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The https://www.xcritical.com/ total supply of ApeCoin is permanently fixed at 1 billion tokens, all minted at once. ApeCoin holders govern themselves via the decentralized governance framework controlling the ApeCoin DAO, and vote on how the ApeCoin DAO Ecosystem Fund should be used. The APE Foundation administers proposals agreed upon by ApeCoin holders. Nebeus is a secure and reliable platform to buy, hold and transfer your ApeCoin investment. Wallet Investor forecasts that the average price of the APE will increase to $25.414 by the end of 2023, and potentially even to $39.385 by the end of 2024, based on an analysis of its prior price performance. Unfortunately, there is still insufficient information to make a price prediction for Apecoin in 2030.
Understanding NZDD’s Minting Process
Additionally, ApeCoin has partnerships with other projects in the what is apecoin crypto space, which could provide further growth opportunities in the future. The value of ApeCoin in 2030 will depend on a variety of factors such as market demand, adoption rate, regulatory changes, and competition from other cryptocurrencies. ApeCoin’s unique features and ecosystem create a strong foundation for its growth potential.
Step 2: Complete KYC and deposit funds in your exchange account
Governed by the ApeCoin DAO and backed by the APE Foundation, this token lets holders vote on key decisions and unlocks exclusive perks. One of the big names jumping on the ApeCoin bandwagon is Yuga Labs, the genius behind the Bored Ape Yacht Club (BAYC) NFTs. They’ve made APE their go-to token for all new stuff, weaving it into their entire lineup. Zengo’s biometrics and powerful security measures ensure your coins are always safe and no one else can access them.
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Hardware wallets store your keys offline, keeping your funds safe from online hackers. Software wallets like MetaMask and Coinbase Wallet are great for everyday use, but hardware wallets should store the majority of your funds you don’t plan to sell in the short-term. Interestingly, Yuga Labs claims zero responsibility for ApeCoin; however, the company is more than happy to take a significant portion of the profits.
- In March 2022, the APE token was released under the guidance of the ApeDAO and distributed to NFT holders, the ApeDAO treasury and other stakeholders like Yuga Labs, the APE Foundation and its board members.
- You can use ApeCoin to gain entrance to physical or digital events held by the APE community, purchase BAYC merchandise, and spend it within the APE ecosystem’s suite of products and services.
- ApeCoin DAO members voted to allocate 62 percent of all ApeCoin to the Ecosystem Fund, which will encourage community-driven initiatives.
- Besides all that, there has been a lot of talks lately about the Yuga Labs’ pending metaverse project launch.
- Web3 is developing rapidly and has attracted a large amount of capital and expertise worldwide.
- Finally, 8% or 80 million $APE of ApeCoin’s token supply went to the BAYC founders, locking this amount for 12 months and releasing over 36 months.
Step 1: Sign up for a crypto exchange
15%, or 150 million $APE, went to Yuga Labs and was locked for a 12-month period, ending in March 2023. The maximum supply for ApeCoin is permanently fixed at 1 billion tokens. A portion of tokens was withheld at launch to release over a period of 48 months. Meaning, the maximum supply of $APE is likely to be hit by the year 2026. But it’s not just the metaverse, ApeCoin has many other uses within the blockchain gaming ecosystem. Overall, 15% of the maximum supply was ready to be claimed by holders on launch day.
APE will be the currency for Yuga Labs’ new projects
ApeCoin’s supply is fixed at 1 billion APE, meaning tokens cannot be mined or burned. 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. 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.
The board’s members are as follows:
ApeCoin’s official token (APE) will act as the utility token for the APE ecosystem, focusing on strengthening the BAYC community. A utility token can be interpreted as a token that enables users to perform actions or initiatives on a certain network. Effectively, APE gives its participants a currency that can be used without any centralized intermediaries. Alternatively, you could deposit APE tokens on Binance to make use of Binance Earn accounts that enable you to earn yield on your ApeCoin holdings for a set period of time.
But the community-driven approach and decentralized governance are designed to tackle these problems head-on, with everyone pitching in to find solutions. In order to receive ApeCoins, the receiver must have an ApeCoin wallet address. If they don’t have one, you can send them a Zengo invite to create it. Once the person has provided their address, tap or swipe left on the APE token on your home screen. Soon after, the person should receive a notification from their wallet that the tokens have arrived.
It’s also used by a number of developers outside of the APE ecosystem, such as play-to-earn (P2E) game Benji Bananas by Animoca Brands, which uses ApeCoin to incentivize and reward players. Every wallet address holding ApeCoin can vote on live proposals by signing the vote on Snapshot (In Favor / Against). The mechanism is low-cost for every ApeCoin holder and makes votes as transparent as possible. You’re able to vote on the allocation of funds from the community treasury or improvement proposals (AIP, Ape Improvement Proposal) for example. Yuga Labs and Charity make up 16%, or 160 million $APE, of ApeCoin’s total token supply.
The ApeCoin Foundation fosters the expansion of the ecosystem as the DAO’s official legal representative. A unique organization that carries out the community’s vision within the Foundation is called the Board. Five people from the technology and cryptocurrency communities make up the APE Board. ApeCoin also allows its holders to access metaverse projects like Yuga Labs’ Otherside. Parcels of digital real estate Otherside land NFTs, known as “Otherdeeds”. Animoca Brands’ game Benji Bananas leverages ApeCoin in a play to earn style game.
In total, Yuga Labs generated more than $300 million through the sale—all transacted in ApeCoin. A simple, easy-to-understand explanation of what these various transactions mean when it comes to blockchain technology, and cryptocurrencies. ApeCoin will be integrated into the upcoming metaverse Otherside, potentially making it a sought-after metaverse currency this year. This will turn ApeCoin into a transaction token on metaverse marketplaces.
Let’s take a look at the requirements to open an account on a crypto exchange. The Bored Ape Yacht Club (BAYC) is a highly popular NFT collection composed of 10,000 unique images of cartoon apes. During the height of the NFT boom in 2021, Bored Ape emerged as one of the most popular NFTs, with rare Apes selling for hundreds of millions of dollars. The synergy between NFTs and DApps creates a dynamic ecosystem where digital ownership, decentralize… Get to know on how TurboDoc is simplifying financial workflows in evergrowing crypto industry.
Acquiring a Benji Bananas Membership Pass allows the user to swap in-game tokens into ApeCoin. Firstly, like many cryptocurrencies, its main purpose is a currency. To explain, ApeCoin will be the currency for the Otherside Metaverse, created by Yuga Labs.
ApeCoin seeks to offer its users a new way of investing, blending humor with financial options. It is an emerging player in the world of cryptocurrency, offering investors the opportunity to participate in the rapidly growing market for NFTs and other digital assets. Unlike Web2, which is based on traditional economic operators, Web3 operates on the basis of cryptocurrencies and decentralized operators. Yuga Labs and its NFT collection Bored Ape Yacht Club are arguably the best-known brands on Web3 right now. Something about the market power of these brands is said by the fact that they have managed to remain very relevant even through the 2022 bear market, when many other projects have sunk into oblivion.
ApeCoin (APE) is an ERC-20 governance and utility token that serves a variety of functions within the APE ecosystem, which is made up of individual token holders and the products and services utilizing the token. It’s affiliated with a non-fungible token (NFT) project known as the Bored Ape Yacht Club (BAYC), a massively successful and valuable collection launched by Web3 company Yuga Labs. For investors, ApeCoin provides investment exposure to the Web3 ecosystem built on the Bored Ape brand. The Apecoin DAO, the project’s decentralized autonomous organization, exists to make various ecosystem decisions on fund allocation, governance rules, projects and partnerships, among other responsibilities. As mentioned before, APE token holders are eligible to be DAO members, and are thus able to vote on proposals.
ApeCoin will be the backbone of every innovation developed by APE DAO. Whatever APE DAO decides to develop, ApeCoin will play a key role in that. Yuga Labs has also announced that ApeCoin will be the main means of payment in every product and service it releases in the future. ApeCoin owners can directly influence the direction in which the APE ecosystem is developed. In practice, the influence takes place through the APE DAO, where each ApeCoin can be considered as one ballot. Investors should know that even though Yuga Labs is the company that launched ApeCoin, it is not actually responsible for running the APE DAO or the Ape Foundation.
ApeCoin is a utility and an ERC-20 governance token that is utilized within the APE Ecosystem to enable and incentivize the development of a decentralized community at the forefront of web3. ApeCoin is an ERC-20 governance and utility token used within the APE Ecosystem to empower and incentivize a decentralized community building at the forefront of web3. Collectively, holders of APE tokens make decisions about governance, voting on matters such as funding distribution, rule-making, partnerships, project selection, and more. The community’s decisions regarding governance are put into action by the ApeCoin Foundation. The information provided on this website does not constitute investment advice, financial advice, trading advice, or any other sort of advice and you should not treat any of the website’s content as such.
In summary, ApeCoin is a high-risk investment that has potential to provide astronomical returns. In the short term, there is likely to be extremely high volatility due to speculation that Yuga Lab’s “Otherside” virtual land sale will be priced in APE. As a result, a prudent investor may wait for ApeCoin to stabilize before entering if high volatility persists. Nonetheless, the demand for APE may increase among investors due to the popularity and high demand of BAYC among price-insensitive investors like athletes and celebrities. Investing in ApeCoin could be profitable if you believe in the future success of the BAYC ecosystem and Yuga Labs compared to competitors.
The biggest competitors to ApeCoin in the NFT and metaverse space are Axie Infinity, Decentraland and The Sandbox, the top three leaders in the NFT niche of the cryptocurrency market. Cryptocurrencies, like ApeCoin, are decentralized digital assets that typically act as a proxy for the success of a particular crypto project. However, cryptocurrencies are a high-risk asset class, so any investment in this market should be preceded with in-depth research into the cryptocurrency you plan to purchase. Ape Coin is an ERC-20 token native to the Bored Ape Yacht Club (BAYC) ecosystem. Overall, ApeCoin’s unique features and ecosystem create a thriving community of developers and users, making it a promising investment for those interested in Web3 and decentralized applications.