Will ApeCoin Change The NFT Space As We Know It?
From Yuga Labs, a super power in the NFT space and the original intellectual creators of the Bored Ape Yacht Club NFT collection and owner of Cryptopunk, comes the ApeCoin. There is much speculation that ApeCoin could start another NFT boom and change the face of the NFT space as we know it, but what is an ApeCoin and what changes are in store for the NFT space.
What Is An ApeCoin?
According to the ApeCoin’s official website, the token is, “a decentralised protocol layer for community-led initiatives that drive culture forward into the metaverse”. ApeCoin, or APE, is an ERC-20 token built using the Ethereum frameworks which aims to decentralise power to the APE currency owning community. For each Bored Ape Yacht Club NFT bought, owners are entitled to 10,094 APE, around $150,000 at the time of writing.
For the first 90 days of ApeCoin’s existence, anyone who held some combination of NFTs from the Bored Ape Yacht Club and its two spin-off collections, the Mutant Ape Yacht Club and the Bored Ape Kennel Club, can claim a certain amount of APE from ApeCoin’s website. One APE is currently worth about $14 and the total supply of tokens is capped at one billion, not all of which is currently in circulation and, so far, around 110 million APE tokens have been claimed by NFT holders.
All owners of ApeCoins are able to participate in a shared and open currency exchange that can be used without centralised intermediaries. If you own ApeCoin, you can vote on what the APE ecosystems implements allowing greater power to users of the platform. ApeCoin also provides access to certain parts of the ecosystem which would otherwise be unavailable such as exclusive games, merch, events and services. ApeCoin is being speculated to be implemented into other ecosystems which will bolster the use case and give more value to ApeCoin over time. Nearly every major coin exchange already has the coin for sale, showing it is here to stay and a credible currency.
How Does ApeCoin Work?
ApeCoin has been dropped by Yuga Labs to users within their ecosystem. So, if you held a Bored Ape, a Mutant Ape, or a Kennel Club you are eligible to get a present amount of ApeCoin for free during the “airdrop” intended to kick start the cryptocurrencies ecosystem.
ApeCoin DAO, a new organisational unit governed entirely by token holders. Holding APE makes you an automatic member of the DAO, an online collective centred around crypto with owning a Bored Ape NFT being non essential to join the collective. ApeCoin DAO makes proposals to the community, for the community, which token holders can then vote on.
There is also a separate organisation called Ape Foundation subcommittee which serves as ApeCoin DAO’s “board” as they oversee certain proposals. Ape Foundation handles the day-to-day DAO administration, proposal management and “other tasks that ensure the DAO community’s ideas have the support they need to become a reality.”
ApeCoin also benefits “initial contributors” to the Bored Ape Yacht Club NFT collection with 38% of ApeCoin set aside for their use and ownership only. Yuga Labs is getting 150 million APE, 10 million of which (“or equal value”) will go to the Jane Goodall Legacy Foundation which aids with the support and conservation efforts for real jungle primates. 140 million APE goes to “the companies and people that helped make this project a reality” – an as yet unnamed group that most likely includes members of the Yuga Labs team. And 80 million APE goes to the founders of Yuga Labs. All these coins are “locked” for the first 12 months, so holders can’t just cash out and tank the price.
ApeCoin currently exists as a means of speculation and “governance” for the DAO, however there is talk of ApeCoin being the first step in the development of a whole new ecosystem, powered by APE. APE is enhancing and shaping the development of Web3 and online communities, something I think we will see a lot more of in the next few stages of crypto development.
What Changes Will We See From The Development Of ApeCoin?
Owners of any asset in the Yuga Labs ecosystem can be more confident that the company behind the brand means business as ApeCoin allows the company to establish itself through its appearance on major crypto sites such as CoinBase. Yuga labs are quickly becoming one of the biggest players in the NFT space and a brand that users trust and see as frontrunners in the ever evolving landscape of the NFT market.
However, prices of ApeCoin remain relatively low and fluctuate daily as the new cryptocurrency is yet to find its space in the market, this will take time and it could be a while until we see where this one of a kind, unprecedented coin will operate in the NFT space. However, the online teaser trailer of the “Otherside” metaverse has been met with praise by the NFT community as members are excited to see what is next for the expansion of Bored Ape Yacht Club NFTs. On March 18th, Yuga Labs dropped a 2 minute long, animated trailer unveiling The 'Otherside'. The animation featured cameos of a few famous NFT characters including a handful of the Bored Ape characters: a Mutant Ape, a Cryptopunk, and a Meebit, all of which are owned through Yuga Labs. But, the animation included some other unexpected NFT collections such as; World of Women, Cool Cats, Nouns, and a Cryptoad. Such characters come as a shock to viewers and leave up to question what it all means.
Whatever it may mean, Yuga Labs are proving themselves as leaders in the NFT space with many excited for what is next and the potential possibilities of ApeCoin.