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It’s reportedly in talks with the venture capital firm Andreessen Horowitz about funding that would value it at $5 billion, and it has recently made moves to become, effectively, the first major NFT monopoly. A carefully coordinated marketing campaign takes great pains to distance the new token from Yuga Labs, but the firm that created the Bored Ape NFTs appears to be deeply involved. One factor to consider is that the token wasn’t launched by Yuga Labs, despite its role as the official token of the BAYC.

With use cases spanning from decentralized payments to land sales on metaverse, the company has a range of supportive components in place. As the APE ecosystem grows, ApeCoin earns more value than can be realistically expected. With ApeCoin set to be integrated with the upcoming metaverse Otherside, which could make it a high-in-demand metaverse coin this year.

What can APE tokens do?

As a governance and utility token, ApeCoin serves multiple purposes in the ecosystem. ApeCoin use cases include enabling holders to participate in the governance of the DAO and enabling them to access exclusive features of the ecosystem, such as games, events, merchandise and services. APE is governed by the ApeCoin DAO and supported by the APE Foundation.

Token holders will have a voice in community decision-making through voting on proposals submitted by other members using the APE token, which serves as the DAO’s governance token. Mutant Ape NFT holders will benefit most initially, given that they all get a free stash of valuable tokens that they could https://dveripermi.ru/pereskazy/obrazy-geroev-slovo-o-polku-igoreve.html 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. This token occupies the 35th position in the ranking of cryptocurrencies on the CoinMarketCap website in terms of market value.

Who is behind ApeCoin?

Bored Ape Yacht Club non-fungible tokens have unquestionably penetrated the public mind, since many prominent figures now possess one of these premium digital assets. The recent launching of ApeCoin has added another ape-themed cryptocurrency to the market, which may have enormous future potential. It facilitates the growth and development of the APE ecosystem in a fair and inclusive way. It is tasked with ensuring that the community’s visions are implemented.

Airdropped to the original BAYC NFT holders, with three tiers of serums that added to the rarity of traits. With the different tiers of serum they received, BAYC holders could create different types of mutant Apes. Each BAYC can only generate a single mutant from a single serum type, and the serum disappears after use. The Ape Foundation “provides an infrastructure for ApeCoin holders to collaborate through open and permissionless governance processes.” “The goal of the APE Foundation is to steward the growth and development of the APE ecosystem fairly and inclusively,” the website describes.

In December 2021, the Bored Ape Yacht Club overtook CryptoPunks as the highest-priced NFTs. Universal Music Group has signed a band composed of three Bored Apes and one Mutant Ape. 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. ApeCoin APE has distributed around 150,000,000 tokens among the BAYC NFT holders. The BAYC NFT holders showed the necessary proof of eligibility for claiming around 10,950 APE.

ApeCoin, the APE ecosystem’s utility token, may be used to pay for goods and services. CoinMarketCap reporting that about 28% are currently in circulation. Many of the total supply of tokens will vest gradually over the next few years. Token holders are eligible to become members of ApeCoin DAO, its community that determines the direction of Yuga Labs’ projects along with voting on various innovations. It also requires ApeCoin to buy NFT terrain or other digital goodies in the Otherside firmament.

However, the ApeCoin DAO recruited some prominent board members — including Animoca Brands co-founder Yat Siu, FTX’s Amy Wu, and Reddit co-founder Alexis Ohanian — to oversee the DAO and the token’s future development. The initial board will serve for six months, after which DAO members will vote for new board members annually. 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. 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. 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. Incentivization – Developers of new blockchain projects like games or metaverses can incorporate APE into their projects and participate in the Bored Ape ecosystem.

• Depending on your mood and choice, you can choose these apes down to the tiniest details.
• The price of apecoin is on the verge of reaching a significant milestone of $5, at which point it will trade at a level it has not experienced in the last one month.
• More often, the value is correlated to the collective belief that the project’s backers have in it, and both those beliefs and the tokens’ value can be manipulated as part of the startup’s growth.
• APE coins sold for $2.7 million and $1.4 million, respectively, were two of the most expensive.

Once the hype surrounding a novelty died down, NFT club members were delighted to announce the development of the Otherside metaverse game space as well as the release of an ApeCoin token. Yuga Labs has raised $450 million in investment to develop those projects along with other products to be developed later. Among the major beneficiaries were Andreessen Horowitz, Animoca Brands, Sound Ventures, Thrive Capital and more. Put simply, APE Coin is the native cryptocurrency of the BAYC ecosystem. It’s designed to be the decentralized protocol layer for various initiatives that are supposed to be led by the community.