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- All About APE Coin!
All About APE Coin!
Psssst! Do you hear? The APE is calling! Bored Ape Yacht Club has released its very own crypto coin this week. Let’s talk about it!
What is APE Coin?
APE Coin, is a crypto coin based on the popular NFT collection, Bored Ape Yacht Club owned by Yuga Labs. Launched on March 17th, 2022, APE issuer, Yuga Labs, has had quite an explosive year so far with acquisition and groundbreaking new ventures on the horizon.
The new shiny coin is revolved around the ERC-20 governance and is categorized as a utility token in its own APE ecosystem where play-to-win and gamification are coming to the forefront. APE coin holders, similar to traditional stockholders of the public exchange, have the right and vote on how the APE coin DAO ecosystem fund should be allocated as time goes on. Of course, the owners of Bored Ape NFTs were airdropped a portion of the new APE token at launch.
There are 1 billion ApeCoin tokens in total and their distribution is as follows:
8% - Founders of Bored Ape Yacht Club
16% - Yuga Labs Team
14% - Partners and Investors of Yuga Labs Team
15% - Owners of the Bored Apes and Mutant Apes
47% - Issued as part of the DAO’s ‘ecosystem fund’
APE Coin at NAGAX
Did you know that you can store different types of coins and tokens in your NAGAX wallet including the all-new APE coin? As NAGAX continues to push the boundaries of innovation through a premiere social trading cryptocurrency exchange, we evaluate the next best assets. Be sure to keep an eye out for when APE is ready to be traded on NAGAX!
What makes ApeCoin so unique?
ApeCoin is the APE Ecosystem governance and utility token, allowing token holders to participate in the ApeCoin DAO and providing its participants with a common and open currency that can be used without centralized intermediaries.
ApeCoin also gives access to certain parts of the ecosystem that are not otherwise available, such as exclusive games and services.
Bored Ape Yacht Club has a massive fan and user base as well as media exposure and huge reach. Stars like Eminem, Steph Curry, Mark Cuban, and Justin Bieber own some of the project’s NFTs. No doubt, such facts definitely have an impact on ApeCoin’s market value.
At present, it is certain that ApeCoin will be used as the in-game currency in some of the games that Yuga Labs is working on, including a yet-to-be-announced game.
How secure is the ApeCoin network?
ApeCoin is an ERC-20 token running on the Ethereum blockchain. As a result, it is protected by the Ethereum Proof-of-Work consensus mechanism.
Timeline Leading to APE Coin
➡️ April 23, 2021 - Bored Ape Yacht Club NFT collection was released (at first, with pre-sale)
➡️ March 15, 2022 - Yuga Labs (Bored Ape Yacht Club owners) acquired CryptoPunk and Meetbits NFT collections
➡️ March 17, 2022 - APE Coin was launched! First with airdrops and listed publicly.
➡️ March 23, 2022 - Yuga Labs raised $450M raised for NFT Metaverse
➡️ Coming April 2022 - Yuga Labs announced the release of the ‘Otherside’ to be sometime in April of 2022. Claiming it will be a revolutionary world linking crypto, gamification, and NFTs.
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