What Is Apecoin Ape And How Do I Use It?

The sale went viral, and helped raise $320 million within just 45 minutes. APE is poised to be deeply integrated with Yuga Labs’ metaverse project, Otherside, where it could be used for any transaction within the environment. If Otherside eventually incorporates a P2E mechanic, APE could be given as rewards to players. Gain access to the exclusive ApeCoin DAO, where you can vote on the DAO’s governance and use of its Ecosystem Fund. MoonPay follows strict security measures to ensure you have a safe ApeCoin purchase. Purchase ApeCoin in more than 150 countries using the local currency of your bank account.

• The ApeCoinDAO and the Ape Foundation are two entities working together to ensure the future of ApeCoin rolls out as the community envisions it.
• While diversification may help spread risk, it does not assure a profit or protect against loss.
• Opinions belong to contributing authors, not to Voyager Digital LLC or any of its subsidiaries or affiliates.
• Now it’s a harbinger of the next phase of NFTs, which are transitioning from art collections to ecosystems unto themselves.
• A new utility token, ApeCoin, was released in March of 2022 and is set to act as the blueprint for what’s next.

The particulars aren’t known, but Yuga Labs CEO Nicole Muniztold The Vergethat it’s teaming up with several game studios to develop The Otherside’s world. Otherside will be “a metaverse that makes all other metaverses obsolete,”according to the aforementioned pitch deck. For example, Benji Bananas, a popular mobile video game created by Animoca Brands decided to integrate play-to-earn modularity in which players can earn in-game tokens that can be exchanged for ApeCoin. Of course, with BitPay’s recent support for the token, you can also buy ApeCoin , store, swap and spend in the BitPay app. All BitPay merchants have the option to accept ApeCoin as payment, opening up thousands of new ways to use and spend the token. You can send ApeCoin payments from any compatible wallet, including the BitPay Wallet.

The Board is responsible for ensuring the community’s vision is being followed as the ecosystem continues to develop. The token originated from the Bored Ape Yacht Club , an NFT series from Web3 company Yuga Labs. The collection features 10,000 unique cartoon ape drawings, each with a distinct look and style, with ownership of each verified on the blockchain. BAYC has been one of the most successful NFT projects to date, enjoying viral popularity including famous owners like Jimmy Fallon and Eminem. 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. In other words, ApeCoin holders in the ApeCoin DAO can build upon this foundation and create new projects and assets.

However, its price is prone to dramatic fluctuations like many other cryptocurrencies, so as always it’s important to do your homework before investing. If you do not own BAYC/MAYC NFT, you can buy, store, swap and spend ApeCoin in your BitPay Wallet. Spend your APE or more than a dozen other cryptocurrencies as easily as cash. The BitPay Wallet is a non-custodial crypto wallet meaning you, and only you, control your ApeCoin. All investments involve risk and the past performance of a digital asset or other financial product does not guarantee future results or returns. Cryptocurrencies are highly speculative in nature, involve a high degree of risk and can rapidly and significantly decrease in value.

Why Is Moonpay The Best Way To Buy Apecoin Ape?

Each member of the DAO has the right to submit or vote on protocol proposals and basically participate in all things related to the ecosystem. You are eligible to become a member by simply holding ApeCoin in your wallet. It’s also used by a number of developers outside of the APE ecosystem, such as play-to-earn game Benji Bananas by Animoca Brands, which uses ApeCoin to incentivize and reward players.

MoonPay is not a crypto exchange in that you cannot use MoonPay to swap ApeCoin and other cryptocurrencies. Use your ApeCoin to purchase goods and services from any participating merchant that accepts APE as payments. ApeCoin debuted on March 17, 2022, highly anticipated by the Bored Ape and the NFT community in general.

This means the number of ApeCoins in circulation will never go up or down. Upon its launch in March 2022, the largest share of the supply, 62% , was distributed to the ecosystem fund, of which 150 million went to BAYC/MAYC NFT holders and 470 million went to the DAO treasury and What is ApeCoin (APE) resources. As of April 30, 2022, Yuga Labs unveiled its Metaverse called The Otherside, where ApeCoin is the native token. This virtual universe allows players to buy plots of digital real estate through the purchase of “Otherdeeds” which are NFTs that act as title deeds.

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Now it’s a harbinger of the next phase of NFTs, which are transitioning from art collections to ecosystems unto themselves. CoinCentral’s owners, writers, and/or guest post authors may or may not have a vested interest in any of the above projects and businesses. None of the content on CoinCentral is investment advice nor is it a replacement for advice from a certified financial planner. José is a copywriter and journalist with over 4 years of experience in the crypto field.

After the Bored Ape Yacht Club forever changed the NFT community, the Ape Ecosystem began to expand. A new utility token, ApeCoin, was released in March of 2022 and is set to act as the blueprint for what’s next. On Tuesday the creators behind the Bored Ape Yacht Club NFT collection, Yuga Labs, announced a new valuation of $4 billion after raising $450 million to create a metaverse.

Bitpay Now Supports Apecoin! Buy, Store, Swap And Spend Ape With Bitpay

Over$25 billion was spent on NFTs last year, a few billion more than was taken in at the global movie box office. Despite — or because of — that impressive figure, a stigma surrounds NFTs. Most people are either confused by the startling prices NFTs fetch or are convinced they’re an elaborate hoax, a scam waiting to collapse. Critics regard NFT buyers as suckers who spend money on JPEGs they could simply “right-click-save” for free. ApeCoin is an ERC-20 token that powers the popular Bored Ape Yacht Club ecosystem. APE is owned and operated by ApeCoin DAO, a decentralized organization whose members are comprised of ApeCoin holders.

The Ape Foundation is the legal steward of the ApeCoin DAO. It acts as a sort of corporational parent of the DAO and carries out community-approved proposals, facilitating its development and growth. The ApeCoinDAO and the Ape Foundation are two entities working together to ensure the future of ApeCoin rolls out as the community envisions it. While the market remains stagnant, crypto gains momentum in Congress, gaming, and eco-friendly initiatives.

Apecoin Tokenomics

But advertising is only effective if enough people traverse the space, and digital items are only valuable if the world around them means anything. Creating that world is the unlikely next step for a bunch of ape avatars. ApeCoin can be used as a store of value, currency, and governance token.

Can You Mine Apecoin?

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Users will soon be able to earn APE rewards via staking and other DeFI protocols such as yield farming and liquidity pools. ApeCoin supports the Bored Ape Yacht Club and its thriving NFT ecosystem where users can buy and sell NFTs. ApeCoin is mostly used as the governance token for the ApeCoin DAO and for trading at https://xcritical.com/ major exchanges. It is a relatively new project but it has bold plans; the BAYC team has outlined their intentions of making APE the de facto currency for a vast ecosystem of projects building on the Otherside metaverse. ApeCoin has a fixed total supply of 1 billion APE tokens, which cannot be minted or burned.

However, holders of ApeCoin are also provided exclusive access to parts of the ecosystem that are otherwise unavailable, such as land in their metaverse, games, merch, events, and more. Plus, as the ecosystem grows and develops, there will be many ways to use ApeCoin in new projects. Based on its teaser trailer, Otherside will be an MMORPG game where players can use their NFTs as in-game characters or avatars. A leaked pitch deck from Yuga Labs shows the company plans to make$178 million off land sales this year.

Use the BitPay Card to instantly convert APE to cash online, in-store or at compatible ATMs around the world. Buy gift cards for your favorite brands and shops from the app or extension. The DAO’s decisions are then implemented by the ApeCoin Foundation, which serves as the DAO’s legal representative and supports the growth of the ecosystem in various ways. The Foundation includes a 5-member board made up of luminaries in the world of crypto and tech.

Bored Ape Yacht Club is the first NFT series in the ecosystem, consisting of 10,000 unique digital avatars featuring colorful cartoon apes. As for next steps, the goal of ApeCoin is to power its entire Ape ecosystem, which already consists of NFTs and a metaverse. It’s only a matter of time before new projects pop up and the utility of ApeCoin will expand and grow.