The average sale price of a Bored Ape (BAYC) NFT is $285,000 as of writing this article. Celebrity names such as Justin Bieber and Eminem are Bored Ape Yacht Club NFT owners. In addition to governance, ApeCoin has also been designed for utility where the token can be used for transactions and payments within Web3 applications.
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- This was an accomplishment in and of itself, given the notoriously finicky nature of major players like Coinbase (COIN).
- It is a favorable platform enabling third-party developers to join the ecosystem.
- Made up of 10,000 unique Bored Ape NFTs, the collection ranks as the second-largest by trading volume.
- The BitPay Wallet is a non-custodial crypto wallet meaning you, and only you, control your ApeCoin.
The fact that ApeCoin (APE) is directly tied to the biggest, most profitable, and culturally influential NFT project ever means it has been adopted as the metaverse token. Given BAYC’s pole position in the NFT world, artists, sports persons, and other cultural icons are attracted towards this project, giving it a solid narrative to drive forth with. After creating an account with an exchange and depositing INR to the account, you can purchase APE. Holders cast votes and collectively make funding decisions, partnerships with brands, DAO rules and more. To sum up, ApeCoin was primarily built as a token to reward BAYC owners, but anyone, regardless of whether they own BAYC or not, can purchase it. The purpose and usage of APE extend beyond BAYC, and holders have a stake in the development of the Ape foundation and can alter the direction of its future pathway.
Factors To Consider When Opening a Cryptocurrency Exchange Account
Considering the overall strength of ApeCoins dropped in the market, the average value of one $APE is around $13.37. Another important highlight in discussions about ApeCoin crypto would refer to the limitations on the total token supply to one billion. Interested investors must remember that the overall token supply of ApeCoin features certain distinct categories.
But if you have a Kennel Club NFT plus a Bored or Mutant Ape, you’ll get bonus tokens for holding the dog NFT. If you hold a Bored Ape Yacht Club or Mutant Ape Yacht Club NFT in your wallet, then you can claim a certain amount of free tokens from the official ApeCoin website. Each NFT draws its own allocation of tokens, so if you own a bunch, your token rewards will stack. First of all, the airdrop distribution is applicable for NFT owners with a Bored Ape or Mutant Ape. In addition, NFTs paired with a Bored Ape Kennel Club NFT also qualify for the airdrop distribution.
What is ApeCoin (APE)? How Does It Work?
As a decentralized Board, the initial Board members will serve for 6 months before APE holders vote for new Board members on an annual basis. The DAO’s decisions are then implemented by the ApeCoin Foundation, which serves as the DAO’s legal representative and supports the growth of the ecosystem in various ways. The Foundation includes a 5-member board made up of luminaries in the world of crypto and tech. The Board is responsible for ensuring the community’s vision is being followed as the ecosystem continues to develop. Meanwhile, although BAYC creator Yuga Labs doesn’t control ApeCoin, its founders did receive a significant portion of the total supply of APE and the company is listed as a contributor to the project. Holding APE makes users part of the Ape decentralized autonomous organization (ApeDAO), enabling them to vote on system improvement proposals and govern the community surrounding the token.
While this can seem like a lot for a digital avatar, investing in a BAYC NFT has been lucrative thanks, in part, to the launch of ApeCoin. Made up of 10,000 unique Bored Ape NFTs, the collection ranks as the second-largest by trading volume. Easy Crypto https://www.xcritical.com/ wants to make it easy for anyone to get into the crypto market – no matter how much they have to invest. The possibilities with ApeCoin will likely continue to grow as the infrastructure and proposals continue to be improved upon by the community.
NFT – Non-Fungible Token
These marketplaces typically use escrow to enhance security, but it’s still advisable to only trade with users with high trust ratings. Finally, make sure to transfer your APE tokens from the exchange to your personal, non-custodial crypto wallet that supports ApeCoin. By securing your tokens in your own wallet as opposed to on an exchange, you can avoid losing your assets in case of an exchange bankruptcy or a hack.
Almost every major centralized crypto exchange listed the token immediately after launch. This was an accomplishment in and of itself, given the notoriously finicky nature of major players like Coinbase (COIN). ApeCoin’s primary use is as a governance and utility token within the APE ecosystem. https://www.xcritical.com/blog/what-is-apecoin-ape/ It allows holders to participate in DAO governance votes while also offering access to members-only features of the ecosystem like games, events and other services. The Foundation appointed the original council and is responsible for administering the decisions of the ApeCoin DAO.