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About ApeCoin (APE)
During the past year, Bored Ape Yacht Club (BAYC) emerged as one of the best-known collections of non-fungible tokens (NFTs).
In mid-March of 2022, a decentralized autonomous organization (DAO) associated with BAYC, ApeCoin DAO, was launched to manage a new Ethereum-run token, ApeCoin (APE).
Initially, on March 17, 2022, the newly minted APE tokens were airdropped to Bored Ape NFT holders; additionally, the digital asset also began trading on exchanges, according to. This sequence created some not unpredictable out-of-the-gate volatility, with dramatic swings – not entirely uncommon for the crypto space.
ApeCoin DAO was initiated by the firm behind BYAC, Yuga Labs, but Yuga is keeping an arm’s length.
The ApeCoin DAO will be managed by council members. Additionally, the Ape Foundation was formed to buttress the DAO-run governance process. "The APE Foundation is the steward of ApeCoin," thesays. "It is not an overseer, but the base layer on which ApeCoin holders in the ApeCoin DAO can build."
The token is slotted for use in future gaming and entertainment applications.
"ApeCoin is a protocol layer for gaming and entertainment for the APE ecosystem and across the Web3 world," Yuga Labs said in an email statement to. In that statement, Yuga said airdropping tokens to the community was to ensure that APE is controlled by its community.
The NFT market had massive growth last year and the BYAC series ranked among the most popular.
As of the end of 2021, NFTs attracted some $41 billion, according to NFT data provider.
BAYC launched in April of 2021. It quickly grew to become the most valuable NFT project. The least expensive of the 10,000 images –cartoon apes, commonly used by owners for their avatars – is about $240,000 in ETH.
ApeCoin will be used as in-game currency for some titles that Yuga Labs has in the works, including a previously unannounced title being developed with San Francisco-based game studio nWay,.
Expanding its intellectual property, Yuga Labs recently acquired CryptoPunks and Meebits NFT collections from Larva Labs.
Because ApeCoin is governed by a DAO,, holders will have the ability to vote on community-led proposals that determine the future of the token.
How to buy ApeCoin (APE)
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