ApeCoin, like many other memecoins, has recently attracted the public’s attention. Unlike Dogecoin and Shiba Inu, ApeCoin, on the other hand, may have some tangible value and be here to stay.
What is Apecoin?
ApeCoin (APE) is a coin based on Ethereum that is related to the NFTs of the Bored Ape Yacht Club. The NFTs of the Bored Ape Yacht Club are some of the most remarkable NFT projects to date. Bored Apes have sold for unimaginable sums of money. Their astronomic growth has been aided by their celebrity status among celebrities and high-profile NFT collectors.
ApeCoin, the Bored Ape Yacht Club-affiliated cryptocurrency, was released in March 2022, and it claims to be the coin-of-choice for a new metaverse environment being built out by Yuga Labs – the developers of BAYC. The coin’s launch, which followed Yuga Labs’ acquisition of the pioneering NFT collectible CryptoPunks and the statement that Yuga Labs had raised $450 million in venture capital funding, is a watershed event for the NFT space.
ApeCoin represents not only one major way the NFT space is rapidly evolving, beyond just the “profile picture projects” that have become synonymous with the $40 billion-plus market, but it also represents one major way the NFT space is rapidly evolving, beyond just the “profile picture projects” that have become synonymous with the $40 billion-plus market.
How does APE work?
APE was created to be used in the ever-expanding APE ecosystem. The ApeCoin DAO is in charge of it, and the APE Foundation provides support.
ApeCoin DAO is a decentralized autonomous organization (DAO) that allows all APE token holders to vote on governance. They can decide how the Ecosystem Fund is allocated, establish governance rules, pick initiatives and collaborations, and so on. The APE Foundation will carry out the community-led management decisions after the DAO members vote on the proposals.
The DAO’s legal steward is the APE Foundation. It promotes the fair and inclusive development and growth of the APE ecosystem. A unique council known as the Board exists within the Foundation. Its job is to make sure that the society’s visions are carried out. Five members of the IT and crypto communities make up the Board, including Reddit co-founder Alexis Ohanian. The original Board members will serve for 6 months as a decentralized Board before APE owners vote for new Board members on a yearly basis.
Reasons behind the cost of Bored Ape NFTs
The Bored Ape Yacht Club, which works with Yuga Labs and has a significant collection of linked Bored Ape tokens (NFTs), which are digitized art, picture, audio, and video files tokenized and encrypted using blockchain technology, has ties to ApeCoin.
The Bored Ape Yacht Club, which began operations in April 2021, is made up of hundreds of varied ape NFTs, each with their own face expressions and clothing. Celebrities such as Jimmy Fallon, Justin Bieber, and Paris Hilton bought the Bored Ape NFTs for enormous sums of money, bringing the concept to a wider audience.
Here are the main reasons behind why these NFTs are so expensive and what makes them special:
There will never be more than 10,000 Bored Ape Yacht Club NFTs. This implies that there would still be a shortage or lack of new Bored Apes on the market.
But Bored Apes aren’t just rare collectibles; their designs are also one-of-a-kind. To model each Bored Ape NFT, the creators used a fusion of 170 unique traits such as golden fur or cyborg eyes.
If you’re curious to know why Bored Apes are so costly, one of the many reasons is their scarcity and uniqueness.
Consider Bored Ape NFTs to be a gated community. Only those who own it have access to the numerous benefits associated with Yacht Club membership.
These events, servers, and rooms may also allow you to rub shoulders with celebrities such as Mark Cuban, Eminem, Justin Bieber, and others who own Bored Ape NFT. More on that in a moment.
The exclusive advantages of Bored Ape NFTs do not end there. Airdrops, minting a furry friend for their apes, creating mutant apes, and other opportunities are available to BAYC NFT owners.
How can you tell if something is popular? Celebrities want a piece of the action as well. That is true for Bored Ape Yacht Club NFTs owned by well-known investors, actors, and musicians such as: Justin Bieber, Jimmy Fallon, Eminem, Mark Cuban, Neymar Jr, Tom Brady, Shaquille O’Neal…
The elite and exclusive privilege of possessing these Bored Ape NFTs contributes to the price increase. In fact, this could be one of the most important reasons why Bored Ape NFTs are so costly.
Cryptopunks are the only ones who can compete with Bored Ape NFTs in order of popularity and price. Both Bored Apes and CryptoPunks are a set of 10,000 NFT collectibles, but the finer details distinguish the rivalry.
CryptoPunks, for example, were the first. They debuted in 2017, while Bored Apes debuted in 2021. However, among NFT enthusiasts, there is a raging copyright vs. no copyright debate. CryptoPunks does not grant NFT owners Intellectual Property rights, despite the fact that IP rights are one of the most significant advantages of buying Bored Ape Yacht Club NFTs.
This debate, however, could be a relic of the past. Yuga Labs, the developer of BAYC NFTs, lately announced the acquisition of the Cryptopunks NFT collection.
The founders of the BAYC NFTs are constantly innovating, from a new line of Canine NFTs to Mutant Apes. BAYC even debuted its own native token, ApeCoin, in March 2022.That isn’t all. ApeCoin will be used in Benji Bananas, a pay-to-win video game.
These advancements have been beneficial in a variety of business and community-related areas. On the one hand, current customers have something to look forward to. New investors, on the other hand, may be inclined to spend a million or two on a Bored Ape. In any case, it’s clear that the reasons for the high price of Bored Ape NFTs include advancement and exclusivity.
Apecoin under surveillance!
The day after the Bored Ape Yacht Club (BAYC) reported losing $2.4 million in digital collectibles in a robbery, ApeCoin (APE) experienced a minor selloff.
The hacker gained access to BAYC’s official Instagram account and used it to post a phishing link that drew tokens from users’ cryptocurrency wallets.
On April 25, the BAYC Twitter bio confirmed the hack, although too late because users had already relocated tokens to the hacker’s account, resulting in the loss of ownership of their extremely valuable Bored Ape, Mutant Ape, and Bored Ape Kennel Project NFTs.
The stolen NFTs were flagged as suspicious by OpenSea, the largest NFT e – commerce platform by volume and earnings. Nonetheless, the hacker eventually sold four BAYC relics for approximately $1.6 million.
APE, the governance token for BAYC’s highly autonomous organization ApeCoin DAO, fell nearly 11% to $17.41 on April 26.