ApeCoin – How Good is it?

Apecoin, a cryptocurrency for the Bored Ape Yacht Club (BAYC) community is viewed by many as a good investment option these days.

If you follow the cryptocurrency business, especially the world of non-fungible tokens or NFTs, you’ve definitely heard about the Bored Ape Yacht Club collection of NFTs.

Is ApeCoin real?

Yes, Apecoin is now a real cryptocurrency since March 16 of this year. Finally, ApeCoin (APE) was established to support the expanding ecosystem surrounding the Bored Ape groups.

APE is an Ethereum-based ERC-20 token, which means it was established on the Ethereum network.

This cryptocurrency is inextricably linked to the previously mentioned NFTs since owners of NFTs from the BAYC or MAYC collections were able to claim a large number of APE tokens through an airdrop.

Apecoin ecosystem – A focus on who is behind ApeCoin

Because the ApeCoin ecosystem is regulated by the ApeCoin DAO, its members have the ability to make decisions regarding the ecosystem’s funding, governance rules, and collaborations, among other things. To join, all you need are APE tokens.

Additionally, there is the Ape Foundation, a Cayman Islands-based legal company whose mission is to assure the ApeCoin ecosystem’s growth and development by concretizing the DAO’s principles. The foundation is especially in charge of cash management.

The Ape Foundation asserts that it has no governing role; it operates on behalf of the ApeCoin DAO and has no influence over community choices.

Finally, this ecosystem is completed by the addition of a final entity: the board of directors, which oversees the Ape Foundation’s operation.

The council is composed of five members who serve a six-month term, following which the DAO elects the next five members.

In the meantime, Yuga Labs, the firm behind the Bored Ape collection, in particular, has said that the ApeCoin initiative is not their responsibility. However, who created this project? ApeCoin DAO, a pool of investors from the NFTs BAYC and MAYC collections?

What will ApeCoin be used for?

Yuga Labs will probably use Apecoin as a currency in its video games, as it is the native token of Bored Ape Yacht Club. The APE, which was announced as a token dedicated to culture and video games, should thus find a home there.

Yuga Labs is now in discussions with nWay studio, which is most known for developing brands like Power Rangers, to develop a new title. The game, which is being developed as a play-to-earn model and is scheduled to launch later this year, will allow users to earn ApeCoin.

Bear in mind that the start-up has previously partnered with Animoca Brands on the creation of another video game and intends to include its token into the developer’s Benji Bananas.

Additionally, a MetaRPG game is being developed, and virtual land plot sales are planned to begin this year. Yuga Labs should absolutely increase its attention on the Metaverse now that it has its own coin.

Where and how to buy Apecoin?

Apecoin is available on most cryptocurrency exchange platforms like Binance and Coinbase.
Buying the coin can be made on those exchanges by following these steps:

  • Create an account on the exchange or log in if you already have one.
  • Make a deposit.
  • If you’re using Binance as your exchange of choice, click on the Market menu and look for the pair APE/USDT.
  • All you have to do is buy APE for the amount of your choice.
  • That’s it, you are now in possession of ApeCoins!

Can I buy ApeCoin on Coinbase?

Buying Apecoins on Coinbase is pretty easy and straightforward.

The first step is to create an account if you don’t already have one and sign in.
Now you need to add a payment method, on Coinbase you can pay with a Visa or MasterCard debit card.
The next step is to select Apecoin in the list of cryptocurrencies and enter the amount you’re willing to spend on your Apecoin purchase and you’re ready to go.

Wrap up

Investing in Apecoin is a smart idea since it is built on the Ethereum blockchain and is tied to the NFT Bored Ape Yacht Club.

At least for BAYC, the project’s growth and future prospects look promising. However, it is too early to guess about Apecoin’s future growth, but it might be a profitable investment anyway.

Waiting a month or more before making a purchase is always preferable to making a quick purchase and losing track of the coin’s progress.

Leave a Comment