What is ApeCoin? Four things you need to know about

It was March 2022 when ApeCoin, the cryptocurrency linked to the Bored Ape Yacht Club, came out. Yuga Labs, which made BAYC, is building a new metaverse ecosystem and wants ApeCoin to be the currency of choice.

The release of the coin, which came after Yuga Labs bought the first NFT collectible CryptoPunks, and the news that Yuga Labs raised $450 million in venture capital, is a big deal for the NFT space.

ApeCoin isn't just a way for new people to get into crypto through events, games, and merch, but it also shows how the NFT space is quickly changing. It's not just the "profile picture projects" that have made the $40 billion-plus market so popular.

Read This Article:-

5 Most Popular NFT Crypto Coins List In 2022 (What You Should Know)

Here is a list of everything you need to know about APEcoin and how it could grow in the future.

If you want to buy it, you can buy it on most of the big crypto exchanges.

In the beginning, ApeCoin was given to people who owned the Bored Ape Yacht Club and Mutant Ape Yacht Club in an airdrop that they could claim. But anyone who has a Coinbase account can also buy the coin. (You can buy ApeCoin here.)

In the days after it came out on March 17, the price went up and down a lot. It could go as high as $40, and it could go as low as $6.48. There's a lot of interest in ApeCoin, no matter how the price changes.

It traded more than $2.3 billion on Coinbase on March 24, and it was the fourth most talked about cryptocurrency on Twitter and Reddit, according to LunarCrush, a social media monitoring app.

As a person who owns ApeCoin, you become part of a DAO.

Anyone who buys ApeCoin can become a member of the ApeCoin DAO, a decentralised group that will decide how the DAO's money is spent and vote on ideas for new projects related to the coin.

There is a group called the ApeCoin DAO that controls ApeCoin even though it's linked to BAYC and Yuga Labs.

Yuga Labs says that they don't own the ApeCoin DAO. In place of a centralised entity in charge, there is a five member "board" of top crypto investors who will oversee certain proposals related to ApeCoin DAO. Each member gets a six-month term, and then the ApeCoin DAO community votes on who the next board will be. First, Alexis Ohanian, the co-founder of Reddit, Amy Wu, the head of FTX's venture arm, and Yat Siu, a co-founder of blockchain gaming company Animoca Brands are on the board, as well.

ApeCoin will be the currency of an entire economy in a whole other world.

Projects that will accept ApeCoin aren't very clear right now. But Yuga Labs has big plans for how it will use ApeCoin in the future.

It says on its website that holders will be able to use ApeCoin to get special merch, events, and services. In addition, Yuga Labs says that ApeCoin will be the main currency for all new projects.

This includes the soon to come play-to-earn feature of Benji Bananas, which is owned by Animoca Brands. Yuga Labs' upcoming game, Otherside, will use the token in the same way.

It will also be compatible with other popular NFT collections like Mutant Ape Yacht Club and CryptoPunks, as well as games like World of Women and Cool Cats. This is even better news! Besides Yuga Labs, Time Magazine will soon accept ApeCoin for digital subscriptions, and rappers Snoop Dogg and Wiz Khalifa have released eight songs together that can only be bought with ApeCoin.

As you can see, the tokenomics are going to work this way:

There will never be more than 1 billion $APE tokens. Here's how they'll be split up:

Most of the tokens will go to the ApeCoin DAO. Those who own BAYC and Mayc get 15% of that money.

People who own BAYC can get 10,094 $APE for each NFT they own, and people who own MAYC can get 2,042. In the DAO's "ecosystem fund," the rest will be given out to help other parts of the ecosystem.

Tokens: Yuga Labs will get 16% of the tokens. To help real apes, Yuga Labs has also given some of their money to the Jane Goodall Foundation, a charity run by the primatologist.

When the tokens are sold, 14 percent of them will go to "launch contributors," which are "the companies and people who helped make this project happen," but there aren't many specifics about who these contributors are.

Some of the tokens will go to the four founders of Yuga Labs and BAYC, who will g

An important thing to remember is that not all ApeCoins are in use yet. This is called "locked" tokens. There will be at least 12 months before ApeCoin allocations for Yuga Labs and the founders of BAYC are available for sale. This means that they can't sell their coins during this time.

They will get a certain number of tokens each month after the 12 months. This is a way to keep early token holders from "dumping" their large holdings all at once and causing the price of one to fall.