These collectibles, called NFTs, are stored on the ApeCoin blockchain and can be traded with other ApeCoin users. NFTs can represent anything from artwork to in-game items, and each one is unique and cannot be replicated. ApeCoin has a block time of 60 seconds, which means that a new block is added to the blockchain every 60 seconds. The ApeCoin blockchain has a total supply of 21 million APE tokens.
ApeCoin can serve many different purposes within the APE ecosystem. To help cement the community around the APE ecosystem, the APE foundation thought it would be a good idea to introduce ApeCoin in March 2022. It boomed in popularity during the NFT frenzy, with many of these apes being sold for an incredible sum of money. There are three places to buy it – at either a crypto, P2P or decentralised exchange. Here you’ll take a closer look at these options, along with how to use them.
The allocation is driven by the difference in floor price between each collection of NFTs to enable a fair launch of ApeCoin for BAYC and MAYC NFT holders. BAYC and MAYC both have a 90-day claim period.The unclaimed tokens will then be donated to the Ecosystem Fund. After just one day of trading, ApeCoin had a market capitalization of almost $2 billion, owing to its scarcity, as the total supply of tokens is limited to only one billion. One of the main objectives is to turn it into a token that can be used by numerous NFT projects and community members across several multiverse worlds, creating a broader in-game economy and ecosystem. ApeCoin will also be used to buy games and merchandise, attend events, and receive services. It is planned to grow even more decentralized over time and supports community-led governance.
It was airdropped to holders of Bored Ape Yacht Club, Mutant Ape Yacht Club, and Bored Ape Kennel Club NFTs. BAYC holders could claim 10,094 APE for every NFT they held, while MAYC holders were entitled to 2,042 APE for each NFT they owned. APE’s use cases are varied, ranging from payments to virtual real estate. APE is also integrated into Otherside, a self-described “gamified metaverse.” If Otherside incorporates a play-to-earn mechanic at some point in the future, participants expect APE to be the incentive.
This website is using a security service to protect itself from online attacks. There are several actions that could trigger this block including submitting a certain word or phrase, a SQL command or malformed data. Rahul Nambiampurath started his career as an accountant but has now transitioned into working full-time in the tech space.
- This is shown by its creators, Yuga Labs, stating that ApeCoin will be the coin and token (APE token) for all new products and services launched by their company — from in-game currency to governance tokens.
- Let’s learn concise information about the NFT collections that are a part of the APE ecosystem.
- Adequate customer support is essential in case you encounter any issues during your trading journey.
- The Otherside metaverse is an ordinary, bright, and diverse landscape.
- Lastly, the total supply of ApeCoin is permanently fixed at about a billion tokens, all minted at once.
Choose an exchange with sufficient trading volume to ensure that your orders are executed promptly and at competitive prices. While they are all different, an exchange should be transparent about what it charges for the likes of trading, deposits, withdrawals and any other relevant transactions. Checking out an exchange’s user interface is important, especially for beginners. The best exchanges have an interface that is both intuitive and easy to navigate.
With use cases spanning from decentralized payments to land sales on metaverse, the company has a range of supportive components in place. As the APE ecosystem grows, what is apecoin ApeCoin earns more value than can be realistically expected. Holders of BAYC can claim 10,094 APE for each NFT they own, while MAYC holders are entitled to 2,042 APE.
APE holders get to have their say in decisions like the allocation of ecosystem funds, project and partnership selections, etc. Once the holders cast their vote, the APE foundation executes the will of the majority. Out of all the limelight-stealing NFTs, the Bored Ape Yacht Club (BAYC) and related collections are probably the most prominent. They feature bored-looking apes that could be customized down to the tiniest detail based on the buyer’s taste. These seemingly-ordinary looking artworks attracted extraordinary attention. Some of them even sold for hundreds of thousands of dollars with a customer list, including Justin Bieber, Eminem, Jimmy Fallon, etc.
It also owns the IP of another two popular NFT projects, CryptoPunks and Meebits. APE token holders make collective governance decisions, casting votes and deciding on issues such as fund allocation, rule framing, partnerships, project selection, and more. Despite these favorable attributes, Pepe has faced a bearish trend in its market capitalization.The cryptocurrency market’s inherent fluctuations and volatility primarily drive this decline. Consequently, more $PEPE holders are exploring alternative cryptocurrency projects that promise more optimistic prospects for growing their digital asset portfolios. Despite these impressive features, the value of the $APE token has been on a declining trend. The inherent volatility of the cryptocurrency market is primarily responsible for this decrease.
This remarkable phenomenon is attributed to factors such as NuggetRush’s unwavering dedication to a tax-free environment, attractive DeFi coin price discounts, and impressive features. As the crypto world witnesses a surge in interest from ApeCoin and Pepe holders investing in the NuggetRush (NUGX) presale, it’s evident that something extraordinary is afoot. Liu acknowledged that times are tough, especially amid a plummeting APE price tag, which has registered a 76.2% drop on the year, trading at $1.07 as per CoinGecko.
ApeCoin will be the default currency for all things related to the Bored Ape community. In late April 2022, YugaLabs launched an auction for “land” in the Otherside. As Bored Apes became mainstream, the company behind them, YugaLabs, used the momentum to launch new web3 applications. YugaLabs plans to take it even a step further and https://www.xcritical.in/ create an entire community based around web3 and blockchain technologies. 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.
What sets NuggetRush’s presale apart is its commitment to a tax-free environment. In contrast to ventures with transaction fees, this new DeFi project ensures that the value you receive when purchasing tokens is the same when selling them. Animoca is a prominent metaverse investor and video game publisher. Forj, an NFT creators platform owned by Animoca Brands, announced on Tuesday the launch of the Ape Accelerator, a community-led accelerator and launchpad funded by the ApeCoin DAO. All crypto coins are volatile, which makes the question of, ‘Is ApeCoin a good investment?
Before moving on any further, it is probably worth noting that, ApeCoin is a decentralized project that is known to have been inspired by Yuga Labs’ Bored Ape Yacht Club project. Also, ApeCoin was founded to have been used within the burgeoning APE Ecosystem, which as mentioned, is supported by the APE Foundation. In other words, crypto is a blockchain-based platform that is known to be decentralized to its very core.
