What is ApeCoin and how does it work?

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The first quarter of 2022 was filled with talks about ApeCoin (APE), a cryptocurrency that was adopted as the original currency of Bored Ape Yacht Club (BAYC), developed by Yuga Labs. Since the emergence of ApeCoin DAO in April 2021, BAYC has been among the best non-perishable token (NFT) groups with a vibrant community.

BAYC’s collection features seemingly boring monkeys. Depending on your mood and choice, you can choose these monkeys down to the smallest detail. Investors around the world put their money into these works of art and buyers include the likes of Justin Bieber and Eminem.

As an ERC-20 governance and utility token for the APE ecosystem, ApeCoin is managed by a Decentralized Autonomous Organization, or DAO. Anyone who holds the coin is allowed to vote on relevant governance decisions.

Related: Types of DAOs and How to Create a Decentralized Autonomous Organization

The fact that APE is being adopted by Yuga Labs gives it weight, as it also contains CryptoPunks and Meebits, two other projects in the NFT.

What is the APE ecosystem?
You may be interested in who is behind ApeCoin. The owners of the ApeCoin community and the many products/services that use cryptocurrency collectively make up the APE ecosystem. Yuga Labs, founded in 2021 and headquartered in Miami, Florida, is a leading name in NFTs and digital collectibles.

Best known as the creator of the Bored Ape Yacht Club, Yuga Labs serves as a member of the ApeCoin DAO community. They have adopted ApeCoin as their primary token in the projects they undertake. Let’s learn brief information about the NFT groups that are part of the APE ecosystem.

THE BAYC

The Bored Ape Yacht Club (BAYC) was launched in April 2021 and features 10,000 unique monkeys residing on the Ethereum blockchain. Each of these unique digital collectibles has a different look, style, and rarity. The collection displays profile pictures generated by algorithms of cartoon monkeys.

The Mutant Monkey Yacht Club (MAYC)

As an NFT basket of up to 20,000 BAYC Apes mutants, MAYC helps new members of the Ape community. Original BAYC NFT holders were delivered 10,000 mutated serums in three layers via airdrop to add trait rarity.

Bored Monkey House Club (BAKC)

Launched at 6:00 PM EST on June 25, 2021, the Bored Ape Kennel Club (BAKC) is a variety of canine NFTs made available to every BAYC member. Owners of each Bored Ape NFT can adopt the Club Dog NFT at random, while only paying for gas. BAKC NFTs also have a rarity of their own.

The other metaversed

At the end of April 2022, Yuga Labs began to mint the territory of other metaverses. Within 45 minutes, the virtual real estate recorded a value of $100,000 and raised a total of $320 million, making BAYC NFT maximum sales.

How does APE work?
APE token holders collectively make governance decisions, cast their votes and decide on issues such as fund allocation, rule framing, partnerships, project selection and more. The ApeCoin Foundation implements governance decisions made by the community.

As the legal representative of the DAO, the ApeCoin Foundation facilitates the growth of the ecosystem. The Foundation has a special body called the Board of Directors that implements the visions of the community. The APE Board is made up of five members from the tech and cryptocurrency community. ApeCoin holders vote for new board members annually.

Related Topics: The Impact and Rise of DAOs in the Legal Industry

What will ApeCoin be used for?
As a governance and utility token, ApeCoin serves multiple purposes in the ecosystem. ApeCoin use cases include enabling its owners to participate in the management of the DAO and giving them access to exclusive features of the ecosystem, such as games, events, merchandise, and services.

ApeCoin is designed similarly to any other Web3 currency, and can be used for payments. ApeCoin is technically acceptable by most merchants because it is a popular ERC-20 token. The coin is already in use as NFT rewards, and BAYC holders get a free APE they can cash in right away.

Third-party developers use ApeCoin to play a role in the ecosystem and integrate the token into their various services, games, and projects. For example, in Animoca Brands’ Benji Bananas, a for-profit (P2E) mobile game, currency is adopted as the incentive for players. They will be able to earn tokens when playing and exchange these tokens for ApeCoin.

With ApeCoin set to integrate with another upcoming metaverse, which could make it a high-demand metaverse coin this year. This will make ApeCoin a token for transactions in the metaverse markets. If the Metaverse includes P2E items, they can also be used to reward players.

ApeCoin . Tokens
ApeCoin has a total supply of 1 billion tokens. The interface of the contract does not allow minting any other tokens, thus instilling a cover. There is no burning mechanism either, so the supply will not decrease. distribution

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