ApeCoin (APE), the Ethereum-based cryptocurrency for the burgeoning Bored Ape Yacht Club ecosystem, is currently flowing after being publicly introduced just two days ago.
The ApeCoin has already soared to the $40 high mark in less than 48 hours after it’s official launch.
ApeCoin’s price today sits somewhere around the $12.98 mark according to data from Coinmarketcap.
Owners of the Bored Ape Yacht Club NFT collection can now claim the token, which will have utility, governance, and other possible benefits.
93 million tokens have already been claimed by NFT holders since the launch today. That’s almost $810 million in value.
While current Bored Ape and Mutant Ape NFT holders will gain the most at first because they will all receive a free cache of valuable tokens that they can sell, anyone can purchase APE on prominent exchanges. Why would you want to, though?
Naturally, the APE team has plans for the token, which include unique games and services, according to the team behind it.
If you’re thinking about APE-ing into the buzzy token, here’s a rundown of how ApeCoin works, who’s eligible to claim a stash, and what ApeCoin DAO has planned for the newly minted coin.
What exactly is ApeCoin?
ApeCoin is a utility and governance token built on the Ethereum platform.
There are one billion of them in total, with CoinMarketCap indicating that around 28% are in circulation right now.
Over the following few years, many of the entire number of tokens will vest gradually.
While ApeCoin is ostensibly the official token of the Bored Ape Yacht Club and serves as a prize for owners of Bored Ape NFT collectibles, the official line is that it was not created by Yuga Labs, the company that brought you the Bored Apes.
Instead, it’s the formal launch of ApeCoin DAO, a new decentralized autonomous organization that will oversee the token’s future development.
According to tweets from Yuga employees and board members, a great deal of emphasis was placed on exact and consistent message, most likely for regulatory reasons.
ApeCoin DAO has enlisted the help of several well-known members of the crypto industry to serve on its inaugural board, including Reddit co-founder Alexis Ohanian and FTX’s Amy Wu, who will serve for six months before APE holders vote for the next board members on an annual basis.
Who is going to receive ApeCoin?
You can get a specific quantity of free tokens from the official ApeCoin website if you have a Bored Ape Yacht Club or Mutant Ape Yacht Club NFT in your wallet.
Each NFT is given its own set of tokens, so if you have a lot of them, your token awards will stack.
As of this writing, the 10,094 tokens are worth more than $80,000 in ApeCoin to original Bored Ape owners.
The 2,042 tokens are currently worth almost $16,400 to Mutant Ape owners.
You will not receive any tokens if you own a Bored Ape Kennel Club NFT on its own.
If you have a Kennel Club NFT and a Bored or Mutant Ape, though, you will receive additional tokens for keeping the dog NFT.In all, 15% of the token supply will be distributed to NFT holders.
The DAO treasury and resources will receive another 47 percent of the overall supply, with much of it vesting over the next 48 months.
A further 15% will go to Yuga Labs, another 8% to Yuga Labs’ four founders, and the remaining 14 percent will go to other ApeCoin launch supporters.
Furthermore, 1% of the overall supply will be donated to the Jane Goodall Legacy Foundation, which will support genuine apes.
The token is presently trading on a variety of cryptocurrency exchanges for individuals who don’t own a Bored Ape NFT and didn’t help bring the Bored Apes or ApeCoin to reality.
APE is listed on well-known exchanges like Coinbase, FTX, and Gemini.
What does APE stand for?
ApeCoin was created with usability and governance in mind.
What exactly does that imply?
It’s a decentralized token that can be used for payments and transactions in any Web3 app, even if it wasn’t created or owned by Yuga Labs or has nothing to do with the Bored Ape Yacht Club.
ApeCoin holders will be able to vote on community-led proposals that will determine the token’s future because it is managed by a DAO.
There are currently governance proposals in place for topics like ecosystem money allocation and staking rewards, for example.
That may sound dry and boring to some, but it could have an impact on APE holders’ future benefits.
Animoca Brands, a crypto game developer, has announced plans to integrate APE into a “secret project” it is working on with the Bored Ape Yacht Club.
It appears to be connected to the recent development of a website (somethingisbrewing.xyz) that collects information from potential participants.
Meanwhile, nWay has stated that APE will be used in a forthcoming play-to-earn game based on the Bored Ape Yacht Club, and APE will be used for token prizes in Animoca’s unconnected Benji Bananas game.
Some future functionality, like as planned games and services, will be held only for APE holders, according to ApeCoin DAO.
There’s also the possibility of much more on the horizon.
E11EVEN Residencies in Miami, for example, will take APE payments, and SaltWater Brewery in Florida has announced the same for its beer—with a discount, no less.
APE has the potential to be utilized by a wide range of businesses and initiatives as a decentralized token.
And that is ApeCoin DAO’s goal: the more beneficial it is, the more valuable it may become.
With the Web3 sector still in its infancy, APE holders can only hope that it grows in popularity as a metaverse payment option.