Their price moves organically based on the market’s law of supply and demand, not arbitrary company policies. In addition, the APE token can also be used for products in the BAYC ecosystem and provides access to new products in the future. The main goal of ApeCoin is also to develop APE into a token that is used to build a decentralized community for the Web3 platform.
Launched by the Bored Ape Yacht Club development team, ApeCoin will play a prominent role in metaverse environments. ApeCoin DAO aims to strike a balance between productivity and governance that can facilitate good and viable product launches, which aligns with the DAO’s motivation and values.
0Auth 2.0 API tokens are also easier to revoke if something goes wrong. When ApeCoin first airdropped on April 30, mostly to existing BAYC NFT holders, it gained up to $40 value on some exchanges, only to drop by 80%. This is not surprising, as people count on an initial price boost to immediately sell it for huge profits. Of course, the selloff pressure created then has a domino effect on suppressing the price. Consequently, there will never be a situation in which an oversupply of tokens dilutes their value, as with fiat currency.
With a market cap of almost USD $2 billion on its first day of trading, ApeCoin definitely took the spotlight in the crypto space in recent weeks. In the ApeCoin DAO, each token holder will have a stake in the organization’s development. A selection of Web3 veterans, as well as gaming and technology thought leaders, will serve as the DAO’s special council . The Board is responsible for overseeing the decisions of DAO members. 0Auth 2.0 uses a Secure Socket Layer to ensure data protection and privacy. SSL uses the latest, most powerful cryptography protocols to ensure data security.
The APE Foundation announced on March 16, 2022, the launch of ApeCoin token. Governed by the ApeCoin DAO, ApeCoin is a token for culture, gaming and commerce that the community owns and can build on. APE will be a cryptocurrency focused on strengthening the club’s community aspect. Just as Axie Infinity players earn tokens in tactical arenas, so will they earn APE coins for all upcoming games within the APE ecosystem. It will then be up to Yuga Labs to forge partnerships with other companies to integrate their coin, alongside developing their own Otherside experience. Otherside aims to be more than just a blockchain game, similar to the mega-popular Axie Infinity.
ApeCoin ($APE) is a cryptocurrency built on Ethereum by Yuga Labs and used by Bored Ape Yacht. Since its launch, ApeCoin has managed to monopolize the spotlight at a time when NFTs are still sweeping the cryptocurrency landscape. For those who don’t hold a Bored Ape NFT and didn’t help bring the Bored Apes or ApeCoin to life, the token is currently trading on an array of cryptocurrency exchanges.
- Not much is known yet about these digital land plots, but a leak of an investor pitch deck has shown plans of releasing 200,000 plots of BAYC LAND NFTs at a price of 1 ETH each.
- Hardware wallets store cryptocurrency offline, providing protection against online hacking.
- There is no definitive answer to this question, as timing is highly dependent on market conditions and individual circumstances.
- While the company that launches blockchain tokens doesn’t directly affect its price, it does so indirectly.
- If P2E components are included in the Metaverse, it might also be used to reward players.
The token will be used as a means of payment within the ecosystem and will give users the ability to purchase, sell, or exchange data. Apart from having a trading value, this cryptocurrency offers access to the Bored Ape Yacht Club ecosystem. This term soon trickled into cryptocurrency exchange as crypto buyers exchanged advice during deep dips and sudden peaks in prices. While buyers jokingly motivated each other to hold fast or join by saying “apes together strong”, they would derisively refer to people jumping on buying new coins as “apes”.
APE will be the currency for Yuga Labs’ new projects
Since its launch, ApeCoin has become one of the top 70 cryptocurrencies traded around the world and even cracked the top 40 during its first 24 hours of trading. One reason why Bored Ape NFTs are so pricey is because of all the high-profile purchases made by celebrities such as Gwyneth Paltrow, Justin Bieber, and Serena Williams. Another is the exclusive access that owning Bored Ape NFTs grants to its holders.
For instance, you might use your Facebook login to log into a 3rd-party API. First, the API verifies the username and password from the payload. Once these are verified, the API sends an asset to your browser to be stored.
Big Ape Token is the fastest, most efficient token on the market. New technology allows Big Ape Token to realize bigger strengths beyond what is normally capable. This means that the coin is very secure and there is no chance for it to be hacked.
The primary goal of this project is to create a metaverse space for crypto users. ApeCoin is the brainchild of Yuga Labs – a reputable business that owns the once-popular and expensive Bored Ape Yacht Club NFT collection. 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 has a fixed total supply of 1 billion APE tokens, which cannot be minted or burned. This means the number of ApeCoins in circulation will never go up or down.
Built on the Ethereum ecosystem, launched April, 2022, BAYC has quickly grown massively as the most valuable NFT project by market cap. This is the legal https://xcritical.com/ entity that serves to oversee and apply the DAO’s decisions. It is run by an administrative board, made up of proven crypto investors and builders.
What is Apecoin (APE)?
These collections, which are more akin to collectible trading cards, can include any number of NFTs. In this process, new variations are algorithmically generated by a computer program to produce large editions. Yuga Labs promises that it will become the coin of choice for a new metaverse ecosystem. FTX’s Amy Wu, and they’ll serve for six months before APE holders vote for next members on an annual basis. ApeCoin is a new Ethereum token based on the Bored Ape Yacht Club NFT project.
However, the prices went sideways after hitting $2.8, trying to sustain below the breached support. The APE price wobbling within a narrow range forms a no-trading zone. Currently, approximately 31.4% of the total supply is already in circulation.
Its ERC-20 token serves four main functions – incentivising users to join, protocol governance, unification of spend, and allowing access to the ecosystem. Built on Ethereum’s ERC20 token standard, this coin is already listed on several major crypto exchanges such as Binance, Kraken, FTX, and KuCoin. At its simplest, to “ape in” crypto means to buy a new blockchain cryptocurrency coin. What is an APE token However, it’s typically used in a derogatory manner to refer to blindly buying without doing a lot of research about the coin. ApeCoin has some actual utility within the APE ecosystem, so it’s more than just a speculative “meme coin”. However, its price is prone to dramatic fluctuations like many other cryptocurrencies, so as always it’s important to do your homework before investing.
About THE Ape
ApeCoin can be used and traded on both AVAX and BSC using decentralized exchanges on both these blockchains. This gave the launch and airdrop event of ApeCoin more publicity and fame, as the community behind these NFTs became instantly involved in the project and coin. Both of these NFT collections are some of the largest on the Ethereum Blockchain.
For an illustration, think about eCommerce when there were no standardized payment protocols. In those days, you might have had to email your credit card number to a retailer and hope for the best. Sensitive information like credit card information, login credentials, and passwords are stored on an external server.
ApeCoin’s vision is to become the most recognizable metaverse token, used as the main digital currency in multiple integrated games and interconnected metaverses. The most expensive Bored Ape sold at Sotheby’s auction house for an eye-watering $3.4 million. What’s more, mega celebrities such as Snoop Dogg, Justin Bieber, Gwyneth Paltrow and Paris Hilton are also owners.
APE has airdropped a total of150,000,000tokens to BAYC NFT owners. The Bored Ape Yacht Club has one of the most popularNFT collections. Each NFT represents a cartoon ape with different color schemes, facial expressions, and clothing. Easy Crypto wants to make it easy for anyone to get into the crypto market – no matter how much they have to invest.
In contrast, token-like economies such as Roblox are isolated and static. What if you could take Fortnite’s V-Bucks or Roblox’s Robux and exchange these “virtual currencies” for hard cash? Both currencies are locked to gaming accounts without blockchain networks and smart contracts. This means they are not even virtual currencies but arbitrary representations of value to be used in a specific venue and nowhere else.
Background of ApeCoin
The key point to remember is that APE is both a governance and a utility token for the upcoming Otherside metaverse platform. The governance part refers to token holders’ voting rights on the direction of the ecosystem and partnerships. 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. They will be able to earn special tokens when playing and swap these tokens for ApeCoin. APE is a utility token that allows users to access the services offered by the APE project.