ApeCoin (APE) is an ERC-20 utility and governance token that serves various purposes within the APE ecosystem, consisting of token holders and companies and services that utilize the token. It is associated with a non-fungible token (NFT) initiative called the Bored Ape Yacht Club (BAYC), a hugely successful and valuable collection developed by Web3 business Yuga Labs.
What is ApeCoin?
ApeCoin (APE) is an Ethereum-based currency managed by ApeCoin DAO, a decentralized autonomous organization (DAO) responsible for making choices about ecosystem fund allocations, governance rules, projects, collaborations, and more. Anyone with any amount of APE can join the ApeCoin DAO.
The deflationary aspect of ApeCoin, which results in a steadily declining token supply over time, is one of its distinctive characteristics. This is accomplished by burning some of the tokens with each transaction, which raises the value of the tokens still in use.
BAYC and ApeCoin
The Bored Ape Yacht Club (BAYC) token was initially released as part of a series of NFTs developed by Yuga Labs, a Web 3 firm. The collection has 10,000 individual cartoon ape drawings, all with their own look and style, and their ownership has been verified on the blockchain.
The viral success of BAYC has made it one of the most prominent NFT initiatives to date, with notable owners like Jimmy Fallon and Eminem. While series prices tend to range from $130,000 to well over $1 million, a single piece from the collection can be purchased for as little as $130,000.
Throughout all of Yuga Labs’ endeavors, including its NFT series’ Mutant Ape Yacht Club (MAYC) and Bored Ape Kennel Club (BAKC) and its virtual land metaverse offering, Otherside, ApeCoin has been accepted as the primary token used.
How does ApeCoin work?
Together, ApeCoin DAO members decide on important issues, including the allocation of resources, the enforcement of rules, the pursuit of partnerships, and the selection of projects that will shape the future of the ecosystem.
The ApeCoin Foundation represents the DAO legally and allocates funds to the ecosystem’s growth under the DAO’s decisions. The Foundation’s five board members are all established figures in the crypto and tech sectors. As the ecosystem develops, the Board must ensure that the community’s aims are met. Members of the Board are elected annually by APE holders.
How do you use ApeCoin?
The primary functions of ApeCoin inside the APE ecosystem are as a governance and utility token. Token holders are eligible to participate in DAO governance elections and gain access to token-only games, events, and other benefits inside the ecosystem.
Benji Bananas, a play-to-earn (P2E) game developed by Animoca Brands, uses ApeCoin to incentivize and reward players.
In the future, APE will be accepted to settle all transactions in the Otherside metaverse created by Yuga Labs. For instance, players could receive APE if Otherside ever introduced a P2E method.
How to claim ApeCoin
A preset quantity of ApeCoin tokens has been set aside for NFT holders. Depending on the caliber and scope of your BAYC/MAYC NFT collection, you will receive between 2,042 and 10,094 APE tokens for every NFT you possess. Go to the claim page, link your MetaMask wallet, and claim some ApeCoin (APE) tokens.
Even if the user does not have BAYC/MAYC NFT, the ApeCoin cryptocurrency can be bought, stored, swapped, and spent using a BitPay Wallet. With your APE as well as more than a dozen other cryptocurrencies, you may make immediate purchases. You always maintain complete control over your ApeCoins because BitPay never stores them.
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