Experience is really on the cusp of happening in this world.” If Bored Ape Yacht Club is essentially this band of brothers’ debut album, there’s really no telling what their greatest hits will look like. They first met in their early twenties at a dive bar, in Miami, where they were both born and raised, and immediately started arguing about books. Made up of 10,000 unique Bored Ape NFTs, the collection ranks as the second-largest by trading volume. The class action names many celebrities who promoted the NFTs such as Diplo, Snoop Dogg, Post Malone, Kevin Hart as well as Yuga Labs’ business partners, Moonpay and Guy Oseary in being part of the ‘scheme’.
The ApeCoin Foundation, which acts as the DAO’s legal representative and promotes the ecosystem’s expansion in various ways, then puts the DAO’s choices into action. The Board is in charge of making sure the community’s vision is carried out as the ecosystem develops. A PIN code and a 24-word recovery phrase are required to access the wallet. A public key serves as an address that can be shared with other parties to perform transactions. You can purchase ApeCoin through our partners with a credit card or bank transfer. Ledger hardware wallet stores your private keys and signs transactions offline, making them resistant to malicious attacks and threats.
Who Created ApeCoin (APE)?
The four founders of Yuga Labs and the BAYC were given 8% of all APE tokens. Finally, 1% was donated to the Jane Goodall Legacy Foundation to aid in its efforts to promote conservation, educational programs, and research of environmental initiatives. In addition to its use in network governance, APE is meant to be used as a utility token—or currency—in web3 projects like games and metaverse worlds. APE token holders take governance decisions collectively, casting their votes and deciding on issues like allocation of funds, framing of rules, partnerships, project selection and more. The ApeCoin Foundation implements the governance decisions taken by the community. The token originated from the Bored Ape Yacht Club , an NFT series from Web3 company Yuga Labs.
The APE ecosystem is made up of the community holders of ApeCoin, and all products & services utilizing APE. Popular rumors suggest other use cases for ApeCoin, but even confirmed roadmaps hint at plans to integrate ApeCoin in more than just governance procedures. Yugalabs is developing ApeCoin to facilitate improvement plans, incentivize users, and overall, act as the primary token of the BAYC ecosystem. As specified, holding ApeCoin is the only prerequisite for participating in ApeCoinDAO voting activities.
Why Is Everyone Worried about ApeCoin?
The company also owns the intellectual property rights of two popular NFT projects, CryptoPunks and Meebits. ApeCoin is an Ethereum-based governance and utility token in the APE ecosystem. As stated on the ApeCoin website, the token is intended to serve as a “decentralised protocol layer for community-led initiatives that drive culture forward into the Metaverse”. ApeCoin crypto would depend considerably on the difference in the floor prices of NFT collections for enabling a fair ApeCoin launch for Bored Ape and Mutant Ape NFT owners.
- The auction program accepts ApeCoin from NFT and metaverse enthusiasts in exchange for Otherdeeds.
- Moreover, there is also no burning capability, so the supply won’t decrease either.
- They first met in their early twenties at a dive bar, in Miami, where they were both born and raised, and immediately started arguing about books.
- In other words, ApeCoin holders in the ApeCoin DAO can build upon this foundation and create new projects and assets.
- 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.
Some Bored Ape and Mutant Ape holders who had already got airdropped tokens enjoyed the profit booking at its high prices. Those who own a Bored Ape can get 10,094 tokens, which is a good amount of money based on ApeCoin’s current trading price. Mutant Ape Yacht Club members are allowed to claim 2042 tokens for each Mutant Ape they possess.
What is Apecoin?
To expand this idea, Yuga Labs launched ApeCoin , a cryptocurrency that has put itself at the forefront of Web 3.0. Select and purchase a Ledger cryptocurrency wallet of your choice. To store and manage ApeCoin, you need a compatible cryptocurrency wallet. Whether you’re looking to keep your tokens safe and HODL or manage them on a daily basis, Ledger has the right product for you. The price of ApeCoin increased by +0.96% over the past 24 hours and increased by +2.58% over the past week.
Decentralized autonomous organization for all APE token holders to participate in governance decisions. They can decide how to allocate the Ecosystem Fund, make governance rules, https://xcritical.com/ select projects, partnerships, etc. After the DAO members vote on the proposals, the APE Foundation will proceed to carry out the community-led governance decisions.
The close connection with BAYC and its cousin collections, MAYC, and BAKC, makes ApeCoin one of top ten cryptocurrencies worth investing in. These NFT collections are some of the biggest on the Ethereum blockchain. As of the time this article was written, the average retail price of a Bored Ape NFT was $110.7k. Celebrities such as Jimmy Fallon, Eminem, and Justin Bieber are among Bored Ape Yacht Club NFT owners. Governance – ApeCoin is the ecosystem’s governance token, allowing ApeCoin holders to participate in ApeCoin DAO. APE crypto is a decentralized, community-owned and managed cryptocurrency governed by ApeCoin DAO members that can propel the Web3 revolution across art, gaming, entertainment and events in the APE ecosystem.
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. 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. Meanwhile, although BAYC creator Yuga Labs doesn’t control ApeCoin, its founders did receive a significant portion of the total supply of APE and the company is listed as a contributor to the project. Holding APE makes users part of the Ape decentralized autonomous organization , enabling them to vote on system improvement proposals and govern the community surrounding the token.
To safeguard and keep track of your keys, you can use online or offline wallets. Online wallets, also known as hot wallets, store private keys on systems or devices that are connected to what is apecoin the internet. Hot wallets are easy and convenient to use, however, they come with several drawbacks. The safer choice are specialized hardware wallets that store private keys offline.
ApeCoin (APE) Wallet FAQ
150,000,000 ApeCoin tokens were allotted to Yuga Labs with an initial plan for being locked up for the first 12 months. After this period, 4,166,666.67 tokens will be unlocked every month over a period of 36 months. 10,000,000 ApeCoins were also donated to the Jane Goodall Legacy Foundation. However, like any other cryptocurrency, ApeCoin is looking forward to value addition. ApeCoin investors expect $APE’s growth to be similar to that of BAYC NFTs.