To do so, you’ll need to set up an Ethereum account on your https://www.xcritical.com/ Ledger device if you haven’t already. To learn how to do this, check out this support article on adding an Ethereum account to your Ledger. You’re able to vote on the allocation of funds from the community treasury or improvement proposals (AIP, Ape Improvement Proposal) for example.

Step 2: Complete KYC and deposit funds in your exchange account

ApeCoin (APE) is an ERC-20 token compatible with the Ethereum blockchain and any supported wallet. The coin was launched in March 2022, with all 1 what is coin ape billion tokens minted at once. When minted, 62% of the coins were allocated to the Ecosystem Fund which are then allocated to community-based projects based on Ape DAO decisions.

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According to the ApeCoin website and accompanying press materials, ApeCoin is being launched by ApeCoin DAO, a new governing body in which all APE holders are members. It’s meant to field proposals from the community, which token holders can then vote on. Trading and investing in digital assets is highly speculative and comes with many risks. The analysis / stats on CoinCheckup.com are for informational purposes and should not be considered investment advice. Statements and financial information on CoinCheckup.com should not be construed as an endorsement or recommendation to buy, sell or hold. Scores are based on common sense Formulas that we personally use to analyse crypto coins & tokens.

What You Need To Open a Cryptocurrency Exchange Account

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. ApeCoin DAO or Decentralized Autonomous Organization is an integral part of the Bored Ape ecosystem, particularly for ApeCoin APE crypto assets. The DAO provides a suitable option for ensuring decentralized governance while also supporting the growth of a globally interspersed community. All the ApeCoin owners can have the eligibility for joining the ApeCoin DAO. The overview of answers regarding “is ApeCoin a good investment” would ultimately land up with an evaluation of ApeCoin tokenomics.

What Is ApeCoin and Who Is Behind It?

Although nearly 30% of all APE were unlocked at launch, the remainder were set to unlock gradually over the course of the following 48 months—ending in 2026. Yuga Labs is led by CEO Nicole Muniz, who is a former partner at advertising company B-Reel and founder of her own boutique consulting agency. 1% went to the Jane Goodall Legacy Foundation, also locked for 12 months and then released over 36 months, totaling 10 million $APE. Further to the points discussed, ApeCoin doesn’t stop in the digital realm. This token-gated game gave you the chance to buy boosters with $APE.

Investors have the satisfaction of holding the cryptocurrency of a premium Club irrespective of its future utility. But crypto specialists are confused that the ApeCoin surge is merely a bubble since it is not directly from Yuga Labs. ApeCoin is the currency to participate in Yuga Labs’s Otherside metaverse which is a virtual world connected to the BAYC ecosystem in the form of an open MMORPG. The Otherside Metaverse introduced land NFTs called Otherdeeds that can only be minted using ApeCoin which adds to its long-term utility in the project. ApeCoin is listed on major cryptocurrency exchanges around the world including Binance, Coinbase, Kraken, FTX, and Gemini among others.

Besides, $APE will be used in Web3 initiatives of the APE ecosystem. Currently, approximately 36.8% of the total supply is already in circulation. The integration of ApeCoin with the upcoming metaverse Otherside may make it the most highly sought-after metaverse coin this year. As a result, ApeCoin will become a transaction token on metaverse marketplaces. If P2E components are included in the Metaverse, it might also be used to reward players. The ability to use APE as a payment method, earn NFT rewards, and gain access to premium features within the APE ecosystem are just a few reasons people choose to buy ApeCoin.

Animoca Brands, for instance, created a play-to-earn (P2E) game called Benji Bananas that utilizes ApeCoin, incentivizing and rewarding players with APE. Enjoying viral success and arguably one of the most successful NFT collections to date, the 10,000 unique BAYC cartoon drawings earned cult status when their prices soared and big celebrities started buying them. To date, the most expensive BAYC NFT sold for a staggering $3.4 million. 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.

Want to get an in-depth understanding of non-fungible tokens (NFTs)? Join Standard/Premium Plan and get free access to NFT Fundamentals Course. Therefore, the average price of one BAYC NFT rounded up on an average estimate of $285,000.

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. Cryptocurrencies, like ApeCoin, are decentralized digital assets that typically act as a proxy for the success of a particular crypto project.

ApeCoin ($APE) is a cryptocurrency built on Ethereum by Yuga Labs and used by Bored Ape Yacht. With its staking rewards and active community, it’s set up for growth and long-term value. One of the biggest hiccups happened during its launch, which saw BAYC NFT prices nosedive in July 2023. Buy, sell, store and trade APE from the secure location of your Tap app.

One of the most notable highlights of the APE Foundation refers to the payment for expenses by leveraging the Ecosystem Fund. Interestingly, the answer to “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. ApeCoin is a new addition to the crypto ecosystem and draws many references to the use of non-fungible tokens.

15%, or 150 million $APE, went to Yuga Labs and was locked for a 12-month period, ending in March 2023. The 150 million $APE are now released over the course of 36 months. 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.

• Inspired by the Vatican’s mascot Luce, the LUCE Token embodies hope, light, and a modern link to youth culture, merging Catholic values with digital trends.
• That’s around $150,000 at today’s prices – about half of what you’d need to buy yourself another Bored Ape.
• For example, in Animoca Brands’ Benji Bananas, a play-to-earn (P2E) mobile game, the coin is used as an incentive for players.
• For example, APE is adopted as incentives for players in Benji Bananas, a play-to-earn mobile game developed by Animoca Brands.
• ApeCoin will be distributed among four main groups, as detailed in the chartbelow.

Yuga Labs gives the coin high hopes of being used in future projects and products. So investors may think a cryptocurrency with the same tag must be valuable. Some Bored Ape and Mutant Ape holders who had already got airdropped tokens enjoyed the profit booking at its high prices. The APE ecosystem followers envision that ApeCoin will be used to purchase digital land, games, and other Metaverse activities in the future.

ApeCoin, the fungible token, and a number of products and services make up the ApeCoin ecosystem. The coin is governed by the ApeCoin DAO, of which all token holders are eligible to become members. The ApeCoin DAO makes decisions on matters such as governance rules, partnerships, projects, Ecosystem Fund allocations, and more.

It was first given out for free or airdropped to current owners of a “Bored Ape” NFT, the term given to the collection of BAYC NFTs. Of the total supply, 15% of tokens were made immediately available to the BAYC and MAYC NFT holders upon launch, and 47% of tokens went to the DAO treasury. A further 15% was distributed to Yuga Labs, and 14% was reserved for investors and contributors to the project. The four founders of Yuga Labs and the BAYC were given 8% of all APE tokens.

APE has been successful in distribution of around 150,000,000 tokens to the BAYC NFT owners in their airdrop mechanism. Bored Ape NFT owners can receive around 10,950 APE tokens, which is around 15% of the total marked ratio. Many people have been wondering about the factors which apparently add value to the non-fungible tokens. Anyone would wonder about how digital artworks and cartoons like the BAYC NFTs can fetch high prices in the market. The following discussion will provide a detailed introduction to ApeCoin crypto and its tokenomics, alongside its significance in the evolving NFT landscape. Token holders get access to exclusive features within the APE ecosystem, like special events, content, and services.

ApeCoin operates on the Ethereum blockchain and utilizes smart contracts for processing transactions. The goal of ApeCoin is to engage with meme culture and provide investors with a new and amusing way to manage their wealth. Donate cryptocurrency, stock and more to one of the thousands of nonprofits on The Giving Block.