ApeCoin has recently caught the attention of the public like many other memecoins. However, unlike Dogecoin or Shiba Inu, ApeCoin could actually provide real utility and be here for the long haul.
The Bored Apes Yacht Club
ApeCoin (APE) is an Ethereum-based token pegged to Bored Ape Yacht Club’s NFTs. The Bored Ape Yacht Club NFTs are one of the most successful NFT projects to date. Bored Apes have been sold at unthinkable prices. His notoriety among celebrities and high-profile NFT collectors has bolstered his astronomical rise.
If you want to buy a Bored Ape in May 2022, you’d need about $300,000 for the cheapest one. The most expensive Bored Ape sold for more than $2 million.
web3 and the Metaverse
As Bored Apes went mainstream, the company behind them, YugaLabs, capitalized on the momentum to release new web3 applications. It has already launched its own metaverse, dubbed the Other Side. YugaLabs plans to go a step further and create an entire community based on web3 and blockchain technologies.
To kick off its ambitious goals, YugaLabs airdropped the newly minted ApeCoin to Bored Apes holders. For each Bored Ape owned, holders received 10,094 ApeCoins. Based on the price at the time of the original airdrop, it was around $70,000. YugaLabs used the blockchain to find all wallet addresses of Bored Ape buyers and deposited ApeCoin. Homeowners literally woke up on March 17 with tens of thousands of dollars in their wallets.
ApeCoin will be the default currency for everything related to the Bored Ape community. In late April 2022, YugaLabs launched an auction for “land” on the Other Side. There were 55,000 land titles minted as NFTs. A deed represented a parcel of land on the Other Side. Plots can only be purchased with ApeCoin. Each deed was priced at 305 ApeCoins.
The virtual land auction was a success. It generated $300 million in sales from initial release and another $300 million in after-market resales. The demand for land on the Other Side was responsible for the largest amount of traffic on the Ethereum blockchain this year.
Not your average Memecoin
YugaLabs announced that the token will also be used as a governance token for ApeCoin DAO. Holders will be able to vote on relevant issues ranging from the allocation of funds to future efforts that the DAO should adopt.
Due to the huge following of the Bored Ape Yacht Club and YugaLabs’ plans to make ApeCoin the default currency for all of their web3 projects, this cryptocurrency could stick around.
If you are interested in buying ApeCoin, there are a handful of popular exchanges to do so. Coinbase, Gemini, Binance, Uniswap, and FTX list ApeCoin. There are many more exchanges where you can buy ApeCoin.
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