ApeCoin: Bored Ape Yacht Club’s New Crypto Token

You must notice that ApeCoin works in accordance with the ERC-20 token standards. The token serves the functions of a utility and governance token for use within the APE ecosystem. Is ApeCoin a good investment” would suggest how the Ecosystem Fund features operations and management by a multi-sig wallet. At the same time, the APE Foundation also offers a suitable environment for ApeCoin owners to drive engagement through different open and permissionless governance apparatuses.

Companies in the Web 2.0 era produced only goods and services, whose value was always denominated in dollars or other national currencies. But companies in the web3 era offer a third product — tokens — and the value of those tokens is far less tethered to reality. More often, the value is correlated to the collective belief that the project’s backers have in it, and both those beliefs and the tokens’ value https://xcritical.com/ can be manipulated as part of the startup’s growth. The rest of the airdrop went to launch partners such as VCs, the company behind BAYC, Yuga Labs, and Yuga Labs’s founders. Owners of BAYC NFTs and the NFTs of two spin-off collections were able to claim 15% for free (worth almost $2 billion as of Friday). A part of this allocation will go toward the primatologist Jane Goodall’s charity foundation.

Join our annual/monthly membership program and get unlimited access to 35+ professional courses and 60+ on-demand webinars. My guess is that it falls into the category of “legal for now,” a time-tested way for Silicon Valley startups to make money. But perhaps the Securities and Exchange Commission will have other ideas. Or, if the project fails before it can sell or go public, the VC can earn a profit on an investment that would have otherwise been a loss. Today, let’s talk about an evolution in the way that startups are being funded, and what it means for the companies working to replace the current internet with blockchain technologies. At the end of April 2022, Yuga Labs began minting Otherside metaverse lands.

How is the APE token used?

The team behind Golteum are also gold industry experts that have been KYC’d and the protocol’s smart contracts are also vetted by the leading Web3 cybersecurity platform, Certik. Golteum is a unique project that offers an unprecedented and unrivalled level of utility that has not been seen in the cryptosphere yet. Well, it’s a decentralized token that can be used for payments and transactions within Web3 apps of all sorts, even those not created or controlled by Yuga Labs or related to the Bored Ape Yacht Club. Bored Ape Yacht Club owners can now claim the token, which will have utility and governance capabilities—plus other potential benefits.

Put simply, APE Coin is the native cryptocurrency of the BAYC ecosystem. It’s designed to be the decentralized protocol layer for various initiatives that are supposed to be led by the community. One of the most famous web3 projects is the Bored Ape Yacht Club , a collection what is apecoin of whimsical NFTs created by a company called Yuga Labs. The company has been consolidating some of the most valuable collections in the NFT world; earlier this month, it announced that it had acquired the intellectual property behind CryptoPunks and Meebits.

The APE Coin Protocol

In December 2021, the Bored Ape Yacht Club overtook CryptoPunks as the highest-priced NFTs. Universal Music Group has signed a band composed of three Bored Apes and one Mutant Ape. Yuga Labs is a web3 company best known for the creation of the Bored Ape Yacht Club. It will be a community member in the ApeCoin DAO and adopt APE as the primary token across new projects. Upon the launch of ApeCoin, holders of Bored Ape Yacht Club and Mutant Ape Yacht Club NFTs were entitled to collectively claim 15% of the ApeCoin supply .

Over the past month or so, I’ve seen Bored Apes painted on jackets in fashion boutiques in Miami, and graffitied on walls in Brooklyn. It seems possible that people will enjoy the major-label Bored Apes virtual band, or make real money off the forthcoming Bored Apes play-to-earn game. But this is a lot of power to grant to the public, and so perhaps it’s understandable that web3 startups are being stingy with it. Decentralization becomes a marketing pitch — a forever promise of rewards to come, if you only buy and hold those tokens — but it’s all still centralized where it counts.

Tokenomics of ApeCoin

CoinDesk compares airdrops to finding free discount cards in the mail that encourage you to visit a new store — the difference with crypto airdrops is that companies aren’t usually asking people to spend money. ApeCoin has a fixed total supply of 1 billion APE tokens, which cannot be minted or burned. 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 resources. 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.

• In addition to its use in network governance, APE is meant to be used as a utility token—or currency—in web3 projects like games and metaverse worlds.
• Investors across the world have put their money into these artworks and the buyers include the likes of Justin Bieber and Eminem.
• This represented one of the most valuable airdrops in crypto history at the time.
• Second, the token is supposed to be a unit of account for all sorts of transactions in the BAYC ecosystem.
• Bored Ape NFTs feature in the music video for Eminem and Snoop Dogg’s song «From the D 2 the LBC».
• Culture has always been an important aspect of human society, and with the advent of the internet, it has found new expression through art, gaming, entertainment, and events.

It is tasked with ensuring that the community’s visions are implemented. The Board consists of 5 members from the tech and crypto community, including Reddit co-founder Alexis Ohanian. As a decentralized Board, the initial Board members will serve for 6 months before APE holders vote for new Board members on an annual basis. APE is a token made to support what’s next, controlled, and built on by the community.

Who is behind ApeCoin?

It allows holders to participate in DAO governance votes while also offering access to members-only features of the ecosystem like games, events and other services. The ApeCoin DAO is a decentralized organization that allows all APE holders to vote on governance decisions related to the token. ApeCoin crypto would depend considerably on the difference in the floor prices of NFT collections for enabling a fair ApeCoin launch for Bored Ape and Mutant Ape NFT owners. Subsequently, the unclaimed tokens would revert back to the Ecosystem Fund. An NFT collection tailored with specific airdrop and distribution mechanisms can obviously serve as a trustworthy alternative to other projects. Yuga Labs, the creator behind breakout NFT project Bored Ape Yacht Club, announced that BAYC is launching its own cryptocurrency token called ApeCoin ($APE).

The world of blockchain technology is constantly evolving and expanding, with new possibilities and uses being discovered every day. One of the most exciting areas of development is the use of blockchain in the web3 economy, which is using blockchain technology to build decentralized, community-driven platforms and applications. ApeCoin is a token that is at the forefront of this movement, designed to support the next generation of web3 culture. In 2022 hackers launched several sophisticated attacks to steal BAYC NFTs from their owners. On April 1st, BAYC #3738 was stolen by a sophisticated phishing attack.

What is the APE ecosystem?

With the potential for blockchain technology to impact culture in endless ways, ApeCoin is poised to play a key role in driving culture forward into the metaverse. As the ecosystem continues to evolve and grow, it is exciting to think about all the possibilities that lie ahead for ApeCoin and the web3 economy. Bored Apes have been documented by the media as one of the more prominent NFTs.

The fact that ApeCoin has been issued by a dynamic online community like the Bored Ape Yacht Club has given it streams of takers right from the start. Aficionados of arts, culture, gaming and entertainment are more likely to use the cryptocurrency. As the legal representative of the DAO, the ApeCoin Foundation facilitates the growth of the ecosystem.

Get your daily dose of crypto and trading info

8% of the tokens have been set aside for the four founders of Yuga Labs and BAYC. ApeCoin follows the concept of locked tokens to prevent Yuga Labs, the founders of BAYC, and other launch contributors from selling their holdings. After this duration, a specific allotment of tokens becomes accessible to them on a monthly basis. Third-party developers use ApeCoin to play a role in the ecosystem and incorporate the token into their services, games and various projects. For instance, in Animoca Brands’ Benji Bananas, a play-to-earn mobile game, the coin is adopted as an incentive for players.

So far, around 110 million APE tokens have been claimed by NFT holders (here’s a convenient dashboard for tracking APE tokenomics, courtesy of a Dune Analytics wizard called Hildobby). ApeCoin is explicitly linked to these famously pricey non-fungible tokens, and is very much involved with Yuga Labs, the company stewarding the intellectual property behind the Bored Apes. But a carefully coordinated marketing campaign has taken great pains to dissociate ApeCoin from any one conventional corporation. The 5-member Board that oversees ApeCoin’s Ape Improvement Proposals was selected by Yuga Labs. A system was also put in place for token holders to vote in a new board annually. The @BoredApeYC NFT collection sold about $320 million worth of virtual land #NFTs for Otherside, its planned metaverse project.

The APE Foundation – Carries out governance decisions based on the DAO votes. In addition, the project also plans on turning NFTs in the Otherside metaverse into playable characters. The founders have released a teaser in March 2022 featuring a creative narrative around CryptoPunks, a Bored Ape, and many other elements.

New Bitcoin protocol may shake up the NFT market

It is a favorable platform enabling third-party developers to join the ecosystem. Developers can receive incentives for integration of APE in their new games, projects, or other services. ApeCoin crypto can work as a gateway to exclusive services, games, events, and merchandise. ApeCoin is a new addition to the crypto ecosystem and draws many references to the use of non-fungible tokens.

What exactly defines the level of trust in ApeCoin?

These would include merch, events, games, and so forth – exclusive to holders. ApeCoin APE cryptocurrency has been launched recently along with the ApeCoin DAO. It is a new governing body for all the Ape NFT holders. The basic objective of the ApeCoin DAO revolves around collecting community proposals on which different token holders can extend their votes.

APE DAO – Decentralized Autonomous Organization for all APE holders to vote on future decisions and fund allocations. Asia Crypto today promises to be a fair and objective portal, where readers can find the best information and recent cryptocurrency news. The ApeCoin DAO also includes a Board, which provides oversight of the Foundation administrators at the behest of the ApeCoin DAO members. The Board meets on proposals requiring administrative review under ApeCoin DAO rules. The initial Board serves a term of six months, after which DAO members will vote annually on Board members. Boost your trading impact and reaction time in over 80+ cryptocurrencies via instant access to your portfolio with the LiteBit app.