What is ApeCoin APE and How Do I Use It?

According to the stats, 10,094 tokens will be released to the Bored Ape NFT owners and 2,042 tokens will be rewarded to Mutant Ape NFT owners. 10,950 tokens will be rewarded as a bonus to Bored Ape NFT owners that are also members of the Kennel Club. Membership into the ApeCoin DAO is open to all ApeCoin holders as they can vote directly or delegate their votes to another DAO member that they trust. The possibilities with ApeCoin will likely continue to grow as the infrastructure and proposals continue to be improved upon by the community. 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. On the flip side, while things do not seem bearing at this moment if the daily candle closes below the $4.20 support level, the coin could likely fall back directly to its foothold of $3.73.

Thereafter, one should not substitute forecasts and analysts’ expectations for one’s investigation. Comparatively, DigitalCoinPrice echoed a bullish ApeCoin crypto price forecast, predicting that the token’s value will grow over the next few years. Even more, the website showed APE could end this year at $16.23 and reach $25.30 by 2025. The ApeCoin website states that owners of MAYC were given 2,042 tokens worth approximately $21,970. DappRadar data shows that 532 wallets possess over two Bored Apes, and at least five wallets possess over 50 Bored Apes. For each Bored Ape NFT a holder possesses, they may “adopt” a selected Club Dog NFT for the cost of gas.

All you need to do is connect your crypto wallet and start earning staking rewards. APE has a circulating supply of 284,843,750 APE coins and a maximum supply of 1 billion APE coins. The team behind the project has implemented a number of security measures, such as two-factor authentication and a secure wallet.

• In addition to being used as a currency, the coin can also be used to purchase goods and services on the site.
• For instance, in Animoca Brands’ Benji Bananas, a play-to-earn (P2E) mobile game, the coin is adopted as an incentive for players.
• At its core, ApeCoin is a decentralized platform that allows for creating, exchanging, and managing digital assets.
• ApeCoin is used as the native currency of the exchange and can be used to trade a variety of assets, including other cryptocurrencies, commodities, and fiat currencies.
• One can visualize Otherside is as a meta RPG where the players own the world, your NFTs can become playable characters, and thousands can play together in real-time.

The ApeCoin team has some ambitious goals in mind for the future of their cryptocurrency. The most popular wallets that support this standard are MyEtherWallet, MetaMask, and Trust Wallet. ApeCoin is the result of a long time spent with the community of BAYC and Mutant Ape Yatch Club (MAYC) – 2 of the most popular NFT collections on the Ethereum ecosystem. To raise funds for the development of its metaverse project – Otherside, Yugalabs auctioned deeds for genesis Otherside lands in ApeCoin. The auction program accepts ApeCoin from NFT and metaverse enthusiasts in exchange for Otherdeeds. Similarly, the Mutant Ape NFT owners will also receive a total of 2898 APE tokens if they’re also a member of the Kennel Club.

Where to buy ApeCoin?

In the future, ApeCoin has the potential to revolutionize the way that digital assets are managed and traded. The team is currently working on creating a mobile app that will allow users to easily buy, sell, and trade ApeCoins. They’re also working on developing partnerships with zoos, sanctuaries, and other organizations that work with apes. ApeCoin solves the problem of how to get more people to use and invest in cryptocurrency. By making it more accessible and user-friendly, ApeCoin hopes to increase adoption of cryptocurrency and blockchain technology. ApeCoin acts as a decentralized protocol under the management of the community.

For example, it is not yet widely accepted, so you may have difficulty finding places to spend it. Additionally, the value of APE can be volatile, so you may need to monitor your investments closely. The ApeCoin blockchain is secured by decentralized nodes that run the ApeCoin software. These nodes work together to validate and confirm transactions on the blockchain. The ApeCoin Foundation fosters the development of the ecosystem as the DAO’s official legal representative.

Digital wallet holders that support the storing of APE such as TrustWallet and MetaMask can send and receive APE via the internet. With time, it would not be surprising to see PayPal and e-wallets from PaySafe Group Skrill and Neteller allow their customers to buy, hold, and sell ApeCoin (APE). The token opened at $1 and rallied to an all-time high price of $39.40 within a few hours. At the end of April 2022, Yuga Labs began minting Otherside metaverse lands.

Once there is a substantial increase in the price of the cryptocurrency, the tokens could be sold, and reinvested into other tokens, or physical assets. Each ApeCoin is a computer file stored in an online wallet on cryptocurrency exchanges and crypto-wallets. As cryptocurrencies become popular in our daily financial lives, many companies have begun to buy into the possibilities of the use of digital assets as payment methods. With the 1,000% to 3,840% returns of investment (ROI) ApeCoin provided its holders in March 2022, it is clear as day that APE is one of the hottest digital assets in the market today. Acclaimed as a creator of the Bored Ape Yacht Club, Yuga Labs serves as a community member in the ApeCoin DAO. They have adopted ApeCoin as their primary token in the projects they undertake.

Their notoriety amongst celebrities and high-profile NFT collectors has bolstered their astronomic rise. However, the use of ApeCoin is not limited to projects developed by Yuga Labs. Animoca Brands’ Benji Bananas is a play-to-earn (P2E) game in which players can realize their gains in the form of ApeCoin.

In addition, the APE token will also go into incentivizing the participation of third-party developers into the ApeCoin ecosystem and other projects funding. Unlike cryptocurrencies, NFTs allow https://www.xcritical.in/blog/what-is-apecoin-ape/ users to have ownership of an indivisible and uniquely rare digital item. Easy Crypto wants to make it easy for anyone to get into the crypto market – no matter how much they have to invest.

ApeCoin (APE) Token Price

APE token holders take governance decisions collectively, casting their votes and deciding on issues like allocation of funds, framing of rules, partnerships, project selection and more. The community’s governance choices are put into action through the ApeCoin https://www.xcritical.in/ Foundation. Amonicabrands is the first recorded project to take this path with the integration of ApeCoin into its gameFi platform. Amonicabrands’ Benji Bananas decentralized game rewards players with in-game tokens that can be exchanged for ApeCoin.

More from Mr. Plan ₿ and Coinmonks

The purpose and usage of APE extend beyond BAYC, and holders have a stake in the development of the Ape foundation and can alter the direction of its future pathway. The first quarter of 2022 was abuzz with the talks about ApeCoin (APE), a cryptocurrency adopted to be the native coin of Bored Ape Yacht Club (BAYC), developed by Yuga Labs. Since the ApeCoin DAO came into being in April 2021, the BAYC has been among the top nonfungible token (NFT) collections with a vibrant community. The utility part refers to using APE coins for whatever utility new projects demand.

Buy gift cards for your favorite brands and shops from the app or extension. “Undoubtedly this development is a strong positive signal for the market. An administrative council within the APE Foundation (the “Board”), will carry out the decisions of ApeCoin DAO members. The Board is responsible for the day-to-day administration, bookkeeping, project management, and other tasks that ensure the Community’s ideas have the support they need to become a reality. Axie Infinity is a digital pet universe that rewards players with real-world value for their in-game progress. Players can build teams of three fantasy creatures, or ‘Axies’, and battle them against each other to gain experience and valuable items such as rare NFTs.