If you’ve been paying attention to the world of crypto or digital media, chances are you’ve heard of Bored Ape Yacht Club. Bored Ape Yacht Club is a massively popular NFT collection released by Yuga Labs. Now, the ApeCoin cryptocurrency is set to make as big of a stir as the NFT collection did.
So, what is ApeCoin, and how does it relate to the larger APE ecosystem? This article will answer these questions. By the end, you will have a better understanding of this unique side of the blockchain.
Related: Can NFTs Be The Next Big Thing After Bitcoin?
The APE Ecosystem
Bored Ape Yacht Club started as a series of procedurally generated NFT artworks. However, it has grown since then. Now, the APE ecosystem includes a variety of different projects.
At the center is the initial lineup of artwork. The Bored Ape Yacht Club (BAYC) NFTs all feature a different ape. While the centerpiece of the artwork is relatively similar across each piece, the details surrounding each one are different enough to give each piece its own identity. These pieces fueled the initial interest in the APE ecosystem and are what everything else stemmed from.
After Bored Ape Yacht Club was created, Yuga Labs quickly followed up on their initial success with another project. They went on to create Mutant Ape Yacht Club (MAYC). These are also NFT artworks but feature “mutant” versions of the mainline NFT.
The next NFT artwork project featured dogs instead of apes. The Bored Ape Kennel Club (BAKC) NFTs were distributed to everyone who owned a Bored Ape Yacht Club NFT.
Outside of NFTs, Yuga Labs has plenty of other projects either out there or in the works. For example, they have been minting labs in the Otherside metaverse. They have also been creating games that use ApeCoin.
What Is ApeCoin?
ApeCoin is a cryptocurrency. However, it is also a key factor in running the APE ecosystem.
This is because anyone holding ApeCoin can vote on issues relating to the ecosystem. This includes decisions relating to spending funds, selecting partnerships, choosing projects, and even creating rules. You can even see a list of the proposals that have been voted on via the ApeCoin website, though you can only vote on these proposals if you own ApeCoin. In this way, the people who have invested in ApeCoin have a direct impact on it.
While the decisions surrounding ApeCoin come from the people, it is represented by the ApeCoin Foundation. This is a small group that helps implement the decisions that the community has voted on. At the heart of this foundation is a board of five members. These members are voted in by the community. So, even at this high level, community voting is a critical part of the process.
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What Is ApeCoin Used For?
As already mentioned, ApeCoin is used to run the ecosystem surrounding it. This happens every time ApeCoin owners vote on something.
However, ApeCoin has additional community benefits. Holders can use their status to gain access to parts of the ecosystem that others cannot. This includes events, games, merchandise, and more.
As a cryptocurrency, ApeCoin also functions as a currency. It can be bought, sold, or transferred for cash. This gives it additional versatility.
On top of this, ApeCoin is a central feature in several other projects. It has joined the growing movement of using blockchain technology in games. In this way, it has been integrated into several different third-party and first-party games, like Dookey Dash. It is also going to be a part of the Otherside metaverse.
Facts About ApeCoin
Now that you understand what ApeCoin is used for, it is important to understand some of the details surrounding it. This is particularly true with ApeCoin, as it is different from many of the cryptocurrencies most people are familiar with.
For one, ApeCoin has a supply of exactly 1 billion tokens. This number can never grow or shrink, as these tokens can neither be created nor destroyed. This means that, unlike other cryptocurrencies, you will not see anyone mining ApeCoin.
This supply of 1 billion tokens is distributed across four different groups. The largest of these is the ecosystem fund. 62% of the coins are found here and are allocated to BAYC/MAYC NFT holders and treasury/resources. The second largest group comprises 16% of the coins and is divided between Yuga Labs and the company’s charity of choice, the Jane Goodall Legacy Foundation. The third largest group consists of launch contributions. This is 14% of the total and is designed to help those who helped from the start. Finally, 8% of coins belong to the four BAYC Founders.
Related: The Bankers NFT Collection
Buying ApeCoin
You can buy ApeCoin like you would buy any other cryptocurrency. It is listed on most crypto exchanges, all of which make it incredibly easy to buy and sell.
You can also get ApeCoin if you are an owner of a BAYC or MAYC NFT. In these cases, you can claim 10,094 APE for each BAYC NFT or 2,042 APE for each MAYC NFT.
Investing in ApeCoin
Investing in ApeCoin is unlike investing in most cryptocurrencies. This is because the value of this cryptocurrency is tied up in so many different elements. You aren’t just investing in the coin itself; you are investing in the ecosystem.
For some, this is a huge advantage. The APE ecosystem is large and popular already and is looking to expand even further in the future. Each release or expansion within the ecosystem creates a potential for new investors and draws attention to the project in general. For example, in the months following the announcement of Dookey Dash, ApeCoin saw a serious rise in price.
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Plus, ApeCoin gives you access to things you can’t get access to in any other way. It allows you to vote on decisions relating to the coin itself and lets you take on a greater role in the community. It is also something you will want to have if you are interested in any of the games or other experiences that rely on ApeCoin.
The Power of ApeCoin
ApeCoin is a unique cryptocurrency among a field of already unique cryptocurrencies. Its connection to a larger ecosystem and the agency it gives to owners make it attractive to many. Because of this, anyone interested in crypto should keep an eye on what ApeCoin does in both the near and the far future.
