In previous blog articles, we’ve covered a broad view of cryptocurrency and offered a closer look at Bitcoin, Ethereum and several other memecoins such as Dogecoin and Shiba Inu.
👀 In this article, we’ll take a closer look at the NFT-based token – ApeCoin and provide information on what it is and how it works. Here is our brief guide to get you on a clearer path to understanding.
🌰 APECOIN IN A NUTSHELL
👉 Inspired by one of the most famous and valuable NFT collections – the Bored Ape Yacht Club (BAYC), ApeCoin is a cryptocurrency intended to support the development of a decentralized web3.
💰 The ApeCoin token (APE) is an Ethereum-based ERC-20 governance and utility token used within the APE ecosystem to empower decentralized community building and drive culture forward into the metaverse.
It was originally airdropped🪂 to anyone who owned an NFT that was a part of the BAYC collection, or its cousin collection the Mutant Ape Yacht Club (MAYC). Each holder of a BAYC NFT was able to claim over USD$100,000 worth of APE at launch.
📜 APECOIN HISTORY
🦍The original BAYC collection was developed by Yuga Labs. The company was founded in February, 2021 by a group of pseudonymous members: Greg Solano or “Gargamel”, Wylie Aronow or “Gordon Goner”, and co-founder engineers Kerem Atalay or “Emperor Tomato Ketchup” and Zeshan Ali or “Sass”. The current CEO of Yuga Labs is Nicole Muniz.
Its three NFT collections – BAYC, MAYC, and the Bored Ape Kennel Club (BAKC) – helped drive USD$127 million in revenue that year.
The ApeCoin Improvement Proposal-1 (AIP-1) established the ApeCoin Decentralized Autonomous Organization (ApeDAO) and the creative direction for APE.
In March 2022, the APE token was released under the guidance of the ApeDAO and distributed to NFT holders, the ApeDAO treasury and other stakeholders like Yuga Labs, the APE Foundation and its board members.
👔The Ape Foundation Board includes Reddit co-founder, Aliexis Ohanian, and Yat Siu of developer and venture capital group, Animoca Brands. The Board’s role is to ensure the implementation of decisions made by the ApeDAO, which is governed by APE token holders.
⚙️ APECOIN PROTOCOL
As the open-source protocol layer of the APE ecosystem, ApeCoin serves several purposes:
- 🗳️Governance – As the ecosystem’s governance token, APE holders can participate in the ApeDAO and make decisions about the direction of the community and future incorporations into new ventures.
- 💫Unification of Spend – As the ecosystem’s utility token, APE offers all of its participants a shared and open currency that can be used without decentralized intermediaries.
- 🚦Access – Holding ApeCoin grants users opportunities to engage in certain parts of the ecosystem that are otherwise unavailable, such as exclusive games🛡️, merchandise👕, real-world events🎫, additional airdrops🪂 and services.
- 💰Incentivization – ApeCoin acts as a tool for third-party developers to participate in the Bored Ape ecosystem by incorporating APE into services, games⚔️ and other projects.
ApeCoin also allows its holders to access metaverse projects like Yuga Labs’ Otherside. parcels of digital real estate Otherside land NFTs, known as “Otherdeeds”. These are all priced and sold in APE.
📊 APECOIN TOKENOMICS
The finite supply of ApeCoin totals 1 billion APE. Currently, the supply of APE in circulation is approximately 368.6 million, or 37% of the total. The current market capitalization of ApeCoin is approximately USD$2.15 billion.
💲 APECOIN PRICE
When ApeCoin initially launched in March, 2022, it climbed to several initial price peaks of USD$15.24 and USD$15.44. Riding the NFT bull run at that time, the APE value reached an all time high price of USD$23.26 at the end of April of that year. However, within a few weeks and with the bear market of 2022 taking hold and subduing the NFT mania, APE’s value dropped back down to price levels ranging between USD$3.13 and USD$7.30.
👉 EARNING APECOIN WITH BLOOM
📲.The Bloom shopper rewards app allows you to earn ApeCoin and other crypto (like Bitcoin, Ethereum and a range of other altcoins) with every purchase made on your Visa card 💳.
🦉 All you need to do is download the Bloom app, register an account, link your Visa card and shop anywhere using your credit or debit card.
💰 With every purchase, you will earn Bloom Coins by simply using your Visa card💳. The more you use your card, the more Bloom Coins you will earn.
🎁 Bloom Coins can be redeemed for in-app rewards and converted into APE.
🆓 Converting crypto on Bloom, such as ApeCoin, is free of charge and has no gas fees!
💎 Earn exclusive 3x Bloom Coin rewards with a Premium Membership.
The information provided on this website does not constitute investment advice, financial advice, trading advice, or any other sort of advice and you should not treat any of the website's content as such. Bloom does not recommend that any cryptocurrency or NFTs should be bought, sold, or held by you. Do conduct your own due diligence and consult your financial advisor before making any investment decisions.