The cryptocurrency to follow in 2022: APECOIN

If you follow the cryptocurrency industry and more specifically the universe of NFT (non-fungible tokens / Not fungible tokens), you’ve probably heard of the collection of NFTs called Bored Ape Yacht Club (BAYC). A collection launched in April 2021 by Yuga Labs on the ethereum blockchain and limited to 10,000 copies. Each NFT represents an illustration of a monkey generated by an automatic algorithm making them entirely unique. Now the owners of NFT begins to receive rewards for owning the illustrations.

What is ApeCoin?

The images above illustrate part of the collection of 10,000 NFTs from Bored Ape Yacht Club. This collection of NFTs has been phenomenally successful to the point that the floor price is located at 105ETH either more than $365,000. This is the minimum price to pay to be the owner of an element of the famous collection.

If you are curious, you can find the original collection on OpenSea (NTF Central Platform): Bored Ape Yacht Club

Over time, the collection quickly became a Mark with some partnerships with big names like Adidas… It became in the space of a year the most influential NFT project in the industry.

The popularity of this collection is such that many celebrities like Eminem, Neymar, Snoop Dog, Justin Bieber, Neymar have at least one. With the arrival of many events relating to the continuity of the project, the collection now has a value exceeding the Billion dollars.

Media without alt text

A second collection of NFTs, also launched by Yuga Labs, was born in August 2021 and was also successful. It is called Mutant Ape Yacht Club (MAYC) with 20,000 copies available.

The company behind these projects is accelerating its conquest of the universe of NFTs the March 12, 2022 by acquiring the rights to intellectual property of the other two largest collections of NFTs: CryptoPunk and Meebits. In parallel, Yuga Labs announces the March 16, 2022 the creation of a metaverse, entitled other side.

Media without alt text

the ApeCoin token (APE) was launched on March 17, 2022to support theecosystem which develops around Bored Ape communities.

APECOIN is a token ERC-20that is, it was created on the ethereum blockchain. This cryptocurrency is directly related to NFTs mentioned previously, since the owners of NFTs of the collections BAYC Where MAYC Could claim many APEcoin tokens up to the equivalent of $100,000. Note that ApeCoin was not created by Yuga Labs but by ApeCoin DAO what will influence the responsibilities of the influence of the token.

The emphasis is therefore on the decentralizationand it is the ApeCoin DAO which is in charge of the governance of this new digital currency. Yuga Labs nevertheless retains a certain decision-making power and retains 15% of chips created, the founders from the collection of NFT get some 8% of tokens. The contributors of the launch of the DAO also receive 14% of chips.

Media without alt text

For the rest, the crypto-currency will be mainly distributed to the communitywho will receive 62% of supply. It will be necessary to have a Bored Ape or a Mutant Ape to take advantage of the first droprepresenting 15% of the billion tokens planned and fixed. It will never increase or decrease which will influence the value of the token.

The ApeCoin DAO is the autonomous organization decentralized who governs the project. To participate, it is enough to have APE tokens because these give voting rights of governance proportional to the amount of tokens owned. We can therefore consider the owners of the tokens as project members with a right of decision and different benefits.

Yuga Labs is obviously not decentralized, while ApeCoin DAO is, at least officially (there are still a few points to clarify). The latter is therefore not a legal entity and does not need to register.

Media without alt text

After ApeCoin?

Yuga Labs plans a sale of 200,000 plots of land. The startup to which we owe the famous BAYC collection has indeed announced the release of its game soon other side, based on a new virtual world. The announcement was made via a trailer.

The firm describes cryptocurrency as “ a token for culture, video games and commerce, which will serve to strengthen a decentralized community at the forefront of Web 3.0 “. The ApeCoin (cryptocurrency) will be a central piece of his video game play-to-earn in the blockchain currently in development at nWay. It will also be adopted by the game Benji Bananas and Yuga Labs appears to be negotiating with other publishers to convince them to implement its crypto into their titles.

Media without alt text

The project is getting so big that the Time Magazine will accept ApeCoin (APE) like means of payment for its subscriptions.

As we can understand, the world of cryptocurrencies and NFT is still small and will evolve enormously. Stay connected !

We want to say thanks to the writer of this write-up for this outstanding material

The cryptocurrency to follow in 2022: APECOIN

You can find our social media pages here and other related pages here