What is ApeCoin (APE)? - And everything you need to know about the coin
- 5 minute read
For many, something beyond comprehension, but for many cryptocurrency experts, a versatile coin with great growth potential. ApeCoin stands for a decentralized internet, NFT’s and games. In the blog below, we will zoom in on the most common questions.
Table of Contents
- What is ApeCoin?
- Who founded ApeCoin?
- The Future of ApeCoin
- The ApeCoin Tech
- Apecoin expectation
- Conclusion
In short:
- ApeCoin is an ERC-20 Token that is part of the APE ecosystem.
- ApeCoin is derived and based on the well-known NFT project the Bored Ape Yacht Club
- The coin is used as the official medium of exchange within the system.
What is ApeCoin?
In addition to the larger well-known coins such as Dogecoin and ShibaInu, a new star performer joined the scene last year. Namely, ApeCoin.
ApeCoin (APE) is an ERC-20 token that is part of the APE Ecosystem. The coin is a descendant of one of the most famous NFT projects, namely the Bored Ape Yacht Club (BAYC). ApeCoin uses the Proof-of-Work (PoW) consensus mechanism to reach agreement. The BAYC has skyrocketed in value since its launch. At the time of writing, the cheapest Bored Ape is even worth $124,000 USD. A huge amount for an NFT.
ApeCoin has a supply of 1 billion tokens that are used for holders to vote in the project's DAO. A DAO is a Decentralized Autonomous Organizationin which every decision within the ecosystem is voted on.
Who founded ApeCoin?
ApeCoin was founded by Reddit co-founder Alexis Ohanina, Amy Wu, part of the FTX team and finally Yat Siu. Yat Siu is the co-founder of Anomica Brands, a gaming related company in the crypto industry. Meanwhile, Maaria Bajwa and Dean Steinbeck have also joined ApeCoin's codre team.
The founders have not left it at ApeCoin alone, but have also released the Mutant Ape Yacht Club and the Bored Ape Kennel Club NFT collections. As expected, all of these projects are extremely expensive to purchase. They are one of the most major success stories within the NFT world.
The Future of ApeCoin
Of course, it remains difficult to make a judgment on this. However, we can look at the current track record of the token. Currently, ApeCoin is the official currency of the ApeCoin Ecosystem. In addition, the holders within the DAO can determine what will happen. Of course, it also depends on the approach and developments within the various Ape related NFT projects.
The ApeCoin Tech
The ApeCoin is currently being used for several purposes in the ApeCoin ecosystem. As described earlier, the crypto coins are used for the Apecoin DAO. Holders can access special events here, vote on upcoming decisions, play games, and much more.
NFTs
Apecoin was developed to make payments through web3 applications. However, the coin is also used as a form of reward. Holders of, for example, the Bored Ape Yacht Cub are paid APE and can then use it to do what they want.
Games
ApeCoin will be integrated into various play-to-earn games in the coming years. A great example is Benji's Bananas. A free-to-play game for your mobile phone. Within this game it is possible to purchase a Benji Pass. The Benji Pass is an NFT that allows users to receive special tokens. These tokens can be exchanged for ApeCoin again. You can expect more and more developments like this in the coming years.
Metaverse
The metaverse game Otherside will also get an Apecoin integration. After mentioning this news, the coin also rose significantly in price. Depending on the market, the decisions of the DAO and the projects that are going to be involved with the Bored Ape Yacht Club and ApeCoin, there will be many other metaverse games coming out in the future that use the same kind of systems.
Apecoin expectation
What are the expectations for ApeCoin price? The price predictions of experts are varied. But one thing is certain. It depends on several factors. Since the market at the time of writing is in an eventful period just like the stock market it is difficult to say now what will happen. Nevertheless, according to experts at Cryptopredictions.com , a positive trend is visible. According to Cryptopredictions, the price of an ApeCoin in the coming years will be as follows.
December 2022: $3.84
December 2023: $8.52
December 2024: $11.55
December 2025: $13.53
December 2026: $15.00
Conclusion
ApeCoin is a token that originated from the Ape ecosystem. Yuga labs and the team behind the Bored Ape Yacht Club have biggest plans related to web3, NFTs and the metaverse. The Apecoin is currently being used for the Apecoin DAO. Within this DAO, choices are made for the holders of ApeCoin.