Over the past few years, NFT projects have become a popular choice in the crypto industry. Bored Ape Yacht Club (BAYC) is one of the most popular projects that has a vibrant community of supporters. The team behind Bored Ape Yacht Club launched its own native token called APE.
The community members of Bored Ape Yacht Club, Bored Ape Kennel Club, and Mutant Ape Yacht club received an airdrop of APE tokens in their wallets. These tokens will help them with accessing the future projects of this ecosystem. Those, who aren’t a member of the community, can purchase APE tokens from popular crypto exchanges.
What is ApeCoin?
ApeCoin is an ERC-20 token that supports utility and governance. The token is launched by APE DAO, a decentralized organization responsible for the growth of the BAYC ecosystem. Currently, the ApeCoin holders can participate in the governance of the network. But the organization has also planned to use it for future prospects.
NFTs are going to play a vital role in metaverse and Web 3.0. The APE token holders will be able to access exclusive games and other projects the community is going to launch in the future. The users will even get a chance to make payments or buy products from web3 apps that aren’t even associated with the Bored Ape Yacht Club.
Animoca Brands, the crypto game maker, is developing a secret project in collaboration with Bored Ape Yacht Club. They’ve announced to integrate the APE token into this upcoming project. Developer nWay has also announced to use this token for its upcoming play-to-earn game.
ApeCoin DAO is mainly focused on making the APE token a leading payment method for the metaverse.
Who Gets APE Tokens?
APE has a total supply of 1 billion tokens. The organization has decided to reward 15% of the total supply to NFT holders. 47% tokens will be allocated to the DAO treasury and resources. The remaining tokens will be reserved for other projects.
According to the stats, 10,094 tokens will be released to the Bored Ape NFT owners and 2,042 tokens will be rewarded to Mutant Ape NFT owners. 10,950 tokens will be rewarded as a bonus to Bored Ape NFT owners that are also members of the Kennel Club.
Similarly, the Mutant Ape NFT owners will also receive a total of 2898 APE tokens if they’re also a member of the Kennel Club. The APE tokens are already airdropped to the users who have these NFTs in their wallets. However, the users can claim their reward from the official website of Bored Ape Yacht Club if they haven’t yet received any tokens.
How Does APE Work?
APE token holders can participate in the governance decisions. APE DAO is a decentralized autonomous organization is a governing body that brings new proposals for partnerships, governance rules, Ecosystem funding, and more. The community members vote on these proposals depending on the quantity of the APE tokens they hold.
The APE Foundation implements the decision based on the opinion of the community members. APE Foundation ensures the growth and development of the APE ecosystem in a fair manner. The board members of the organization are currently selected by the concerning authorities.
But after the period of 6 months, the community members will choose the next board members with their voting power. The voting will take place on an annual basis.
ApeCoin Prospects
ApeCoin isn’t just designed to facilitate the NFT owners but it’s supposed to work as a powerhouse behind BAYC. The ApeCoin is already being used for e-commerce development projects and decentralized games within the BAYC ecosystem.
Benji Banana is a rising decentralized game where users can trade NFTs using ApeCoin. The hotly anticipated metaverse will play an essential role in the expansion of BAYC universe. It means the users will also be able to purchase virtual land in the BAYC metaverse with this cryptocurrency.
The users can also purchase exclusive music albums or tracks of their favorite singers on Ape Drops.
What are the Use Cases of APE?
APE is the native token of this protocol that is mainly used for governance. With a circulating supply of 292 million tokens, it has a market cap of $2 billion. It ranks among the top 40 cryptocurrencies in terms of market cap. APE has a total supply of 1 billion tokens that will be released over time.
The APE token can be used for several purposes within the network.
Governance – Governance is one of the primary uses of APE tokens. The token holders can vote for the future growth of the project and they will also have the voting right to choose the board members of the APE ecosystem.
Incentivization – The artists and digital content creators can sell their work in exchange for APE tokens. The developers can also use it as a payment option in their games and other decentralized apps.
Access – The APE network is going to host several events and gaming competitions in the future. Some of these events will be only accessible to the APE token holders.
Conclusion
ApeCoin has earned a lot of reputation over a small period of time because it represents a swiftly rising trend in the crypto world. It provides governance power to its community members and plans to deliver other facilities in the future. The users will be able to use it as a payment method within the BAYC metaverse.
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