What is ApeCoin?
ApeCoin (APE) is an ERC-20 token built on the Ethereum blockchain. It launched on March 16, 2022. Introduced by ApeCoin DAO, a governing body where all APE holders are members, the coin was listed on most exchanges right after launch, a considerable feat. All token holders can vote on proposals. An organization called the Ape Foundation handles the daily administration of the DAO functions.
The ApeCoin DAO board, a subcommittee of ApeCoin DAO, oversees everything. The board members get a six-month term, and the DAO members have the ability to vote on future members. The initial board included five high-profile investors.
Yuga Labs is behind the Bored Apes Yacht Club (BAYC). All owners of one of the Bored Ape NFTs received an initial offering of APE. However, Yuga Labs claims they are not responsible for APE; the responsibility lies with the ApeCoin DAO.
The company has tried to distance itself from ApeCoin, yet an explanation on the Yuga Labs website shows close involvement:
“Owned and operated by the ApeCoin DAO, APE is a token supporting what’s next in Web3. Yuga Labs is a contributor to ApeCoin, a community member of the ApeCoin DAO, and will be using ApeCoin as the primary token in Yuga Labs projects.”
In March of 2022, the popular mobile game Benji Bananas announced that they would adopt APE in their game and allow a play-to-earn function.
Benji Bananas is a free-to-play mobile game from Animoca Brands. The action game (with over 50 million downloads) has players guide Benji (a monkey) and his friends as they leap through the jungle. It is available for download on the App Store and Google Play.
Benji Bananas sells passes that allow players to collect unique tokens. Players can swap their tokens for APE.
Yuga Labs plans to use Ape Coin as the de facto currency for all its future projects, meaning that the coin could have limitless potential.
Prices of ApeCoin surged when Yuga Labs announced its Otherside metaverse project. Otherside is Yuga Lab’s take on the metaverse.
Otherside will be a role-playing game with multiple players and will include all of the company’s NFT franchises, including the Bored Ape Yacht Club, the Mutant Ape Yacht Club, Meebits, and CryptoPunks.
Information leaked on Twitter showed that Yuga Labs plans to create 200,000 plots of land in their metaverse and will dole out 30% of the first 100,000 to Bored Ape Yacht Club and Mutant Ape Yacht Club holders. This is all speculation at this point, as nothing has been confirmed.
More attention was generated after a tweet from renegademaster, a Bored Ape member, who noted that the digital land sale would go through an auction, where the item’s price lowers until a bid is received–starting at 600 ApeCoin. This type of auction is called a Dutch auction.
There’s a lot at play here: Yuga Labs and their future metaverse, the company’s lucrative NFT franchise, and a new token (APE). The elements are fascinating, and the drama continues to increase. An exclusive NFT club with its own metaverse and currency is bound to draw attention.
ApeCoin remains a cryptocurrency to watch.
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