New cryptocurrency ApeCoin and its advantages
Yuga Labs is an American company developing the APE NFT ecosystem. It is one of the largest systems hosting well-known collections of non-fungible tokens, such as Bored Ape Yacht Club. March 2022 marked the launch of the ApeCoin cryptocurrency on the Ethereum blockchain.
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Yuga Labs not only launched a new coin, but also acquired CryptoPunks collectible tokens and subsequently announced a successful $450 million venture capital round. This moment made history in the NFT community, as ApeCoin not only became another coin capable of bringing new people into the crypto world through games, events, and other activities available through the token. Most importantly, NFTs shifted from images to avatars and are now being taken seriously as a market with a turnover of over $40 billion.
What is the future potential of cryptocurrency?
ApeCoin is available for purchase on almost all crypto exchanges.
At first, ApeCoin was distributed among the community of owners of Bored Ape Yacht Club and Mutant Ape Yacht Club.
Now, the coin is available for purchase by account holders on most crypto exchanges. Although ApeCoin's price fluctuates wildly (initially jumping from $40 to $6.48), the coin is actively discussed on Twitter and Reddit and is extremely popular with buyers—trading volume has grown to $2.3 billion in just a few days.
By purchasing ApeCoin you become part of the DAO
The ApeCoin DAO is a decentralized organization that controls how the DAO treasury is spent. Its members' votes are also counted in votes on new projects related to the coin. Every ApeCoin buyer has the opportunity to become part of this organization.
While the coin is technically affiliated with Yuga Labs and Bored Ape Yacht Club, it is managed by the ApeCoin DAO, which Yuga Labs maintains they do not own.
The ApeCoin DAO has no centralized governance; key decisions are made by a council consisting of five crypto investors who have contributed the most to the development. The council lasts for six months, after which a vote is held to determine the next members.
ApeCoin will expand to the entire metaverse.
It's not yet known exactly what project ApeCoin plans to tackle in the near future, but Yuga Labs claims they intend to actively introduce the coin into circulation. This will begin by giving cryptocurrency holders access to unique products, services, and events. They also plan to make ApeCoin the primary currency for all of the company's upcoming projects, such as Otherside—a new metaverse that will likely also be linked to popular NFT collections; and the currency will also be used in a joint project with Animoca Brands for the Benji Bananas game.
ApeCoin is also starting to spread into the music industry, with new songs by Snoop Dogg and Wiz Khalifa available exclusively for purchase with the cryptocurrency, and the coin is likely to soon be widely used for digital subscriptions.
ApeCoin cryptocurrency distribution
Of the planned billion tokens, 61% will go to ApeCoin DAO community members, 16% to Yuga Labs, and 14% to so-called launch participants—people who helped create the project, but who these participants are remains unknown. The final 8% will be distributed among the founders of Yuga Labs and Bored Ape Yacht Club.
It's worth noting that not all tokens have been released into circulation yet. The final 8% of distributed tokens cannot be used by holders for the next year. A certain percentage will be distributed monthly, but the cryptocurrency holders, the founders of Bored Ape Yacht Club and Yuga Labs, are not allowed to sell their tokens. This serves as a safety net, designed to ensure that the newly minted currency maintains its value.
