ApeCoin is a crypto coin, which is made by the developers of famous Bored Ape Yacht Club NFT, which already topped over 1 billion dollars in sales.
ApeCoin is a cryptocurrency that runs on the Ethereum network. It was created to take advantage of the popularity of BAYC and to be used within the fast-growing APE ecosystem. While the APE Foundation supports it, it is a decentralized autonomous organization (DAO), which means it is run by a community of voters who rely on smart contract programming and the APE Foundation to carry out community decisions in an open and transparent manner.
While the Foundation oversees day-to-day activities like project management and bill payment, the DAO community is ultimately in charge and decides and directs who works as a steward at the Foundation. The ApeCoin initiative will be a tool to advance, according to the official ApeCoin website.
The ApeCoin community, as well as any products and services that use APE, make up the APE ecosystem. Yuga Labs is well known for creating the Bored Ape Yacht Club and is a web 3.0 firm. It will join the ApeCoin DAO as a community member and use APE as the principal token in new initiatives. Holders of Bored Ape Yacht Club and Mutant Ape Yacht Club NFTs were allowed to jointly claim 15% of the ApeCoin supply at the debut of ApeCoin (150 million tokens of the 1 billion total tokens in supply).
Most of cryptocurrencies has their own purpose and can be spent in different ways. In the APE ecosystem, the ApeCoin currency fulfils a variety of functions. As a governance token, it allows holders to participate in the ApeCoin DAO. APE holders get access to the APE ecosystem's exclusive features, such as games, merch, events, and services.
Third-party developers can use APE to participate in the APE ecosystem. They can use the token as a reward in their services, games, and other ventures. APE, for example, is used as an incentive for players in Animoca Brands' Benji Bananas, a play-to-earn smartphone game. Benji Bananas offers a Membership Pass ('Benji Pass'), an NFT that allows owners to earn unique tokens while playing Benji Bananas and then exchange those tokens for ApeCoin.
NFT’s of mentioned Bored Ape Yacht Club are also favourited by some celebrities. Eminem, Paris Hilton and other have already invested hundreds of thousands of dollars in them. Besides all that, there has been a lot of talks lately about the Yuga Labs’ pending metaverse project launch.
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