What Is ApeCoin? Benefits, Use Cases, and More

What Is ApeCoin? Benefits, Use Cases, and More
  • ApeCoin is a newly launched Ethereum token with Bored Ape Yacht Club NFT project as its roots.
  • Bored Ape and Mutant Ape NFT owners were given thousands of ApeCoin for free.
  • ApeCoin potentially be used by a wide group of businesses and projects.

Last week, a decentralized autonomous organization called ApeCoin DAO launched ApeCoin crypto tokens. ApeCoin is an Ethereum-based token that works as a utility and governance token of the Bored Ape Yacht Club, a collection of 10,000 unique bored ape artworks NFT project of Yuga Labs.

What Is ApeCoin?

ApeCoin is an official creation of ApeCoin DAO and not by Yuga Labs — the team behind Bored Apes, despite the coin being announced as an official token of Bored Ape Yacht Club and behaves like a reward for its holders of BYAC NFT collectibles. ApeCoin DAO hired Reddit co-founder Alexis Ohanian and FTX’s Amy Wu to be initial board members, in which they’ll serve for six months before APE holders vote for next members on an annual basis.

The coin is now available  on crypto exchanges like Coinbase and Binance. At the time of writing, ApeCoin was trading at $12.16 and reached a high of $17.75 the day after the crypto’s launch. Investors who went in at a great timing already got a considerable profit, but those who already own Bored Apes NFTs profited most.

According to the ApeCoin website, each Bored Ape owner has been allocated with 10,904 tokens, worth about $132,468 at the time, and each Mutant Ape owner with 2,042 tokens, around $24,777 — for free. According to DappRadar, about 6,362 wallets own these collections of 10,000 NFTs, 532 wallets own more than two Bored Apes, and no less than five wallets own more than 50 Bored Apes. 

In April 2021, Bored Ape NFTs were minted for 0.08 ETH, or about $235 at the time. Today they’ve grown more than 100,000% in value as based on NFT exchange Opensea, Bored Apes are so far worth a minimum of 101 Ether, or $299,804. 

ApeCoin Use Cases

ApeCoin is designed as a decentralized token that can be utilized for payments and settlements within Web3 apps. In addition, even those not generated or managed by Yuga Labs or connected to the Bored Ape Yacht Club can use it.

Crypto gamemaker Animoca Brands and BAYC are planning to incorporate APE into a classified project which appears to be connected to the recent launch of a website called somethingisbrewing.xyz. Animoca’s Benji Bananas game will also use APE for token rewards. At the same time, developer nWay stated that it will adopt APE in a new play-to-earn game based on the Bored Ape Yacht Club.

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