Yuga Labs created the MAYC to expand on the Bored Ape Yacht Club ecosystem. Though ApeCoin doesn’t yet have a huge following, it is backed by a couple of big names. ApeCoin has an exciting future, however, it is a cryptocurrency and cryptocurrencies are extremely volatile. So https://xcritical.com/ the possibilities with ApeCoin will grow as the proposals and infrastructure keep getting improved by the community. The project focuses on the evolution of blockchain technology and web3 to facilitate entertainment, art, gaming, and numerous other possibilities beyond those.

The process of managing the fund’s spend is undertaken by the APE Foundation, which serves as the DAO’s Board. Let’s look at the NFT collections that are related to the APE ecosystem. Georgia Weston is one of the most prolific thinkers in the blockchain space. In the past years, she came up with many clever ideas that brought What is an APE token scalability, anonymity and more features to the open blockchains. She has a keen interest in topics like Blockchain, NFTs, Defis, etc., and is currently working with 101 Blockchains as a content writer and customer relationship specialist. Start learning more about the world of NFTs and different NFT collections.

Importantly, ApeCoin’s Board of Directors oversees several projects. As explained in the article, it serves multiple purposes, along with doubling as a membership to a BAYC swamp club for apes – a versatile token, without a doubt. By segment, iPhone revenues grew 9.7% to $42.63 billion but fell short of the market’s estimated $43.21 billion. Mac sales grew 25.4% to $11.51 billion, ahead of the estimated $9.36 billion. IPad sales fell 13% to $7.17 billion, also missing the estimated $7.94 billion.

About APE

The purpose of the Board is to administer DAO proposals and serve the vision of the community. It meets on proposals requiring administrative review under ApeCoin DAO rules. The initial Board serves a term of six months, after which DAO members will vote annually on Board members.

No minting capability is exposed through the contract interface, thus the total supply will never increase. Similarly, the contract interface does not expose any token burning capability, so the total supply will never decrease. The next 16% was distributed to Yuga Labs itself and 10 million tokens went to the Jane Goodall Legacy Foundation. The entirety of the next 14% were paid out to various launch contributors for helping bring the project to life. The final 8% tranche of ApeCoin was distributed to the quartet of founders behind Yuga Labs and BAYC.

And though the ApeCoin DAO, or decentralized autonomous organization, token holders can vote on upcoming changes to the token and future projects. APE is governed by the ApeCoin DAO and supported by the APE Foundation. With APE, token holders can vote on governance proposals on the DAO and access exclusive features of the APE ecosystem, such as games, events, and services.

An Overview of Physically Backed Token (PBT)

Yuga Labs orchestrated a massive NFT launch with its Otherside launch, a sale of virtual land used in the upcoming Otherside metaverse project from the Bored Ape creators. Bored Ape owners who purchase “Mutant Serum” can create new breeds of Bored Apes, similar to the initial mutant series discussed above. But each serum isn’t the same, and one NFT enthusiast recently paid more than $3 million for a “Mega Mutant Serum” NFT. While they’re far less valuable than the original Bored Ape series, a set of 20,000 digital assets worth nearly $100,000 each is an NFT collection that’s noteworthy in its own right. The original Bored Apes came from the Bored Ape Yacht Club collection.

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. The MAYC was also a means to welcome more new members to the APE community.

For context, the last week before this writing saw $107.9 million in Bored Ape Yacht Club sales, with 263 transactions. 6,278 unique crypto wallets hold Bored Ape Yacht Club NFTs from the original release. All the information contained on our website is published in good faith and for general information purposes only. Any action the reader takes upon the information found on our website is strictly at their own risk. We take our time to identify, research and create educative content that is useful to our readers. To maintain this standard and to continue creating awesome content, our partners might reward us with a commission for placements in our articles.

Including APE within your portfolio will make you part of this exclusive community. In addition, APE token holders also enjoy voting powers within the ApeCoin DAO, letting you have a say in how the APE Ecosystem evolves and develops in the future. You can also use your existing cryptocurrency holdings to buy ApeCoin on KuCoin. Simply transfer your crypto from your external wallet into your KuCoin trading account to start using it on our platform. ApeCoin’s launch took place on 17 March 2022 after which its distribution started.

Best Place to Stake ApeCoin (APE)?

As the serum is used up, each BAYC can only make one mutant using a single variety of it. As they progressed through the serum levels, BAYC bearers might create a wide range of mutant apes. Furthermore, ApeCoin will facilitate web3 in the APE network, allowing creators to sell their digital artworks and various industries, including games, entertainment, and events. To some extent, Yuga Labs’ BAYC project inspired the decentralized ApeCoin idea. That being said, this volatility is a clear sign of one thing – APE is yet to establish a sustainable rise and gain the support of its investors.

• In the past years, she came up with many clever ideas that brought scalability, anonymity and more features to the open blockchains.
• This will give you insight into how secure your tokens are on the platform and if you will be compensated in the event that the exchange is attacked and your tokens are lost.
• It is an ERC-20 utility and governance token used inside the APE ecosystem.
• Yuga Labs is using APE as the token for its new collections and offerings.
• Owners of Bored Apes can access members-only sections of the BoredApeYachtClub.com website.
• As of now, the $APE cryptocurrency is a suitable choice for the web3 economy.

Despite its fluctuating price and market size, it’s intriguing to see how ApeCoin will be employed in web3. Here we go over what ApeCoin is, how it works and the roles it plays in the NFT ecosystem. Is APE’s current state the result of it being a relatively new cryptocurrency, the lack of having a significant real-world use case and a unique technical advantage, or something else? The token’s maximum supply is capped at 1 billion, with the DAO ensuring that there is no technical capability to mint additional tokens using the ApeCoin smart contract. Its stock is trading at $139.59 with a market capitalization of $2.2 trillion. The stock was trading at a 52-week low of $129.04 in June this year.

What Is ApeCoin (APE): Token to Ape Into or Meme Fodder?

A new cryptocurrency has entered the space called ApeCoin by Yuga Labs , which was launched on March 16, 2022. The coin had reached the heights 5 minutes into its debut trading day. Investors should still do their due diligence and remember that investing based on social sentiment is a risky game. But if Yuga Labs successfully breaks into the metaverse, it could see even more success for its iconic NFT collections and new token. If you believe in the future of Yuga Labs and the Bored Ape ecosystem, ApeCoin could be worth investing in. But again, it’s an incredbly speculative investment, and only time will tell if Bored Ape can successfully break into the metaverse.

ApeCoin is the native digital asset of the APE ecosystem, a decentralized project inspired by some of the most popular NFT series such as Bored Ape Yacht Club and Mutant Ape Yacht Club . Created by Yuga Labs, the ApeCoin DAO is designed to promote an inclusive development of the overall APE ecosystem. Governance – ApeCoin is the ecosystem’s governance token, allowing ApeCoin holders to participate in ApeCoin DAO.

Quick Updates on latest trends in financial services, fintech, digital strategy and more with our industry leading Fintech Channel. 335 NFTs of the Bored Ape Yacht Club have been sold for $95.48 million in total in the last seven days. If you can afford a $400,000 NFT, there’s no guarantee that it will retain that value. While you can hope to sell it for a profit in the future and pick up some cool airdrops and other Ape digital swag, there’s a possibility that they could plunge in value to zero. The serums were initially issued to existing Bored Ape holders as an airdrop in August 2021.

The APE Foundation

It has designed the ApeCoin token to be the currency for use within such an ecosystem, which means that APE would be a highly versatile crypto with several use cases. Yuga Labs’ airdrops of APE crypto to BAYC and MAYC NFT holders have ensured that this crypto is held by a very renowned community of crypto investors. 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.

ApeCoin follows the concept of locked tokens to prevent Yuga Labs, the founders of BAYC, and other launch contributors from selling their holdings. ApeCoin allocations to them aren’t unlocked for at least 12 months. After this duration, a specific allotment of tokens becomes accessible to them on a monthly basis.

How To Start Investing In Crypto In 2022

The Administrators are a third-party group that specializes in administering Web3 organizations. They perform the fundamental work that is needed to support the DAO governance structure. While the administrators do not make decisions for the DAO, they are tasked with ensuring that the DAO abides by the rules and processes put in place by the DAO. ApeCoin is governed by the APE DAO , which functions on a base layer called the APE Foundation, which allows Ape token holders in the APE DAO to build projects.

It ensures that the funds are distributed in a way that promotes a diverse and self-sustaining ecosystem. Although it is impossible to make an accurate ApeCoin price prediction over any period of time, there is considerable optimism among crypto experts regarding the potential of this crypto asset. A hike to $100 and beyond for the ApeCoin price would require a strong bullish sentiment in the crypto market to support investor interest and trading volume. As more decentralized Web 3 apps develop in the APE Ecosystem and start using ApeCoin as their native currency, the demand for the crypto could rise higher.

Who owns ApeCoin?

Apple’s quarterly revenues grew 8.1% to $90.15 billion, significantly ahead of the market’s forecast of $88.9 billion. EPS for the quarter was $1.29, surpassing the Street’s forecast of $1.27. Volunteers make their way from the parking lot to the entrance of Ape Cave. Over 30 people showed up to volunteer their time over a span of two days.