If you’re into NFTs, you’re probably well aware of Apecoin, but here’s a rundown of where it’s from and how this utility token is attracting some huge stars to invest.
What is ApeCoin?
Apecoin is the utility token for the Bored Ape Yacht Club created by Yuga Labs.
There definitely seems to be an increased interest in the crypto and particularly the NFT market. With sites like Twitter allowing users to use NFTs as profile pictures, and differentiating them from the usual appearance, we’ve seen countless celebrity profiles and huge businesses start to take notice of the NFT market and specifically the Bored Ape Yacht Club.
ApeCoin, as a governance and utility token is being airdropped mostly to owners of BAYC NFTs and allowing holders to claim APE.
ApeCoin is governed by those who hold it, with one coin equalling 1 vote. Here is claimable allocation for holders of BAYC and other YugaLabs NFTs.
|NFT||ApeCoin Allocation Per NFT (or NFT Pair)|
|Bored Ape only||10,094 tokens|
|Mutant Ape only||2,042 tokens|
|Bored Ape + Kennel Club||10,950 tokens|
|Mutant Ape + Kennel Club||2,898 tokens|
ApeCoin Token Allocation
The ApeCoin community is self-governed via the ApeCoin DAO. This framework to support the ApeCoin Ecosystem Fund follows a proposal process. Members of the DAO can then vote on how the Ecosystem Fund is distributed by the APE Foundation. The aim is to create a decentralized governance that is both self-sustaining and diverse.
YugaLabs claim that they are not running the ApeCoin DOA, but it seems that they do have a large share in the tokens and therefore the votes. It’s believed that the combined share from YugaLabs and other parties involved in the launch is around 370 million tokens.
The most recent agreed update from the ApeCoin DAO is that up to 6% of the total APE Ecosystem Fund will be allocated to events, game development, education, marketing and merch in 2022. This has been agreed by over 99% of current APE holders and very much falls in line with ApeCoin’s original interest in arts, entertainment and gaming.
How to Buy ApeCoin
ApeCoin is easy to get hold of due to its availability on a number of popular exchanges. Here is a list of exchanges that you can buy $APE on:
Is ApeCoin A Good Investment?
ApeCoin does seem to be on the up after a slightly shaky start. In reality, the success of this token very much falls on the continued success of the currently popular NFT collection from Yuga Labs and how much it can overlap and integrate with existing gaming, music and sports industries.