ApeCoin: What Is the Bored Ape Ethereum Token and Who Gets It?

In addition, ApeCoin Dao is the official DAO for the biggest NFT project ever – the BAYC. While the founders of the ApeCoin DAO and BAYC are different, APE also serves as the governance token for BAYC. Here’s an interesting read for you on the most important aspects of ApeCoin, the cryptocurrency of Bored Ape Yacht Club – one of the biggest NFT and metaverse projects. If you’d like to become an ApeCoin holder or incorporate APE into your investment portfolio you can do so easily with the Tap mobile app.

  • Animoca Brands and Yuga Labs have teased a Bored Ape secret project that would be powered by ApeCoin.
  • Zoltan is a writer at Forkast with a deep passion for storytelling and blockchain.
  • Now of course, Yuga Labs, the creators of BAYC, is the most prominent member of the ecosystem.
  • Celebrity names such as Justin Bieber and Eminem are Bored Ape Yacht Club NFT owners.
  • The ApeCoin is an interesting example of introducing new forms of utility with NFT collections.

Remember, you should always carry out your own thorough research before making an investment. Even high market cap cryptocurrencies can be affected by bear markets, so investors should be prepared to make losses and never purchase more than they can afford to lose. First, CoinCodex had a somewhat mixed short-term apecoin price prediction for 2023, arguing that the token could fall to $3.76 by 16 January before rising to $5.45 by 11 February. The site’s technical analysis was, perhaps surprisingly, bullish, with 20 indicators sending upbeat signals against just five making bearish ones. With that all over and done with, let’s take a look at apecoin price predictions being made as of 11 January 2023. It is important to remember that price forecasts, especially when they concern a commodity as potentially volatile as crypto, often end up being wrong.

What is ApeCoin and How It Made The Bored Apes Richer

The information contained in this article is for general purposes only and not a complete disclosure of every material fact. The article does not warrant the completeness or accuracy of the information, and disclaims all liabilities, losses and damages arising out of the use of this information. Readers shall be fully liable/responsible for any decision taken on the basis of this article. How about an affordable health insurance policy 👨‍⚕️ starting at a monthly premium of just ₹235?

what is apecoin

After just one day of trading, ApeCoin had a market capitalization of almost $2 billion; one APE is currently worth about $14 and the total supply of tokens is capped at one billion . It allows holders to participate in the ApeCoin DAO as a governance token. APE holders can also access exclusive features of the APE ecosystem, including games, merch, events, and services. 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. 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.

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Moreover, there is also no burning capability, so the supply won’t decrease either. You can still benefit if the market moves in your favour, or make a loss if it moves against you. However, with traditional trading you enter a contract to exchange the legal ownership of the individual shares or the commodities for money, and you own this until you sell it again. This new marketplace allows NFT investors to buy and sell tokens across Yuga Labs’ collections.

Cryptocurrency experts typically advise investors against leaving funds on a centralized exchange because exchange bankruptcies can lead to a complete loss of assets held with the company. Hybrid exchanges combine a centralized order book for trade-matching with decentralized asset custody to allow digital asset investors to benefit from the best of both centralized and decentralized trading venues. Decentralized exchanges are smart contract-powered online trading platforms that enable users to trade crypto on a peer-to-peer basis without the need for a central authority. Buying ApeCoin works in the same way as buying any other cryptocurrency. The main difference between buying Bitcoin or Ethereum and ApeCoin is that the latter is not supported by all leading cryptocurrency exchanges. Bored Ape Kennel Club NFT owners were not eligible to claim the coin.

Right now, ApeCoin mostly exists for speculation and “governance” for the DAO. Yuga Labs is also responsible for all the major projects and acquisitions surrounding the Bored Ape Yacht Club. If you want to do anything with Bored Ape IP, you’ll have to go through Yuga Labs. The main company behind the Bored Ape Yacht Club is Yuga Labs, a traditional corporate entity registered in Delaware.

It is the vision of ApeCoin’s creators that this kind of adoption expands and continues into the future. The value of the token heavily depends on Yuga Lab’s future plans http://etaja.ru/knews519.htm and how successful they will turn out to be. Interestingly enough, executives in the gaming industry from FTX and Animoca Brands sit on the ApeCoin DAO’s special council.

what is apecoin

By securing your tokens in your own wallet as opposed to on an exchange, you can avoid losing your assets in case of an exchange bankruptcy or a hack. The initial board will serve for six months, after which DAO members will vote for new board members annually. Bored Ape NFT holders were eligible to claim a share of the ApeCoins that debuted earlier this year as the official cryptocurrency of the BAYC ecosystem.

what is apecoin

APE is the native currency of the ApeCoin DAO & the Bored Ape Yacht Club. APE tokens are used to participate in the ApeCoin governance system. Airdropped to the original BAYC NFT holders, with three tiers of serums that added to the rarity of traits. With the different tiers of serum they received, BAYC holders could create different types of mutant Apes.

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