coins on exchange accounts. However, experts believe that storing the vast majority of assets in electronic wallets is a preferable option. So, for example, hardware wallets are autonomously able to provide reliable protection against cyber attacks.
After registration, all that remains is to replenish the account and find the cryptocurrency pair of interest. Then, you need to enter the number of coins you want to purchase. And add a payment method.
Mining
The total supply of APE is fixed at 1 billion tokens, no additional tokens can be issued, and therefore ApeCoin cannot be mined.
According to the data from the official website, the coins were distributed as follows: The Ecosystem Fund received 62% of the total issuance. Yuga Labs and other charities received 16%. Starting investors 14%. Founders BAYC 8%. The project’s developers consider it unacceptable to burn tokens to protect against inflation.
The offer will remain constant, regardless of the exchange rate of the ApeCoin cryptocurrency.
How to Buy ApeCoin?
The coin has already been listed on many reputable platforms. You can buy ApeCoin on Binance with ETH, fiat, BUSD and USDT stablecoins. Transactions on P2P Binance are commission-free. In addition, you can find a counterparty that agrees to accept payments in various currencies and in other ways that are not available in other sections.
The Binance Spot Market supports multiple order types, allowing you to buy cryptocurrencies at the best price. We remind you that trading without verification on Binance is no longer possible.
To pass KYC, you must complete a simple questionnaire, provide a copy of the documents, and then go through a face check using a webcam or smartphone. For detailed instructions on verifying on Binance, see here.
You can also buy ApeСoin cryptocurrency on exchanges such as
- Coinbase Exchange
- Kraken
- OKX, and
- Huobi Global.
Fees
For now, you’ll face no fees applied if you transfer money within the same wallet.
Transaction Speed
The transaction speed is instant. So, whenever you buy the coin, you’ll not waste any time.
What Can APE Do?
The excitement around ApeCoin is fully justified. Potentially, the token can become one of the main assets of the rapidly developing metaverse and NFT market. The strength of Yuga Labs projects is their pronounced social component.
Holders of NFTs issued by the company do not just own a token but get access to a “closed club” and a premium, expanding ecosystem. ApeCoin has everything for success: the support of large companies and investors, a large audience, and PR from celebrities. A lot of money is being invested in the project: in March, Yuga Labs raised $450 million in investments at a $4 billion valuation.
These are the most significant investments in the NFT project on the market. Yuga Labs intends to become a “lifestyle company for Web 3.0” – NFT companies will exist in various metaverses and become analogous to the digital avatars of their holders. The company has excellent chances to achieve what it wants. We are sure that shortly the excitement around Yuga Labs projects will only increase.
The Latest News About APE
In early May 2022, Yuga Labs sold out all 55,000 virtual lots in Otherside in just three hours. NFT lots could only be bought with APE for 305 APE for one NFT – about $5,800 per day of trading. Demand for NFTs has been so booming that the price of gas on the Ethereum network has reached 8,000 GWEI.
As a result of the sale of digital sites, the company attracted 16.7 million APE from 27,000 users – more than $310 million on the day of token release. At the end of the summer, another round of sales of NFT sites in Otherside should take place.
The APE token will be integrated into P2E games (play-to-earn, “play to earn”), where gamers can not only play but also earn in-game tokens. The start has already been made – in March, blockchain game developer Animoca Brands integrated APE into the popular mobile game Benji Bananas, which has been downloaded more than 50 million times.
For 25 APE you can buy a special ticket — which will allow you to earn in-game tokens that can be exchanged for APE. That same month, game developer nWay announced that APE would be used in an upcoming BAYC-based P2E game.
APE can be used outside of the online world as well. For example, SaltWater Brewery in Florida will discount the buyer if he pays for the purchase in the ARE.
The token’s functionality will also expand as ApeCoin and Yuga Labs projects develop.
ApeCoin Trading Tactics
To shape a tactic for trading the coin, you will need to know that ApeCoin will spread to the entire metaverse.
It is not yet known exactly what project ApeCoin plans to take on in the near future, but Yuga Labs claims that they intend to actively introduce the coin into use. To begin with, give those who own cryptocurrency access to unique products, services, and events. They also plan to make ApeCoin the main currency for all outgoing projects of the company, for example, Otherside – a new metaverse, which will probably also be associated with popular NFT collections; as well as the currency will be used in a joint project with Animoca Brands for the game Benji Bananas.
ApeCoin is starting to spread to the music industry, as new songs by Snoop Dogg and Wiz Khalifa can only be bought with this cryptocurrency, and soon the coin will probably be widely used for digital subscriptions.
Also, keep in mind that of the billion tokens planned to be issued, 61% will go to members of the ApeCoin DAO community, 16% to Yuga Labs, 14% to the so-called launch participants. People who helped with the creation of the project. But who it is is still unknown. The last 8% will be shared between the founders of Yuga Labs and Bored Ape Yacht Club.
Note that not all tokens are currently in circulation. The last 8% of the distributed tokens cannot be used by the owners during the next year. A certain percentage will be issued monthly, but the holders of the cryptocurrency, the founders of Bored Ape Yacht Club and Yuga Labs, do not have the opportunity to sell it. This is such a kind of safety cushion, made so that the newly appeared currency does not lose its value.
ApeCoin Fundamentals: Key Factors
ApeCoin has become a popular token in the NFT space and the metaverse.
Despite the depreciation, the popularity of the gaming fiat token market, with which APE is associated, may lead to a much more significant increase in the value of this asset in the future. In this light, ApeCoin’s outlook looks somewhat optimistic.
However, interest in the NFT market can be fickle. The ApeCoin cryptocurrency has some potential, but its further development prospects depend on the state of affairs in the blockchain industry and on the development of APE-related NFT projects and metaverses.
If bored monkeys, the Otherside virtual world, and other blockchain projects using Apecoin maintain their appeal in the community, this cryptocurrency may renew its maximum. But, before investing in APE, you must carefully consider and weigh everything.
Using ApeCoin will be a great addition to the online platform, making it more complete. Indeed, thanks to the coin, it will be possible, for example, to vote for the participants.
The introduction of this cryptocurrency into the financial market made a big splash. And although the coin has halved in price since the beginning of its appearance, it is expected that it will begin to grow again very soon.
It cannot be denied that the cryptocurrency market itself is volatile and unstable. And because APE is only at the beginning of its journey, making long-term assumptions about it is challenging. This coin may go up in value shortly. But there is no guarantee that the collapse will not happen the next day. Therefore, experts advise investing only if the trader knows the risks they may face.
FAQ
What if we consider the price of a coin in a five-year perspective?
It is assumed that it will not be difficult for APE to set a maximum of $100 by this time.
What is the predicted maximum for 2022?
It is assumed that the maximum cost of APE will exceed $20 by the end of the year.
Can ApeCoin be considered a successful investment?
Since this cryptocurrency has just appeared on the financial market, there is every reason to expect that its value will increase. Therefore, many experts are sure that this is a successful investment. However, do not forget that investment risks still exist. Therefore, you should not invest all your money in this asset.
Which wallets is the coin available from?
Since the APE digital asset is an ERC-20 token, after purchase on exchanges, it can be sent for storage to any Ethereum wallet. For example, MEW, Metamask or Trust Wallet. You can also store ApeСoin in Ledger, Trezor and SafePal hardware safes.
