What is ApeCoin (APE) – How Does ApeCoin Work
NFT projects have grown in popularity in the crypto industry in recent years. The BAYC or Bored Ape Yacht Club is one of the most known projects, with a thriving community of supporters. The team behind the Bored Ape Yacht Club created its native token, APE and ApeCoin.
Members of the BAYC, and MAYC (Mutant Ape Yacht Club), received an APE token airdrop in their wallets. These tokens will aid them in gaining access to the ecosystem’s future projects. Those not members of the community can buy APE tokens from popular cryptocurrency exchanges.
What is ApeCoin?
ApeCoin is an ERC-20 token with utility and governance features. The token is being launched by APE DAO, a decentralized organization in charge of expanding the BAYC ecosystem. Currently, ApeCoin holders can participate in network governance. However, the organization intends to use it in the future.
NFTs will be critical in the metaverse and Web 3.0. APE token holders will have access to exclusive games and other projects that the community will launch in the future. Users will even be able to make payments or purchase products from web3 apps that are unrelated to the BAYC.
Animoca Brands, a crypto game developer, is working on a secret project with BAYC. They’ve announced that they will integrate the APE token into this upcoming project. Developer nWay has also stated that it will use this token in its upcoming play-to-earn game. ApeCoin DAO is primarily concerned with making the APE token a dominant payment method in the metaverse.
How Does APE Work?
APE holders can vote on governance decisions. APE DAO is a decentralized autonomous organization that serves as a governing body, governance rules, bringing new proposals for partnerships, Ecosystem funding, and other initiatives. Members of the community vote on these proposals based on the supply of APE tokens they own.
The APE Foundation utilizes the decision based on community members’ feedback. The APE Foundation ensures the fair growth and development of the APE ecosystem. The relevant authorities currently choose the organization’s board members.
However, after 6 months, the community members will use their voting power to select the next board members. The voting will take place once a year.
The total supply of APE tokens is one billion. The organization has rewarded NFT holders with 15% of the total supply. The DAO treasury and resources will receive 47% of the tokens. The remaining tokens will be set aside for future projects.
According to the statistics, Bored Ape NFT owners will receive 10,094 tokens, while Mutant Ape NFT owners will receive 2,042 tokens. Bored Ape NFT owners who are also Kennel Club members will receive a bonus of 10,950 tokens.
Similarly, Mutant Ape NFT owners who are also Kennel Club members will receive 2898 APE tokens. The APE tokens have already been distributed to users with NFTs in their wallets. If users have not yet received any tokens, they can claim their bonus from the official website of BAYC(Bored Ape Yacht Club).
ApeCoin token utility
APE is the protocol’s native token primarily used for governance. It has a $1,39 billion market cap and a circulating supply of 306 million tokens. It is one of the top 40 cryptocurrencies in terms of market capitalization. APE has a total supply of one billion tokens distributed over time.
Within the network, you can use the APE token for various purposes.
One of the primary applications for APE tokens is governance. Token holders will be able to vote for the project’s future growth as well as choose the members of the board of the APE ecosystem.
The APE network will host several events and gaming competitions in the future. Some of these events will be restricted to APE token holders only.
Artists and creators of digital content can sell their work in return for APE tokens. It can also be used as a payment option in games and other decentralized apps by developers.
ApeCoin is not only intended to help NFT owners but also to serve as a powerhouse behind BAYC. Within the BAYC ecosystem, ApeCoin is already utilized for e-commerce projects and decentralized games.
Benji Banana is a growing decentralized game where users can exchange NFTs for ApeCoin. The much-anticipated metaverse will be critical to the expansion of the BAYC universe. Users can use this cryptocurrency to buy virtual land in the BAYC metaverse. Ape Drops users can also purchase unique music albums or tracks from their favorite singers.
ApeCoin has gained much popularity in a short period since it represents a rapidly rising trend in the cryptocurrency world. It gives its community members governance power and plans to provide other facilities in the long term. It will be usable as a payment option within the BAYC metaverse. Please contact us if you require any additional information about how ApeCoin works.