For the cherry on top, ApeCoin will set aside 10,000 tokens for the Jane Goodall Legacy Foundation. The first lock-up will be for 12 months, then 277,777.78 tokens will unlock every month for 36 months. AIP4, the most popular proposal, proposes a staking procedure for the token.
- BAYC NFT is a collection of 10,000 unique images of literally ‘bored’ Apes.
- In the future, they plan to add support for additional asset types, such as real-world assets and fiat currencies.
- By securing your tokens in your own wallet as opposed to on an exchange, you can avoid losing your assets in case of an exchange bankruptcy or a hack.
- Holding APE makes users part of the Ape decentralized autonomous organization (ApeDAO), enabling them to vote on system improvement proposals and govern the community surrounding the token.
- ApeCoin allows users to invest in various NFTs without purchasing them directly.
In fact, those interested in becoming a part of the APE ecosystem can take advantage of Otherside’s upcoming SDK (software development kit). Speaking of which, all NFTs released by Yuga Labs in the future will be minted with ApeCoins. This already happened with Otherdeed NFTs—land plot NFTs costing 305 APE a piece when launched. It is available on almost all reputable exchanges, including Binance, OKX, Bybit, and FTX. Before Jun. 15, 2022, both BAYC and MAYC have a 90-day claim period.
How much is an ApeCoin worth?
ApeCoin is a digital asset and cryptocurrency built on the Ethereum blockchain. It is used to power the ApeSwap decentralized exchange and can be used to trade a variety of assets, including other cryptocurrencies, commodities, and fiat currencies. The APE coin has a fixed supply of 1 billion APE and is trading on several exchanges, including Binance, Huobi, and OKEx. For investors, ApeCoin provides investment exposure to the Web3 ecosystem built on the Bored Ape brand. The community members of Bored Ape Yacht Club, Bored Ape Kennel Club, and Mutant Ape Yacht club received an airdrop of APE tokens in their wallets. These tokens will help them with accessing the future projects of this ecosystem.
As ApeCoin became the cryptocurrency of choice in March 2022, many analysts, experts, and trading gurus forecasted the token to reach around $100 in the short term and $1,000 in the long term. Therefore, as a beginner or novice trader, you can certify that ApeCoin is an asset you should consider investing in due to the millions of dollars being thrown into the cryptocurrency daily. 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. 8% of the tokens have been set aside for the four founders of Yuga Labs and BAYC. ApeCoin follows the concept of locked tokens to prevent Yuga Labs, the founders of BAYC, and other launch contributors from selling their holdings.
What is the APE ecosystem?
They are at a stage where constant and sometimes, ‘unfavorable’ developments are made. That being said, each of these developments (as it concerns BAYC and Yugalabs) will be relevant to ApeCoin’s expanded utility. As a governance token, ApeCoin holders will be at the helm of affairs of the ApeCoin ecosystem and its development plans. Over 6,500 members of the ApeCoinDAO have collectively voted in favor or against proposals for the improvement of the ApeCoin ecosystem or the development of new financial systems or technologies.
However, its price is prone to dramatic fluctuations like many other cryptocurrencies, so as always it’s important to do your homework before investing. The DAO’s decisions are then implemented by the ApeCoin Foundation, which serves as the DAO’s legal representative and supports the growth of the ecosystem in various ways. The Foundation includes a 5-member board made up of luminaries in the world of crypto and tech. The Board is responsible for ensuring the community’s vision is being followed as the ecosystem continues to develop. APE holders vote to determine the Board’s membership on a yearly basis.
BAKC NFTs were only available to BAYC NFT holders, with no external minting programs conducted for the release. These canines have their own variable traits, and could https://www.xcritical.in/blog/what-is-apecoin-ape/ only be “adopted” within a week of launch. 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.
If you choose to store your APE on a cryptocurrency exchange, you should know that you are holding your APEs in a custodial account. This way, you have access to your password which grants you access to your cryptocurrency exchange account. Millions like ApeCoins because of the potential of the highest-selling NFT digital collectibles, the Bored Ape Yacht Club (BAYC). Once there is a huge demand for some of the unique 10,000 digital collectibles, it reflects positively in the price patterns of the token, and this brings consistent passive income. ApeCoin is often described as a virtual currency, cryptocurrency, or digital currency.
BeInCrypto prioritizes providing high-quality information, taking the time to research and create informative content for readers. While partners may reward the company with commissions for placements in articles, these commissions do not influence the unbiased, honest, and helpful content creation process. Any action taken by the reader based on this information is strictly at their own risk. There are members of the ApeCoin DAO board, this group committed to improving the APE ecosystem.
It is most known for creating Bored Ape Yacht Club, an Ethereum-based collection of unique Bored Ape NFTs. Decentralized exchanges are smart contract-powered online trading platforms that enable users to trade crypto on a peer-to-peer basis without the need for a central authority. The ApeCoin community works on several projects to bring blockchain technology to the masses. These projects include a decentralized exchange, a mobile wallet, and a point-of-sale system.
The decentralized initiative would be able to conduct all financial transactions more quickly and easily thanks to the coin. The holders of APE and any products and services using APE make up the APE ecosystem. Primarily, APE functions as the governance token for the ApeCoin DAO. Holders cast votes and collectively make funding decisions, partnerships with brands, DAO rules and more. In March 2022, holders of a BAYC were airdropped – given free digital assets – ApeCoins.
Host Merchant Services is a registered Independent Sales Organization of Wells Fargo Bank, N.A., Concord, CA. High-risk merchant services provided through Electronic Merchant Systems (EMS). The users can also purchase exclusive music albums or tracks of their favorite singers on Ape Drops. But after the period of 6 months, the community members will choose the next board members with their voting power.
NFT are non-fungible tokens built on the blockchains in pretty much the same way cryptocurrencies live on a distributed ledger technology. NFTs however take the whole concept of blockchain’s decentralization to an entirely new level. The metaverse will play a growing factor in digital products in the future. The fact that ApeCoin (APE) is directly tied to the biggest, most profitable, and culturally influential https://www.xcritical.in/ NFT project ever means it has been adopted as the metaverse token. Given BAYC’s pole position in the NFT world, artists, sports persons, and other cultural icons are attracted towards this project, giving it a solid narrative to drive forth with. To sum up, ApeCoin was primarily built as a token to reward BAYC owners, but anyone, regardless of whether they own BAYC or not, can purchase it.