What is ApeCoin (APE)?
ApeCoin (APE) is the native token of the BAYC ecosystem. The Bored Ape Yacht Club (BAYC) has become one of the most sought-after non-fungible token (NFT) collections, establishing itself as a major player in terms of market capitalization within the NFT sector. By 2022, the BAYC ecosystem has seen tremendous growth due to its uptake by famous personalities like Post Malone, the buying of the widely known CryptoPunks collection, and an ApeCoin distribution to qualified users in the network.
ApeCoin places a strong emphasis on decentralization and has set up the APE Improvement Proposal Process to empower its DAO members to make decisions regarding Ecosystem Fund allocations, governance regulations, prospective initiatives, partnerships, and more. The APE token is a custom-built cryptocurrency that follows the ERC-20 standard and is based on the Ethereum blockchain. On the live ApeCoin price chart above, you can find the latest APE price.
Besides, it's worth noting that ApeCoin launched its own NFT marketplace on the 23rd of November 2022. In the summer of 2022, the DAO voted for Snag Solutions to construct the platform instead of prominent industry players like Rarible or Magic Eden. This new trading hub permits NFT buyers and sellers to purchase tokens in Yuga Labs’ range, including BAYC, Bored Ape Kennel Club, and Mutant Ape Yacht Club.
Use Cases of APE Tokens
APE can be employed in four distinct ways. Firstly, as a tool for giving incentives, ApeCoin provides a way for third-party developers to be part of the system by connecting APE with games, ventures, and other services. As an example, APE crypto is accepted in the Benji Bananas game from Animoca Brands. At the time of writing this article, for 25 ApeCoins, you can purchase a Benji Bananas Membership Pass.
Moreover, for access purposes, the APE token functions as a gating token, providing limited access to certain parts of the ecosystem, such as exclusive events, games, and merchandise.
Also, ApeCoin is the main currency of the APE ecosystem, allowing users to buy products and services, such as play-to-earn games created by BAYC.
Finally, APE is also used for governance. Holders of ApeCoin can use their tokens to have a say in the decisions made by the ApeCoin DAO through voting.
Recall that you can see the latest ApeCoin price on the live APE price chart above.
Who Founded ApeCoin?
Yuga Labs, the creators of BAYC NFT collection, released ApeCoin on 17 March 2022 and established the APE Foundation to promote decentralized growth in the ApeCoin environment. The APE Foundation was created with the intention of becoming a center for art, gaming, entertainment, and events based on blockchain technology. It is responsible for supervising the choices made by the ApeCoin DAO.
The ApeCoin Foundation is managed by a board of directors who look after the community and implement DAO initiatives. The initial set of directors serve for six months and are appointed by DAO participants. As of writing this, Alexis Ohanian (co-founder of Reddit), Amy Wu (head of ventures and gaming at FTX), Maaria Bajwa (principal at Sound Ventures), Yat Siu (co-founder and chairperson at Animoca Brands), and Dean Steinbeck (president and general counsel at Horizen Labs) make up this group.
The amount of APE tokens that exist is limited to 1 billion. The APE token supply is divided in this way: the ecosystem fund holds 62%, Yuga Labs and various charities got 16%, launch contributors received 14%, and BAYC founders got 8%.
From the funds set aside for the ecosystem, 150 million tokens were dropped to those who owned BAYC-related NFTs. The amount of tokens people received depended on whether they held a Bored Ape or Mutant Ape NFT, and whether their NFTs were paired with an NFT from the Bored Ape Kennel Club. The airdrop was divided up with Mutant Ape holders receiving 2,042 tokens, the combination of Mutant Ape and Kennel Club holders getting 2,898 tokens, Bored Ape NFT holders getting 10,094 tokens, and the pairing of Bored Ape with Kennel Club holders being granted 10,950 tokens.
Interested in acquiring ApeCoin crypto assets? If you are, make sure to make a thorough ApeCoin price analysis beforehand.