ApeCoin (APE) has recently become the buzz of the town, owing to the NFT projects it is related to and those behind the cryptocurrency. There have been several think pieces written about this token and the hype surrounding its innovation. This article will examine ApeCoin and its associated parameters.
What is ApeCoin?
ApeCoin is a crypto token that was recently created and airdropped to members of popular NFT projects such as the Bored Ape Yacht Club (BAYC), the Bored Ape Kennel Club, and the Mutant Ape Yacht Club.
As a result of the airdrop, users who own any of the above-mentioned NFTs can trade their APE tokens if they so desire.
ApeCoin is the governance token for the well-known NFT project, Bored Ape Yacht Club.
Although Yuga Labs developed BAYC, it is not in charge of ApeCoin. The tokens are managed by ApeCoin DAO, an independent entity. To join the DAO, a person must own ApeCoin, the DAO’s native token.
ApeCoin is an Ethereum-based token with a maximum supply of one billion, designed to function as a governance and utility coin. Although it was just recently launched, CoinMarketCap ranks it 46th in terms of market capitalization.
According to CoinMarketCap, at the time of writing, it had a market capitalization of $2,968,778,192.37 and a trading volume of $1,796,842,279.48. The token is listed on Binance, Huobi Global, Coinbase, Gate, and KuCoin.
Who Created ApeCoin?
Though ApeCoin is associated with BAYC and its collections, it was not created by Yuga Labs, the team behind the NFT project. It was created by ApeCoin DAO, a decentralized organization set up to govern token management.
This DAO is independent of Yuga Labs because its members are not affiliated with the decentralized autonomous organization.
Members of the DAO include holders of the native token, ranging from those who own the BAYC and related NFTs to those who purchased the tokens from secondary sources. ApeCoin DAO also attracted some renowned crypto enthusiasts, such as Reddit co-founder Alexis Ohanian.
The ApeCoin DAO is governed by a committee known as ‘The Board.’ They are a council within the organization that meets to review various community initiatives. The Board is responsible for ensuring that the DAO’s vision is realized. To ensure impartiality, the Board is given a term to serve, after which a new voting process is held.
The first Board has been allotted a six-month term, after which members will vote for the next Board. A voting session is expected to take place at least once a year.
How to Get ApeCoin
Ape Coin is airdropped to individuals who hold BAYC, Mutant Ape Yacht Club, or Bored Ape Kennel Club NFTs in their wallets. On the ApeCoin website, users can verify they own the above-mentioned NFTs.
An allocation has been made for every holder of these NFTs, which means that those with more than one NFT will receive a larger amount of the tokens than users with only one Non-Fungible Token.
Users who own BAYC NFTs will receive a higher allotment than those with the Mutant Ape collection. Users who only have Kennel Club NFTs in their wallets are not eligible for this airdrop. However, if a user has both the Kennel Club NFTs and any of the other BAYC NFTs, they will receive a bonus amount of tokens in the airdrop.
The general public can also purchase ApeCoin from cryptocurrency exchanges where it has been listed.
How To Claim ApeCoin as a BAYC NFT Holder
BAYC NFT holders have ninety days, which expires on June 15, 2022, to claim their airdrop. To begin the claiming process, the holder should go to the ApeCoin official website and click on the CLAIM button. To avoid falling for any scams, users must enter the correct URL to claim their airdrop.
Those who exclusively own BAYC NFT and MAYC NFT receive 10,094 and 2,042 tokens, respectively. Those who have the Bored Ape and Kennel Club NFTs receive 10,950 tokens, while those who have the Mutant Ape and Kennel Club receive 2,898 tokens.
The preceding is based on NFTs in a single wallet, not multiple wallets.
What are ApeCoin’s Use Cases?
ApeCoin was designed to serve a variety of functions in the ecosystem.
• Transactional purposes
ApeCoin, like most tokens, was created to serve as a means of transaction. It is envisaged that in the future, individuals would use it to exchange value for goods or services.
• Access to exclusive features
The Bored Ape Yacht Club is one of the most exclusive NFT projects in existence, attracting celebrities, affluent individuals, and even businesses. The BAYC NFT is held by celebrities such as Paris Hilton and Justin Bieber. Holding the BAYC and other related NFTs grants users access to a variety of opportunities.
Some features of the ecosystem, such as exclusive events, services, and merchandise, are not available to the general public. More users will be able to access these benefits if they hold the ApeCoin.
• Participation in governance
ApeCoin holders have the opportunity to participate in ecosystem governance activities. They can submit proposals and vote on potential changes. Their opinions are taken into account during the decision-making process. They have the right to vote in elections to choose the next Board.
• Games
ApeCoin is expected to be integrated into ecosystems that are not under the jurisdiction of the DAO that governs it. nWAY is one of the crypto gaming platforms that has made its objectives public. nWAY is a game development platform that has announced plans to integrate the token into a Play-to-Earn platform that will be spun off from the BAYC Ecosystem.
Animoca Brands is currently working on a secret project in partnership with the Bored Ape Yacht Club, and it has announced that the ApeCoin will be incorporated into it. People assume that because Animoca Brands is a crypto game company, the project could be a crypto game centered on the BAYC ecosystem.
• Payment
Some crypto-related companies have announced plans to integrate ApeCoin into their payment infrastructure. For example, E11EVEN Residencies has announced that the token can be used to purchase condos.
Given its ties to BAYC, more brands are expected to integrate this token into their operations in the future.
ApeCoin Allocation
According to its official website, the coin will be allocated in the following ways.
- 62% is designated for the Ecosystem Fund.
- 16% is set aside for Yuga Labs and Charity. “6.25% worth of Yuga Lab holdings are being donated to the Jane Goodall Legacy Foundation.”
- 14% is designated for launch contributors, who are active in guaranteeing the project’s success. This is worth 140,000,000 tokens.
- 8% of the token supply is given to the founders of Bored Ape Yacht Club.
In Conclusion,
- ApeCoin is a new coin that is linked to BAYC, however, it is governed by the ApeCoin DAO, which is separate from Yuga Labs, the company behind the Bored Ape Yacht Club project.
- Different brands and companies have started incorporating the coin into their operations.
- The token can be accessed via airdrops or buying on an exchange.
- It is an Ethereum-based token with a supply of 1 billion ApeCoins.
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