APEUSD history Timeline of major events

Here we go over what ApeCoin is, how it works and the roles it plays in the NFT ecosystem. Earlier this week, it was announced members of the Bored Ape Yacht Club NFT collection would be getting their very own cryptocurrency, ApeCoin. At the end of April 2022, Yuga Labs began minting Otherside metaverse lands. Many cryptocurrencies have gained importance or hold the promise to do so. Other important coins include Litecoin (LTC), Chainlink (LINK), Cosmos (ATOM), and Monero (XMR).

How was ApeCoin developed

If you do not own BAYC/MAYC NFT, you can buy, store, swap and spend ApeCoin in your BitPay Wallet. Spend your APE or more than a dozen other cryptocurrencies as easily as cash. The BitPay Wallet is a non-custodial crypto wallet meaning you, and only you, control your ApeCoin. In April 2022, Yuga Labs started minting virtual land in its metaverse project Otherside.

Animoca Brands’ Benji Bananas is a play-to-earn (P2E) game in which players can realize their gains in the form of ApeCoin. It is the vision of ApeCoin’s creators that this kind of adoption expands and continues into the future. The APE ecosystem is made up of the community holders of ApeCoin, and all products & services utilizing APE.

Yuga Labs, the creator of the popular Bored Ape Yacht Club (BAYC) NFT collections, has also adopted APE as the primary token for all new products and services. It consists of 200,000 parcels of “land” that can be acquired by the purchase or minting of “Otherdeeds” — non-fungible tokens that serve as title deeds for the parcels of virtual land. ApeCoin ($APE) was required for participating in this highly awaited metaverse to mint Otherdeeds. The first NFT collection of the APE ecosystem, Bored Ape Yacht Club (BAYC), was released in Apr. 2021. According to Rohan Grey, a law professor at Willamette University and crypto regulation observer, the distinction between ApeCoin DAO and Yuga Labs probably also has to do with something called the Hinman Test.

How was ApeCoin developed

A bored ape NFT gets exposed to a vial of the “Mutant Serum” to produce a mutant ape. ApeCoin is a blockchain-based cryptocurrency that uses proof-of-work consensus to secure its transactions. It is the currency of the APE Ecosystem, which includes a marketplace and a rewards system that rewards those who hold APE coins. In this blog post, we’ll be taking a closer look at ApeCoin and how it works, so you can make an informed decision on whether this cryptocurrency is right for you.

  • At a time when NFTs are still storming the crypto arena, ApeCoin has managed to steal the limelight since its appearance.
  • Big names such as Eminem, Justin Bieber (who spent over a million dollars on his Ape), Steph Curry and Serena Williams are all owners of their own disinterested primates.
  • Because Circle is based in the U.S., it is subject to regulation, making USDC a regulated stablecoin.
  • It can also be used to gain access to exclusive BAYC events as well as Bored Ape’s network of stakeholders.
  • A subcommittee of the Ape Foundation will also serve as the “board” of the ApeCoin DAO, which will oversee specific proposals.
  • It’s believed that the Bored Ape Yacht Club wants to grow and establish itself as an off-chain brand by fusing its designs with apparel and possibly video games for mobile devices.

The APE Ecosystem comprises all the various products and services created by Yuga Labs that use ApeCoin as their native token. They include the Bored Ape Yacht Club (BAYC), Mutant Ape Yacht Club (MAYC), and Bored Ape Kennel Club (BACK). ApeCoin was developed in February 2021 by Yuga Labs, a company led by CEO Nicole Muniz. It was initially part of a collection known as BAYC and helped generate $127 million in revenue that year.

How was ApeCoin developed

Somnium Space is a virtual reality application built on the Ethereum blockchain that allows you to create, experience, and trade digital worlds and NFT assets. Cryptopedia does not guarantee the reliability of the Site content and shall not be held liable for any errors, omissions, or inaccuracies. The opinions and views expressed in any Cryptopedia article are solely those of the author(s) and do not reflect the opinions of Gemini or its management.

One example could be a token issued as part of an initial coin offering (ICO) that represents a stake in a blockchain or decentralized finance (DeFi) project. If the tokens are linked to the value of the company or project, they can be called security tokens (as in securities like stocks, not safety). As an ERC-20 governance and utility token of the APE ecosystem, ApeCoin is administered by a decentralized autonomous organization, or DAO. Anyone holding the coin is allowed to cast their vote on the relevant governance decisions.

what is apecoin

ApeCoin is positioned to fuel this economy as a utility token to create value, and dovetails as a governance token to ensure a decentralized future. ApeCoin DAO is a decentralized autonomous organization (DAO) for all APE token holders to participate in governance decisions. They can decide how to allocate the Ecosystem Fund, make governance rules, select projects, partnerships, etc. After the DAO members vote on the proposals, the APE Foundation will proceed to carry out the community-led governance decisions. Almost every major centralized crypto exchange listed the token immediately after launch.

Tether (USDT) was one of the first and most popular of the stablecoins—alternative cryptocurrencies that aim to peg their market value to a currency or other external reference point to reduce volatility. Examples include Storj tokens, which allow people to share files across a decentralized network, or Namecoin, which provides a decentralized Domain Name System (DNS) service for internet addresses. A transaction is a transfer of value between Bitcoin wallets that gets included in the block chain.

The pledges will help replenish the South Korea-based Green Climate Fund, established in 2010 as a financing vehicle for developing countries. It’s the largest such fund aimed at providing money to help poorer nations in reducing their emissions, coping with impacts of climate change and boosting their transitions to clean energy. VIENNA (AP) — Developed countries pledged $9.3 billion to help poor nations tackle climate change at a conference held in the German city of Bonn on Thursday, authorities said. However, nongovernmental groups criticized the outcome, saying the funds fall short of what is needed to tackle climate change.

BAYC, developed by Yuga Labs, has become one of the most successful NFT collections ever released, with the cartoon primates boasting an absurd floor price of over 100 Ethereum (ETH) — approximately $300,000. The BAYC and MAYC collections distributed over $800 million in assets to their owners as part of the available 150 million tokens. Eventually, every BAYC owner received 10,094 tokens worth between $80,000 and $200,000. The Board is accountable for monitoring the decisions made by DAO members. Equally important, token owners can use their tokens to purchase new goods and services, such as the play-to-earn game that BAYC and nWay are developing.

The company also acquired the intellectual property (IP) rights of the popular CryptoPunks and Meebits NFT collections in March 2022. So while APE will be used as the primary token within the BAYC crypto ecosystem, it can also be used with other Yuga Labs-related projects. Holding APE makes users part of the Ape decentralized autonomous organization (ApeDAO), enabling them to vote on system improvement proposals and govern the community surrounding the token.

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