Mutual Fund investments are subject to market risks, read all scheme-related documents carefully. To best serve the ApeCoin DAO, a board of advisors is set up to represent the organisation. The DAO votes for the board, and the board is responsible for implementing and carrying out DAO proposals. It generated $300 million in sales from the initial release and another $300 million in resales in the post-market.

  • ApeCoin, a cryptocurrency named after a well-known animal, was inspired by the Bored Ape Yacht Club, a trade club noted for its sarcasm and comedy.
  • Among others is the European Supervisory Authorities (ESA) which warned consumers in March 2022 that many crypto-assets are highly risky and speculative.
  • This means the number of ApeCoins in circulation will never go up or down.
  • Here’s a detailed breakdown of ApeCoin’s tokenomics and its vesting schedule.
  • Next, scroll through the available offers to buy ApeCoin for a payment method that works for you.

At launch, Yugalabs shared its comprehensive plans regarding the growth of ApeCoin as a governance token and even more as a utility token. One of ApeCoin’s primary roles is to tokenize participation in the governance of BAYC and other Yugalabs’ products through ApeCoinDAO. But ApeCoin itself is to a large extent, an independent entity and some proposals passed by the ApeCoinDAO could be of relevance to Bored Ape NFT holders. By launching ApeCoin, ApeCoin creators established a fertile ground for new projects to grow and adopt a series of infrastructures. The ApeCoin ecosystem will foster young projects through the ApeCoin token. The new projects will also adopt ApeCoin for relevant financial procedures.

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The distribution of ApeCoins is planned to be conducted over two years. The first year focuses on distributing coins to users who complete tasks on the APE platform. The second-year focuses on distributing coins to early investors and the team.

Shaurya is the Deputy Managing Editor for the Data & Tokens team, focusing on decentralized finance, markets, on-chain data, and governance across all major and minor blockchains. ApeCoin is a decentralized project inspired by Yuga Labs’ Bored Ape Yacht Club project. ApeCoin was founded to be used within the https://www.xcritical.in/blog/what-is-apecoin-ape/ burgeoning APE Ecosystem, which is supported by the APE Foundation. ApeCoin holders govern themselves via the decentralized governance framework controlling the ApeCoin DAO, and vote on how the ApeCoin DAO Ecosystem Fund should be used. The APE Foundation administers proposals agreed upon by ApeCoin holders.

Bored Ape Yacht Club (BAYC)

Here’s an interesting read for you on the most important aspects of ApeCoin, the cryptocurrency of Bored Ape Yacht Club (BAYC) – one of the biggest NFT and metaverse projects. YugaLabs announced that the token will also be used as the governance token for the ApeCoin DAO. Holders will be able to vote on relevant topics ranging from the allocation of funds to what future endeavors the DAO should embrace. 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 create an entire community based around web3 and blockchain technologies. Meanwhile, although BAYC creator Yuga Labs doesn’t control ApeCoin, its founders did receive a significant portion of the total supply of APE and the company is listed as a contributor to the project.

ApeCoin has a number of other advantages over traditional fiat currencies. For example, APE is not subject to inflation, as there are a fixed number of coins in circulation. This means that your savings will not be eroded over time by inflation. The main advantage of APEcoin is that it is backed by real assets, which are the ape population. This means that the value of APEcoin is directly linked to the number of apes in the world.

ApeCoin is different from other blockchain projects because it focuses on bringing blockchain technology to the masses through a easy to use platform and mobile app. ApeCoin also has a built in exchange that allows users to easily buy and sell ApeCoins. Through a flurry of really impressive NFT art, Yuga Labs built a devoted community. Thanks to the ApeCoin DAO, it has handed over political powers to this community. ApeCoin is probably more popular for the airdrop program and its performance across cryptocurrency exchanges.

This ensures mutuality as the projects progress with the ApeCoin token and the ApeCoin ecosystem. Yugalabs hints at adopting ApeCoin as the primary medium of exchange on The Otherside project. By this, ApeCoin will be used for in-game NFT purchases and to pay for certain privileges and character improvements.

8% of the total supply was allocated to BAYC founders – this allocation will be vested for 12 months after which they will be gradually released per month over the next 36 months. The APE ecosystem consists of ApeCoin holders as well as other related products https://www.xcritical.in/ and services, such as NFT collections and metaverses. ApeCoin is designed to give its holders certain advantages and other privileges in the Bored Ape ecosystem, especially when combined with the BAYC, MAYC, or Bored Ape Kennel Club (BAKC) NFTs.

Those, who aren’t a member of the community, can purchase APE tokens from popular crypto exchanges. Crypto exchanges are online trading platforms for digital assets that function in a similar way as online stock brokerage platforms, such as Fidelity or Charles Schwab. The only difference is that you use U.S. dollars to buy and sell cryptocurrencies instead of traditional financial investments, such as stocks and bonds. Cryptocurrencies, like ApeCoin, are decentralized digital assets that typically act as a proxy for the success of a particular crypto project.

Prices fluctuate, but individual pieces in the series sell for a minimum of $130,000 as of this writing, with a ceiling well above $1 million. ApeCoin also gives access to certain parts of the Ecosystem that are otherwise unavailable, like exclusive games and services. For third-party developers, ApeCoin is a tool to participate in the ecosystem by incorporating ApeCoin into services, games, and other projects.

Although there are price fluctuations here and there, having the right investment strategy through a secure exchange and crypto wallet could bring you enormous gains you never thought possible. The ApeCoin ecosystem is housed in the blockchain technology of Ethereum. Blockchain enables the recording of every transaction in a public ledger that can be accessed by anyone who has internet access.

APE has a total supply of 1 billion tokens that will be released over time. The token is launched by APE DAO, a decentralized organization responsible for the growth of the BAYC ecosystem. Currently, the ApeCoin holders can participate in the governance of the network. But the organization has also planned to use it for future prospects. At a time when NFTs are still storming the crypto arena, ApeCoin has managed to steal the limelight since its appearance.