Want to learn how to build a FinTech app and have an edge over competitors? Discover what’s fueling the rise of cryptocurrency fundraising and how your nonprofit can build a successful crypto fundraising program. 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 everything you need to know about apecoin 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.

How was ApeCoin developed

What is ApeCoin (APE)? How Does It Work?

All you need to do is connect your crypto wallet and start earning staking rewards. Hybrid exchanges combine a centralized order book for trade-matching with decentralized asset custody to allow digital asset investors to benefit from the best of both centralized and decentralized trading venues. Crypto exchanges typically require you to make a minimum deposit, ranging from $10 to $20. However, there are a handful of trading apps that allow you to purchase crypto for as little as https://www.xcritical.com/ $1. While purchasing ApeCoin on a crypto exchange is arguably the simplest option, you could also purchase APE on a peer-to-peer (P2P) exchange or a decentralized exchange (DEX).

Will there be a chance for other individuals to join the Board?

This enhances network decentralization and security, making the ApeCoin platform a stable and reliable environment for its users. There is a maximum total supply of 1 billion APE (1,000,000,000 APE). At the time of writing (May 2022), roughly 29% of this is supply is in circulation, trading for $7.46 for a market capitalisation of $2.18 billion. With an all-time high price of $39.40 in April 2022, however, APE fell more than 80% in less than a month, faring much worse in the current bearish market than more established crypto like Bitcoin and Ethereum. The plan is to go beyond pricey NFT sales and begin selling virtual land in a massively multiplayer online roleplaying game called The Otherside, according to The Verge and a deck obtained by The Block.

How can I gain exposure to APE?

The token also exists to incentivize third-party developers to participate in the APE ecosystem by building applications that incorporate ApeCoin. 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. Alex is a banker-turned-bitcoiner who ditched the bond trading desk for working remotely from all corners of the world, creating engaging and educational content for Bitcoin startups and crypto media publications.

If you are bullish on the future of the ApeCoin ecosystem, then ApeCoin may be a good investment for you. ApeCoin was launched on March 17, 2022, and quickly became one of the most popular cryptocurrencies on the market. The token’s market capitalization reached over $15 billion at its peak in April 2022. According to Rohan Grey, a law professor at Willamette University and crypto regulation observer, the distinction between ApeCoin DAO and Yuga Labs probably also has to do with something called the Hinman Test. ApeCoin DAO is (at least nominally) decentralized; Yuga Labs is not.

How was ApeCoin developed

14% of ApeCoin’s token supply, a total of 140 million $APE, went to launch contributors. These are the companies and people that helped make ApeCoin a reality. Yuga Labs strives to be one of the biggest players in the Metaverse and already created a few retail opportunities. You may have heard about the Bored Ape Yacht Club – the most successful NFT project to date.

Certain members of the community that have strong operational experience wereconsulted on how to best structure the ApeCoin DAO. Several of these membersvoiced their willingness to join the Board to oversee the decisions of thecommunity and are committed to upholding and furthering the decentralization ofthe ApeCoin DAO. ApeCoin will be distributed among four main groups, as detailed in the chartbelow.

It enables access to exclusive games, merchandise, real-world events, and additional services. Third-party developers can use ApeCoin to integrate it into their projects, fostering innovation within the ecosystem. Alternatively, you could purchase ApeCoin on a decentralized exchange by swapping another cryptocurrency for it. As APE is an ERC-20 token, you could swap Ethereum-based stablecoins or ETH on a decentralized exchange like Uniswap for ApeCoin, for example.

AIP-137 and AIP-138 outline the Board nomination and election processes. ApeCoin is an ERC-20 governance and utility token used within the APE ecosystemto empower a decentralized community building at the forefront of web3. Culture has found new expression in web3 through art, gaming,entertainment, and events. The possibilities for blockchain’s impact on cultureare so endless that they can’t possibly all be predicted yet. APE is a tokenmade to support what’s next, controlled and built on by the community.

  • Currently, the Board serves a six-month term before a voting process is held annually to select new Board members.
  • Collectively, holders of APE tokens make decisions about governance, voting on matters such as funding distribution, rule-making, partnerships, project selection, and more.
  • ApeCoin launched on March 16 and was picked up by major crypto exchanges such as Coinbase.
  • Yuga Labs promises that it will become the coin of choice for a new metaverse ecosystem.
  • ApeCoin is an ERC-20 token operating on the Ethereum blockchain that enables holders to gain access to a variety of products and services offered by the APE ecosystem and vote on the future direction of the Web3 project.
  • To do so, you’ll need to set up an Ethereum account on your Ledger device if you haven’t already.

In the first few months of its launch, ApeCoin experienced a rapid price increase, reaching its all-time high in a short time frame. However, the token’s value later dropped significantly due to market fluctuations and the broader crypto market’s bearish sentiment. You can simply buy ApeCoin (APE) on the Coinmetro exchange in just a few seconds. Sign-up for an account, if you are not already registered, deposit funds instantly and buy APE and 60+ other crypto assets with just a few clicks.

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. Bloom does not recommend that any cryptocurrency or NFTs should be bought, sold, or held by you. Do conduct your own due diligence and consult your financial advisor before making any investment decisions.

Supported by the Ape Foundation, ApeCoin is governed by the ApeCoin DAO which creates a framework for permissionless governance processes. These decentralized authoritative frameworks are designed to create a fair and inclusive ecosystem in which the coin can flourish. ApeCoin is an ERC-20 utility and governance token used within the APE ecosystem. The founding roots of ApeCoin lie in the NFT series Bored Ape Yacht Club (BAYC), a creation by Web3 company Yuga Labs.

How was ApeCoin developed

Yuga Labs promises that it will become the coin of choice for a new metaverse ecosystem. ApeCoin ($APE) is a cryptocurrency built on Ethereum by Yuga Labs and used by Bored Ape Yacht. Since its launch, ApeCoin has experienced both upward and downward trends in value.

It hinges on the idea that ApeCoin DAO is entirely independent from Yuga Labs. If Yuga Labs issued a token explicitly as a reward for Bored Ape holders, you could more easily make the argument that a Bored Ape is a kind of investment, and therefore subject to securities regulations. In the way that certain stocks pay dividends, part of the value of investment-style NFTs would be tied to the perks they could get you down the line. So, in addition to the ApeCoin protocol (the code behind ApeCoin tokens), there’s the ApeCoin DAO, the Ape Foundation and the ApeCoin DAO board.

When loading your account with fiat, all bank transfers are free, and once you have a positive balance, users can use the funds to pay bills both within and outside of the crypto service ecosystem directly from the app. Buy, sell, store and trade APE from the secure location of your Tap app. If you’d like to become an ApeCoin holder or incorporate APE into your investment portfolio you can do so easily with the Tap mobile app. Through your account, you can gain access to the APE market using a range of supported crypto and fiat currencies. From a governance perspective, holders of APE can become members of the ApeCoin DAO which vote on decisions impacting the ecosystem’s functioning and growth.

In technical terms, APE coin serves as a decentralized layer to realise initiatives brought forward from its own community as a form of self-governing Decentralised Autonomous Organisation or DAO. This meant that APE coin owners would be able to participate in this DAO using their APE tokens to vote. 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.