Bored Ape Yacht Club (BAYC) Launches Apecoin Start Taking Positions

ApeCoin is an ERC-20 token, a type of Ethereum-based cryptocurrency that allows users to create their own digital assets. This architecture is used to create the majority of the Ethereum-based social tokens that have gained popularity in the last year.

Unlike NFTs, ApeCoins are intended to be “fungible” – like bitcoin (BTC), everyone ApeCoin should be worth precisely the same as any other ApeCoin, and you can buy and sell them freely on a decentralized exchange, which is a type of digital trading post for cryptocurrencies.

Who is behind ApeCoin?

ApeCoin is being introduced by the ApeCoin DAO, a new governing body comprised of all APE holders.

Similar voting structures have been attempted in NFT projects. When you buy an NFT from the “Nouns” collection, you become a member of Nouns DAO, an online investment collective with a $62 million treasury. Nouns owners can determine what they want to do with the money as a group on a dedicated website for proposals. (A common suggestion is “What if we made an NFT comic book?”)

Ape Foundation

The Ape Foundation will handle day-to-day DAO administration, proposal management, and “other responsibilities that ensure the DAO community’s ideas have the support they need to become a reality,” It’s ApeCoin DAO’s legal foundation.

So, there’s the ApeCoin DAO, the Ape Foundation, and the ApeCoin DAO board, in addition to the ApeCoin protocol (the code that powers ApeCoin tokens).

ApeCoin is a cryptocurrency created by the Bored Ape Yacht Club.

Members of the Bored Ape Yacht Club NFT collection will receive their own cryptocurrency- ApeCoin, which was unveiled earlier this week.

ApeCoin is expressly tied to these notoriously expensive non-fungible coins, and is closely associated with Yuga Labs, the business in charge of the Bored Apes’ intellectual property. However, ApeCoin has been deliberately dissociated from any single traditional firm.

ApeCoin is a product of ApeCoin DAO, a brand-new organizational entity administered completely by token holders, according to the public relations campaign. You can join the DAO (decentralized autonomous organization, a form of online community centered on crypto) simply by holding APE; you don’t even need to possess a Bored Ape NFT to do so.

What can I do with ApeCoin?

ApeCoin is being used as an in-game currency in the Smartphone game Benji Bananas, published by Animoca Brands. A Benji Bananas Membership Pass costs 25 ApeCoins and allows you to earn “special tokens” in-game. After that, the tokens can be exchanged for ApeCoins.

Yuga Labs intends to use APE as its de facto currency for any new initiatives, so this is likely just the beginning of a large ecosystem powered by ApeCoin. That’s also a legal consideration: the more you can do with the token other than speculate, the higher your chances of avoiding the SEC.

You may expect the use cases to, uh, evolve if the price holds and traders outside the Bored Ape Yacht Club ecosystem start taking positions in APE.