What is ApeCoin (APE) Cryptocurrency?

The Bored Ape Yacht Club (BAYC) and the Otherside metaverse are two examples of prominent collections of non-fungible tokens that are part of APE, which is one of the most extensive NFT ecosystems.

What is ApeCoin (APE)?

ApeCoin, often known as APE, is a governance token for the ecosystem that may be used on a wide variety of activities within the Otherside metaverse. The total number of APE tokens that can be issued is capped at 1 billion.

An airdrop was used to disperse some of the APE tokens that were generated during the emission process. Its price began to steadily increase almost as soon as it was made available, but it dropped almost immediately by thirty percent after Otherside began offering “digital land” for sale. The explanation provided was the widespread negative sentiment among users, who were unhappy with the increased demand for Ethereum as a result of the hoopla surrounding Otherside. Following that, Yuga Labs made a commitment to move the APE ecosystem onto its own own blockchain.

ApeCoin is envisioned as the currency of Otherside and may be used to exchange not only land but also any digital items found in the metaverse. This is because ApeCoin is not tied to any particular physical location.

In addition to that, holders of ApeCoin already have the opportunity to vote in DAO elections. APE holders will be able to participate in the development of the project, have an influence on the distribution of funds by the ecosystem fund, amend the rules, control partnerships, and other similar activities as a result of having this right.

In addition, they use ApeCoin as a means of financing the APE Foundation, which is an institution that is accountable for carrying out the choices reached by a decentralized organization. Voting with project tokens determines who sits on a special council of five participants that is responsible for coordinating the organization’s operations and whose membership rotates on a six-monthly basis.

Alex Ohanian, co-founder of Reddit, was one of the founding members of the APE Foundation. Amy Wu, head of the venture division at FTX, and Director of Sound Ventures were also among the early members. Maaria Bajwa; Yat Siu, co-founder and chairman of Animoca Brands; Dean Steinbeck, president of Horizon Labs are some of the notable names associated with the company.

At the beginning of May 2022, the ApeCoin DAO gave its blessing to all three of the proposals being considered at the time.

Who Owns NFT BAYC?

There have been many deals involving “monkeys” in which well-known performers and other personalities from the entertainment industry have acted as buyers:

Purchase amounts for Madonna were 180 ETH (about $432,000), Justin Bieber’s were 166 ETH (approximately $388,000), and Eminem’s were 123.45 ETH (approximately $450,000).

It is common knowledge that the owners of the NFT tokens known as “bored monkeys” include (or included in the past) celebrities such as rapper Wiz Khalifa, producer Timbaland, singer and model Paris Hilton, talk show host Jimmy Fallon, and others.

What is the current value of Bored Monkey NFTs?

The initial “monkeys” could be purchased for the equivalent of only $190 in ETH coins, but almost immediately after the minting, token prices began to grow. This was the case despite the fact that the first “monkeys” could be purchased for such a low price. The interest of notable public figures and even major corporations has been garnered by BAYC. This had a significant impact on the demand for NFTs, which led to an increase in their prices.

For instance, in October 2021, a token from the collection was sold for $2.7 million, and just one month later, another image from BAYC was purchased for $1.4 million. Both of these transactions took place at BAYC.

If one “monkey” cost roughly 25 ETH in September 2021 (which is equivalent to approximately $60,000), then by January 2022, the price had climbed to 84 ETH (which is equivalent to approximately $200,000), and the entire Bored Ape Yacht Club collection was then valued at $1 billion.

At the end of April 2022, the minimum price of one NFT BAYC was greater than $400,000 dollars.

Why Do BAYC Cost So Much?

There are at least three factors that can be considered while attempting to explain the expensive price of monkeys.

Respect among financially successful investors

NFTs moved fast to acquire famous people and well-known brands. In the context of the art market, tokens hold a significant amount of value. For instance, in September 2021, over 100 BAYC NFTs fetched a combined price of more than 24 million dollars when they were sold at Sotheby’s. There has been a significant celebrity investment in BAYC.

Exclusive status

The stereotype of the “bored monkey” is becoming increasingly common and has even made its way into the cryptocurrency sector. A significant number of users continue to select photographs from the collection to serve as their avatars across other social media platforms.

Usefulness

NFT owners are granted membership into a “closed club” of sorts. Token holders are invited to participate in a variety of Yuga Labs activities, such as networking lunches and musical performances. Some owners claim that they have been told by other owners that they will also be given access to exclusive chat rooms where affluent investors can connect with one another and share information that could be useful.