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You’ve heard of Doge coin and Shiba Inu coin, but what about ApeCoin?
Even though ApeCoin has captured the imagination of investors in a similar manner,
it is no ordinary meme coin! It’s actually linked to one of the most
hyped up and successful NFT projects of all time – Bored Ape Yacht Club!
But what is ApeCoin? Let’s ape in to find out!
ApeCoin had the crypto community abuzz when it was airdropped in spectacular fashion to holders of
Bored Ape NFTs. Owning a Bored Ape, Mutant Ape or Kennel Club NFT is already a success story
on its own. It cost just 0.08 ETH or less than $200 to mint one back in April 2021,
and now the floor price or the cheapest Bored Ape you can buy now off the shelf is around 100 ETH
or $300,000! The most expensive Bored Ape sold for around an eye-watering $2.9 million. What’s more,
mega celebrities such as Snoop Dogg, Justin Bieber, Gwyneth Paltrow and Paris Hilton are also
owners, and being a Bored Ape NFT holder was already an entitlement with membership-only
access to exclusive games and events in the metaverse and in real life.
So how did ApeCoin come into the picture? In what has been a massive expansion program,
the company behind Bored Apes, called Yuga Labs,
announced the airdrop of ApeCoin with the ticker symbol APE to all Bored Ape holders.
Each Bored Ape NFT is entitled to 10,094 APE, or about $170,000 near its peak price of $17 on 18
Mar 2022. Owning a Mutant Ape and Kennel Club NFT would have also boosted the airdrop amount even
more. Upon launch, $APE was immediately listed on major exchanges such as Binance,
FTX and KuCoin. Now that's winning! But prices aside, here’s why ApeCoin
might actually be worth holding onto. Not only is $APE the official token for Bored Apes,
$APE is about to be the center of a whole new Web3 build-out that includes games,
virtual land, culture, community and governance.
So what does this look like?
ApeCoin holders automatically belong to an ApeCoin DAO,
or a decentralized autonomous organization where $APE holders can use their tokens
to vote on ecosystem improvements and how funds should be used.
Helping to administer functions of this DAO and other ApeCoin activities will be the APE
Foundation made up of some of the best movers and shakers in the crypto and Web3 space including:
Alexis Ohanian, co-founder of Reddit Amy Wu, head of gaming at FTX and
Yat Siu, co-founder and chairman of Animoca Brands behind The Sandbox
So what can holders do with $APE? The utility behind $APE is unfolding
and gaining traction as we speak but holders can:
Vote on ApeCoin DAO governance and decide how funds should be used
Deposit and withdraw $APE to use at the BetOnline Sportsbook and Casino
And soon use $APE as the in-game currency in games such as Benji Bananas with many more to come.
In fact, sneak peaks are already available of what could be a huge play-to-earn game being developed
together with nWay featuring a giant MechApe: But wait, that’s not all. Holders can also use
$APE to buy land in MetaRPG and BAYC LAND NFTs. That’s right! Yuga Labs is also building out a
metaverse called MetaRPG or Role Playing Game with BAYC LAND NFTs so that Bored Ape NFTs will
soon have digital real estate to hang out at. Not much is known yet about these plots of BAYC LAND,
but a leak of an investor pitch deck has shown plans of releasing
200,000 plots of BAYC LAND at a price of 1 ETH each. Keep your eyes peeled for this development!
The vision of ApeCoin is to become THE metaverse token, used as the main digital
currency in multiple integrated games and interconnected metaverses that will be built
out in the great Bored Ape future. Are we all about to become…a virtual planet of the apes?
With one of the strongest and most loyal decentralized crypto communities rallying
around and some of the brightest minds in the space leading the project, there
is no doubt that ApeCoin is looking to become serious monkey business!
Thanks for watching everybody, if this video made you feel like Ape’ing into some more,
click right here and we’ve got you covered. Until next time, HODL’ ON.