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What Is ApeCoin? 7 Things to Know About the Bored Ape Yacht Club’s New Crypto.

The Bored Ape Yacht Club collection is likely the most well-known example of non-fungible tokens (NFTs) in the world. The computer-generated ape tokens fetch millions of dollars, they have a cult following which includes dozens of celebrities, and the creators allow token owners to commercialize their NFTs for profit if so desired. And now, the community is growing ever-larger by bridging into cryptocurrency. A jumpstart token related to the project is one of the fastest growing currencies by volume today, and it’s got plenty investors wondering, “What is ApeCoin (APE-USD)?”

Closeup of an ape's face.
Source: meunierd/Shutterstock.com

The Bored Ape community has been working tirelessly for the last year, growing the brand into a polarizing global trend. Its legion of tokens has been so influential on the NFT industry, there are dozens of imitator NFT collections cropping up featuring apes.

With celebrities like Eminem, Steph Curry, Mark Cuban and Justin Bieber counting themselves among Bored Ape owners, the reach of the brand seems endless. As a result, the cost to purchase one of the tokens is skyrocketing; a single Bored Ape can easily sell north of $1 million, with the most expensive Ape sale totaling $2.3 million.

The founders of the brand have been doing well to keep holders happy with things like free events and the commercialization rights to one’s token. The creators are also branching out to new ventures; earlier this month, the group bought the rights to the CryptoPunks collection from Larva Labs, arguably the second most well-known NFT collection.

What Is ApeCoin? Bored Ape Community Continues Growth With Crypto Token.

  • So, what is ApeCoin? It’s the next natural step for the Bored Ape community in growing the brand. The APE crypto will underlie the Bored Ape community and all of the coming products planned for the brand.
  • ApeCoin is not the product of Bored Ape Yacht Club parent company Yuga Labs. Rather, it is the product of the ApeCoin DAO, a decentralized autonomous organization (DAO). ApeCoin DAO seeks to decentralize the Bored Ape brand by launching a community-controlled currency to underlie it.
  • While the ApeCoin DAO is not officially related to Yuga Labs, the company offers its full support to the project. As such, Bored Ape products from here onward will use APE in some capacity.
  • One of the most hyped of these coming projects is a Bored Ape blockchain game promised by Yuga. The game will utilize APE as its official currency. Other plans include merchandise that users can buy with APE, as well as events that will use APE payments.
  • The ApeCoin DAO, which created the ApeCoin, might not be tied directly to the project, but it carries some heavy-hitting names on its boardReddit co-founder Alexis Ohanian, alongside FTX‘s Amy Wu and Animoca Brands’ Yat Siu, are among those leading the DAO.
  • The token’s launch is today, and users can start buying APE. Exchanges carrying the token include FTX, Gate.ioHuobi and Uniswap (UNI-USD).
  • In its first day of trading, it appears APE is running into some volatility. Launching at a price of about $10, the token is losing over 18%. Trading volume is quite high for only being hours old, though; over $300 million APE is swapping hands thus far.

On the date of publication, Brenden Rearick did not hold (either directly or indirectly) any positions in the securities mentioned in this article. The opinions expressed in this article are those of the writer, subject to the InvestorPlace.com Publishing Guidelines.

Brenden Rearick is a Financial News Writer for InvestorPlace’s Today’s Market team. He mainly covers digital assets and tech stocks, with a focus on crypto regulation and DeFi.


Article printed from InvestorPlace Media, https://investorplace.com/2022/03/what-is-apecoin-7-things-to-know-about-the-bored-ape-yacht-clubs-new-crypto/.

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