The Foundation handles day-to-day administration, bookkeeping, and project management, among other things. 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. Yuga Labs and Charity make up 16%, or 160 million $APE, of ApeCoin’s total token supply. 15%, or 150 million $APE, went to Yuga Labs and was locked for a 12-month period, ending in March 2023.

ApeCoin will also be used to buy games and merchandise, attend events, and receive services. It also handles proposal management, and “other tasks that ensure the DAO community’s ideas receive the support to become a reality.” It provides legal support for ApeCoin DAO. A subcommittee of the Ape Foundation will also serve as the “board” of the ApeCoin DAO, which will oversee specific proposals. The ApeCoin website promises that DAO members will vote for future board members. It is planned to grow even more decentralized over time and supports community-led governance.

What will ApeCoin be used for?

Yuga Labs, the creator of the popular Bored Ape Yacht Club (BAYC) NFT collections, has also adopted APE as the primary token for all new products and services. By doing this, Yuga Labs expanded the access to the coin but also created a code exploit. Suffice to say, the end result was a shadow on the team’s competence for future projects. Consequently, there will never be a situation in which an oversupply of tokens dilutes their value, as with fiat currency. In charge of APE distribution is the ApeCoin DAO, a decentralized autonomous organization. The “metaverse” bit in that equation just means that people can use their MetaMask wallet to import their NFTs.

Launched in April 2021, Bored Ape Yacht Club (BAYC) features 10,000 unique Apes residing on the Ethereum blockchain. Each of these unique digital collectibles features a different look, style and rarity. The collection showcases algorithmically generated profile pictures of cartoon apes. ApeCoin can be staked to earn additional https://www.xcritical.com/ APE tokens, making ApeCoin a yield-generating crypto asset. All you need to do is connect your crypto wallet and start earning staking rewards. While purchasing ApeCoin on a crypto exchange is arguably the simplest option, you could also purchase APE on a peer-to-peer (P2P) exchange or a decentralized exchange (DEX).

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So, how do you stake ApeCoin, and how do you start accruing interest on your staked tokens? First, let’s get the most important piece of information out of the way. Only ever trust information from the official ApeCoin, Yuga Labs, or Bored Ape Yacht Club Twitter accounts.

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. The average sale price of a Bored Ape (BAYC) NFT is $285,000 as of writing this article. Celebrity names such as Justin Bieber and Eminem are Bored Ape Yacht Club NFT owners.

How to buy APE

Hence, trading on a decentralized exchange (where you control the custody of your assets) is typically considered the safer option. Having said that, DEXs are unregulated, and there is no customer protection if funds are lost due to hacks. To purchase APE coins on a P2P exchange, you first need to choose a marketplace that supports ApeCoin, sign up for the platform, and complete the verification process.

The ApeCoin follows the ERC-20 token standard and serves as a utility as well as governance token within the Bored Ape ecosystem. As a utility token, it helps in purchasing goods and services according to your requirements. The ApeCoin ecosystem https://www.xcritical.com/blog/what-is-apecoin-ape/ is made up of individual token holders, as well as a wide range of products and services that are using the cryptocurrency. Chief among its ecosystem members is Yuga Labs itself, which has adopted APE as the primary token for its projects.

What is ApeCoin (APE) and How Do I Use It?

In addition to governance, ApeCoin has also been designed for utility where the token can be used for transactions and payments within Web3 applications. The purpose of the ApeCoin DAO is to facilitate and support the community-led proposals and ideas to become a reality for the holders. APE was launched by the ApeCoin DAO, a decentralised autonomous organisation (DAO) that acts as a governing body in which all ApeCoin holders are members. To best serve the ApeCoin DAO, a board of advisors is set up to represent the organisation.

• This gives users a way to diversify their investment without putting all of their eggs in one basket.
• However, the use of ApeCoin is not limited to projects developed by Yuga Labs.
• APE is also a tool for third-party developers to participate in the APE ecosystem.
• The ApeCoin ecosystem is made up of individual token holders, as well as a wide range of products and services that are using the cryptocurrency.
• The ApeCoin blockchain is maintained by a network of computers called nodes, spread across the globe.
• ApeCoin’s primary use is as a governance and utility token within the APE ecosystem.
• If you do not own BAYC/MAYC NFT, you can buy, store, swap and spend ApeCoin in your BitPay Wallet.

It is the vision of ApeCoin’s creators that this kind of adoption expands and continues into the future. 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. The next 16% (160 million tokens) was distributed to Yuga Labs itself (150 million tokens) and 10 million tokens (or equal value) went to the Jane Goodall Legacy Foundation. The entirety of the next 14% (140 million tokens) were paid out to various launch contributors for helping bring the project to life.

Is ApeCoin a good investment?

Sixty-two percent of the total ApeCoins are being set aside for token holders and the DAO treasury. Instead, the public relations messaging insists ApeCoin is a product of ApeCoin DAO, a brand new organizational unit governed entirely by token holders. Holding APE makes you a member of the DAO (that’s short for decentralized autonomous organization, a kind of online collective centered around crypto); you don’t even need to own a Bored Ape NFT to join. The ApeCoin is an interesting example of introducing new forms of utility with NFT collections. No one would have ever imagined that the cryptocurrency ApeCoin would become an integral aspect of BAYC NFTs. The Bored Ape community is growing continuously at a favorable rate.