What is Apecoin APE? Lets talk about Apecoin, the token by Poloniex The Poloniex blog

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If you wish to invest in ApeCoin, keep in mind that NFTs and NFT-related coins are even more volatile than most cryptocurrencies, so it’s best not to make them a large portion of your portfolio. On the flip side, this volatility can mean even a small investment has an outsized payoff. The metaverse will play a growing factor in digital products in the future. The fact that ApeCoin is directly tied to the biggest, most profitable, and culturally influential 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.

what is apecoin

The Decentralized Autonomous Organization would enable the members to take important decisions regarding the allocations with the Ecosystem Fund, projects, governance rules, and partnerships. In addition, the ApeCoin DAO also sets the ideal precedents for improvement with the APE Improvement Proposal Process. Therefore, the average price of one BAYC NFT rounded up on an average estimate of $285,000. However, the buzz around BAYC NFTs gained momentum in recent times with the launch of ApeCoin on March 16, 2022. On its debut trading day, ApeCoin scaled unfathomable heights in the first five minutes itself.

OK, but what can I do with ApeCoin?

Of the total supply, 15% of tokens were made immediately available to the BAYC and MAYC NFT holders upon launch, and 47% of tokens went to the DAO treasury. A further 15% was distributed to Yuga Labs, and 14% was reserved for investors and contributors to the project. 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. As such, analysts and algorithm-based forecasters can and do get their predictions wrong. You can use ApeCoin to gain entrance to physical or digital events held by the APE community, purchase BAYC merchandise, and spend it within the APE ecosystem’s suite of products and services.

  • The DAO votes for the board, and the board is responsible for implementing and carrying out DAO proposals.
  • Like any other DAO, there is a proposal process in order to make changes to the ecosystem.
  • The total supply of Apecoin is permanently fixed at 1 billion tokens, there are no plans to mint further tokens and APE has been designed with no burning capabilities – essentially cementing this supply cap.
  • Readers shall be fully liable/responsible for any decision taken on the basis of this article.
  • The Board is responsible for ensuring the community’s vision is being followed as the ecosystem continues to develop.
  • Apecoin is responsible for administration, book-keeping, project management and other essential tasks within the APE ecosystem, including the successful Bored Ape Yacht Club NFTs.

It generated $300 million in sales from the initial release and another $300 million in resales in the post-market. The demand for land in the Otherside was responsible http://poverka55.ru/documents/27-pasport-jelektronnogo-reguljatora-temperatury-ecl-300.html for the largest amount of traffic on the Ethereum blockchain this year. ApeCoin has recently captured the public’s attention like many other memecoins.

Prices fluctuate, but individual pieces in the series sell for a minimum of $130,000 as of this writing, with a ceiling well above $1 million. Third-party developers use ApeCoin to play a role in the ecosystem and incorporate the token into their services, games and various projects. For instance, in Animoca Brands’ Benji Bananas, a play-to-earn mobile game, the coin is adopted as an incentive for players.

The Ape Foundation and The DAO

The purpose and usage of APE extend beyond BAYC, and holders have a stake in the development of the Ape foundation and can alter the direction of its future pathway. In March 2022, holders of a BAYC were airdropped – given free digital assets – ApeCoins. Meaning they were provided with free money purely for holding the BAYC NFT.

Back in September, a developer launched a cryptocurrency called “Adventure Gold” as a companion to an ascendant NFT collection called Loot. Anyone with a Loot NFT was automatically entitled to a certain amount of AGLD, and claiming those tokens meant coming into tens of thousands of dollars without any extra effort. According to the ApeCoin website and accompanying press materials, ApeCoin is being launched by ApeCoin DAO, a new governing body in which all APE holders are members. It’s meant to field proposals from the community, which token holders can then vote on. ApeCoin is a new addition to the crypto ecosystem and draws many references to the use of non-fungible tokens. APE has been successful in distribution of around 150,000,000 tokens to the BAYC NFT owners in their airdrop mechanism.

What exactly defines the level of trust in ApeCoin?

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. Simply put, non-fungible means one of a kind, and blockchain technology helps verify this uniqueness in the digital realm. Some of the most popular NFTs are digital art, collectables, and gaming assets.

Prior to joining the team, he worked as a marketing and content writer, focused on software and technology. Zoltan holds a master’s degree from the Ludwig Maximilian University of Munich and is interested in the future of global financial decentralization. If interested in purchasing ApeCoin there are a handful of popular exchanges to do so. Learn more about Consensus 2023, CoinDesk’s longest-running and most influential event that brings together all sides of crypto, blockchain and Web3. It hinges on the idea that ApeCoin DAO is entirely independent from Yuga Labs.

what is apecoin

Blockchain game company Animoca Brands announced in March that it will adopt the token for a new project being developed with BAYC. Since 2014, the legendary crypto exchange for traders to buy, sell and hodl 400+ assets, including BTC, ETH and the best altcoins on the market. Sixty-two percent of the total ApeCoins are being set aside for token holders and the DAO treasury. Buy, sell, and exchange $APE along with 160+ other cryptocurrency coins and tokens at Easy Crypto. The ApeCoin is an interesting example of introducing new forms of utility with NFT collections. No one would have ever imagined that the cryptocurrency ApeCoin would become an integral aspect of BAYC NFTs.