ApeCoin is both a governance and utility token of the APE ecosystem which is famed for its non-fungible tokens (NFT) collections including Bored Ape Yacht Club (BAYC). The Ethereum-based token linked to this decentralized autonomous organization (DAO), allows token holders to vote on governance proposals on the ecosystem and access exclusive features of the APE ecosystem, such as games, events, and services.
What is the APE ecosystem?
The ecosystem is where has been built for the community of ApeCoin holders, its products, services, and all new projects that adopt APE as the primary token.
The ApeCoin launched on 16th March 2022, with a portion airdropped to NFT holders of various Yuga Labs collections. Following some early price fluctuation, the token now twiddles nearly a $3 billion market cap. It means holders of Bored Ape Yacht Club and Mutant Ape Yacht Club NFTs collectively claim 15% of the ApeCoin supply. That is to say, 150 million tokens of the 1 billion total tokens in supply belong to the NFT holders.
The creator of the cherished Bored Ape Yacht Club NFT collection, is Yuga Labs which also uses APE as its native token for all new products and services. Yuga Labs also owns the IP of another two popular NFT projects, named CryptoPunks and Meebits.
The coin’s release coincided with the purchase of the NFT collectible CryptoPunks by Yoga Labs and its announcement of raising $450 million in venture capital funding. However, ApeCoin is not delimited just to bring new people into crypto by its events, gaming, and its attractive tokens, but it also is a sign that the NFT space is blossoming far beyond avatars.
Can I be part of the DAO?
Yes, by buying ApeCoin anyone is eligible to become part of ApeCoin DAO and uses the power it brings to spend in DAO’s treasury and vote on future projects related to the coin.
It is worth mentioning that although ApeCoin is affiliated with BAYC and Yuga Labs is controlled by ApeCoin DAO technically, Yuga Labs claims that they “have no ownership over ApeCoin DAO.” Instead of a centralized entity in control, there is a five-member “board” of top-tier crypto investors that will oversee certain proposals related to ApeCoin DAO, and each member gets a six-month term, then ApeCoin DAO community members get to vote on who the future board will be. The initial board includes Reddit co-founder Alexis Ohanian, Amy Wu, head of FTX’s venture arm, and Yat Siu, co-founder of blockchain gaming company Animoca Brands.
Shall I buy ApeCoin?
Undoubtedly, ApeCoin is a cryptocurrency with a successful outlook, of which what we see today is only a very small part. Considering how the APE coin has performed in recent weeks and the characteristics of its ecosystem, there is a lot of hope that the price of the ApeCoin can reach $51 by the end of the year.
If you are looking to make money from cryptocurrencies, ApeCoin is still a great digital currency to invest in. The fact that the origin of this asset goes back to the NFT market has made it highly prone to price fluctuations while also having a relatively low price.
Which NFT collections are related to the APE ecosystem?
Bored Ape Yacht Club (BAYC)
Launched in April 2021, the collection was the first NFT collection of the APE ecosystem. It features 10,000 unique Apes on the Ethereum blockchain. Each Ape has a unique look, style, and rarity.
Mutant Ape Yacht Club (MAYC)
MAYC is an NFT collection of up to 20,000 mutated versions of the original BAYC Apes. 10,000 mutant serums were airdropped to the original BAYC NFT holders, with three tiers of serums that added to the rarity of traits. With these, BAYC holders could create different types of mutant Apes. The MAYC was also a means to welcome more new members to the APE community. 10,000 mutant Apes were also minted for a public sale in August 2021 following the mutant serum airdrop.
Bored Ape Kennel Club (BAKC)
The collection of dog NFTs was made available to every single member of the BAYC. For each Bored Ape NFT they own, holders could “adopt” a random Club Dog NFT for free, only paying a gas fee. Like the Apes, the 10,000 BAKC NFTs have various attributes and rarities.
Having said that, despite the potential witnessed in APE, can you tell us if this coin is the best digital currency to invest in during 2022?