Decentralized Autonomous Organizations (DAOs) are a systemic design structured to ensure general and undiluted participation of the members of the organization. In cryptocurrency communities, rights to this participation are tokenized and every token holder is considered a member of the DAO. Through voting portals, members of the DAO are able to vote on proposals and also submit their improvement suggestions to be voted on by the rest of the holders. BAYC NFT is a collection of 10,000 unique images of literally ‘bored’ Apes. Other projects in the APE ecosystem have greatly profited from BAYC’s reputation and status.
This is not surprising, as people count on an initial price boost to immediately sell it for huge profits. Of course, the selloff pressure created then has a domino effect on suppressing the price. Consequently, there will never be a situation in which an oversupply of tokens dilutes their value, as with fiat currency. In charge of APE distribution is the ApeCoin DAO, a decentralized autonomous organization. For this reason, ApeCoin will be gradually released, following a preset unlock schedule that started on March 17, 2022. Over a period of 48 months, a total of one billion APE coins will be unlocked as a circulating supply.
August 2022: TAG Heuer watches can now be bought with ApeCoin
ApeCoin is an ERC-20 standard token issued on the Ethereum blockchain. As the ERC-20 smart contract standard is one of the most popular token standards, ApeCoin holders can easily transfer, buy, and sell these assets on centralized and decentralized exchanges where ApeCoin is listed. Back in September, a developer launched a cryptocurrency called “Adventure https://www.xcritical.com/ Gold” (AGLD) as a companion to an ascendant NFT collection called Loot. Anyone with a Loot NFT was automatically entitled to a certain amount of AGLD, and claiming those tokens meant coming into tens of thousands of dollars without any extra effort. Sixty-two percent of the total ApeCoins are being set aside for token holders and the DAO treasury.
Its mission is to administrate DAO proposals and serve the community’s vision. The overall supply is divided into the following categories.The airdrop distribution depends on whether NFT owners hold a Bored Ape or a Mutant Ape and whether the NFT is paired with a Bored Ape Kennel Club NFT. Currency Com Limited is a private company limited by shares incorporated in Gibraltar under company number , having its registered address at Madison Building, Midtown, Queensway, Gibraltar, GX11 1AA. The merchant location address is located at Unit 5.25, World Trade Center, 6 Bayside Road, Gibraltar, GX11 1AA. Digital signs (tokens) (hereinafter referred to as “tokens”) are not legal tender and are not required to be accepted as a means of payment.
How did Yuga Labs start?
The DAO has estimated that the overall set-up costs for the network will be more than $3m. It has also enjoyed a consistent position in the top 100 coins by market cap since its inception. Like every other cryptocurrency token, ApeCoin can be transferred between users, businesses, and institutions. Outside the boundaries of NFT and the metaverse, ApeCoin can be adopted by merchants and peers as a flexible means of value storage and value transfer.
In addition, APE is adopted by Yuga Labs as the primary token for all new products and services. Yuga Labs is the creator of the trending Bored https://www.xcritical.com/blog/what-is-apecoin-ape/ Ape Yacht Club (BAYC) NFT collections. It also owns the IP of another two popular NFT projects, CryptoPunks and Meebits.
Utility Token for ‘Otherside’ Metaverse Project
APE is currently one of the top 50 cryptocurrencies by market capitalization – ApeCoin (APE) achieved its largest market cap to date, of $7,46 billion on the 28th of April, 2022. ApeCoin was launched by Ape DAO, though many members of the crypto community believe that it was actually launched by Yuga Labs (creators of Bored Ape Yacht Club). DAO members are required to be holders of APE tokens to participate in proposals, this ensures that proposals are handled in a fair and inclusive way.
- Depending on your mood and choice, you can choose these apes down to the tiniest details.
- One is paying directly from your crypto wallet on the TAG Heuer online boutique.
- ApeCoin’s supply is fixed at 1 billion APE, meaning tokens cannot be mined or burned.
- APE tokens have quickly grown in popularity, and as the Otherside metaverse progresses, the growth is expected to continue.
- Third-party developers use ApeCoin to play a role in the ecosystem and incorporate the token into their services, games and various projects.
- Use the BitPay Card to instantly convert APE to cash online, in-store or at compatible ATMs around the world.
- The analytic firm estimated the four NFT collections in the BAYC ecosystem to be worth around $5.5bn and account for 29% of the floor market cap of the Top 100 Ethereum NFT collections.
These technologies will be augmented with NFT technology and decentralized payment systems. If the price holds, and traders outside the Bored Ape Yacht Club ecosystem start taking positions in APE, you can expect the use cases to, uh, evolve. Right now, ApeCoin mostly exists for speculation and “governance” for the DAO.