What Is Apecoin Ape And How Do I Use It?

ApeCoin is an ERC-20 governance and utility token that serves a variety of functions within the APE ecosystem, which is made up of individual token holders and the products and services utilizing the token. It’s affiliated with a non-fungible token project known as the Bored Ape Yacht Club , a massively successful and valuable collection launched by Web3 company Yuga Labs. ApeCoin’s primary use is as a governance and utility token within the APE ecosystem. It allows holders to participate in DAO governance votes while also offering access to members-only features of the ecosystem like games, events and other services. The Apecoin DAO, the project’s decentralized autonomous organization, exists to make various ecosystem decisions on fund allocation, governance rules, projects and partnerships, among other responsibilities.

What is an APE token

For example, in March 2022, BAYC launched ApeCoin and adopted it as the official currency for the BAYC ecosystem. ApeCoin was distributed to BAYC NFT holders shortly after its launch. As mentioned, with ApeCoin, holders can participate in the governing process and engage the Bored Ape ecosystem. The ApeCoin DAO members will chair further development on the team’s road map, including developing blockchain games, hosting virtual events in the metaverse, and introducing physical products.

What Is Apecoin Ecosystem

Buyers are often pulled in by one deal and wind up buying regularly priced merchandise in addition to, or sometimes instead of your discounted items. Yuga Labs is also building out a metaverse called MetaRPG with BAYC LAND NFTs so that Bored Ape NFTs will soon have digital real estate to hang out at. Not much is known yet about https://xcritical.com/ these digital land plots, but a leak of an investor pitch deck has shown plans of releasing 200,000 plots of BAYC LAND NFTs at a price of 1 ETH each. It cost just 0.08 ETH or less than $200 to mint one back in April 2021, and now the floor price or the cheapest Bored Ape you can buy off the shelf is around 100 ETH or $300,000.

In what has been a massive expansio program, the company behind Bored Apes, called Yuga Labs, announced the airdrop of ApeCoin with the ticker symbol $APE to all Bored Ape holders. Each Bored Ape NFT is entitled to 10,094 $APE, which was worth about $170,000 near its peak price of $17 on 18 Mar 2022. Quick Updates on latest trends in financial services, fintech, digital strategy and more with our industry leading Fintech Channel.

The ApeCoin tokenomics are thus far not entirely disclosed, but from the currently available information, there will be a total supply of 1 billion ApeCoin tokens. The airdrop distribution will depend on whether NFT owners hold a Bored Ape or a Mutant Ape and whether the NFT is paired with a Bored Ape Kennel Club NFT. The utility part refers to using APE coins for whatever utility new projects demand. For example, ApeCoin will be used for a play-to-earn mobile game, Benji Bananas, owned by nWay. By doing this, Yuga Labs expanded the access to the coin but also created a code exploit.

One of the best things about API tokens becoming more mainstream is that there are many tools for you to use and learn from. You won’t have to waste your time reading through documentation and waiting on tech support, so you can focus on doing what you actually want to be doing. It also offers greater control over the user’s data, which is especially important given the unethical data usage of recent years. First, the API verifies the username and password from the payload. Once these are verified, the API sends an asset to your browser to be stored.

How Does Apecoin Ape Token Work?

In April 2022, the official Instagram account and Discord server of Bored Ape Yacht Club were hacked, and a phishing link was posted on both BAYC platforms. Hackers stole about 30 Bored Ape tokens from owners who approved a transfer using a fake “mint” link. BAYC has enticed several celebrities and brands to own pieces of its NFT collection. Adidas is one of the brands contributing to the hype surrounding the NFT collection.

What is an APE token

Spend your APE or more than a dozen other cryptocurrencies as easily as cash. The BitPay Wallet is a non-custodial crypto wallet meaning you, and only you, control your ApeCoin. The next 16% was distributed to Yuga Labs itself and 10 million tokens went to the Jane Goodall Legacy Foundation. The entirety of the next 14% were paid out to various launch contributors for helping bring the project to life.

How Does Apecoin Work?

The token’s maximum supply is capped at 1 billion, with the DAO ensuring that there is no technical capability to mint additional tokens using the ApeCoin smart contract. ApeCoin DAO exists because decentralized governance is critical to building and managing a globally dispersed community—and therefore critical to the success of the APE ecosystem. The goal of the APE Foundation is to steward the growth and development of the APE ecosystem in a fair and inclusive way.

To help you get started with API tokens, we’ve put together a thorough guide, with everything you’d ever want to know about using API tokens. This article contains links to third-party websites or other content for information purposes only (“Third-Party Sites”). This article is intended to be used and must be used for informational purposes only. It is important to do your own research and analysis before making any material decisions related to any of the products or services described.

ApeCoin is slated to become the center of a whole new Web3 build-out that includes games, virtual land, culture, community and governance. But it’s worth noting that none of this has actually been built yet, so at the moment, as with many projects What is ApeCoin (APE) in the crypto space, the coin is entirely speculative. The coin will act as a decentralized protocol layer for community-led activities to advance culture in the metaverse, host events, create digital products and anything one can dream of.

The Board is responsible for ensuring the community’s vision is being followed as the ecosystem continues to develop. APE holders vote to determine the Board’s membership on a yearly basis. APE, the governance and utility token of the APE ecosystem, was built to support “what’s next” while empowering the building of decentralised communities.

When ApeCoin first airdropped on April 30, mostly to existing BAYC NFT holders, it gained up to $40 value on some exchanges, only to drop by 80%. This is not surprising, as people count on an initial price boost to immediately sell it for huge profits. Of course, the selloff pressure created then has a domino effect on suppressing the price. Because blockchain tokens are convertible to the dollar, the virtual economies they facilitate are real and dynamic. In contrast, token-like economies such as Roblox are isolated and static.

Investopedia does not include all offers available in the marketplace. The exclusivity that comes with the token’s perks makes Bored Ape Yacht Club much more valuable in price than many other NFTs. Rarity, utilities, and celebrity endorsement drive the high price of the BAYC collection. Despite the concerns, APE has created quite the stir since its release, and plenty of investors will be looking at ApeCoin for their gainz in 2022. The most expensive Bored Ape ever soldSo how did ApeCoin come into the picture?

  • The token originated from the Bored Ape Yacht Club , an NFT series from Web3 company Yuga Labs.
  • Mutant Ape NFT holders will benefit most initially, given that they all get a free stash of valuable tokens that they could sell off, anyone can buy APE from popular exchanges.
  • Then select the access permissions that you want to give the API Token, you will be able to check the list of actions that you can perform with the new key.
  • BAYC has evolved into more than a profile-picture NFT; it has set a new standard and pace for other NFT collections through the several utilities it has added and plans to add to its collection.
  • Other characteristics of the #8817 token are the Silver Hoop Earrings and the Wool Turtleneck.
  • It was among the most valued NFT collections on the NFT marketplace OpenSea, with a trading volume of 1 million ETH before it got delisted in February 2022 for a copyright violation.
  • This means the number of ApeCoins in circulation will never go up or down.

The Bored Ape Yacht Club NFT was launched in 2021 at the pinnacle of the cryptocurrency bull market. At the time of launch, each Bored Ape Yacht Club token cost 0.08 Ether , equivalent to $220, but in mid-October 2022, they were priced at a minimum of 76 ETH, worth approximately $100,418. API tokens are an essential part of modern technology and security, allowing multiple systems to work together and exchange data. API tokens are not unique to the retail point of sale environment. However, POS systems may use API tokens in their operation to share data with other parts of the system.

A floor price refers to the minimum cost of an NFT within a collection. The dollar value of BAYC is subject to the price of Ether—if ETH rises, the value of the NFTs within this collection takes off. BAYC’s trading volume on Oct. 14, 2022, according to NFT marketplace OpenSea, was 673,000 ETH. Bored Ape Yacht Club, also known as BAYC, is a non-fungible token collection of 10,000 cartoon-like apes. You can control each user tokens in the “managed account” section. User management REST API. To make requests to the API with the client of your choice, create an API key.

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API tokens are a set of alphanumerical values generated by Cincopa to securely connect your Cincopa account to a wide variety of API’s that we offer. Cincopa has designed plenty of API’s that can be used for a variety of purposes. The athletic outfitter plans to cast a 3D Bored Ape character in its upcoming metaverse game. The goal is to foster 3D interaction among internet users through collectibles. In December 2021, the Bored Ape Yacht Club partnered with Animoca, a blockchain gaming firm, to launch a play-to-earn game using the BAYC NFT.

Speaking of which, all NFTs released by Yuga Labs in the future will be minted with ApeCoins. This already happened with Otherdeed NFTs—land plot NFTs costing 305 APE a piece when launched. Their price moves organically based on the market’s law of supply and demand, not arbitrary company policies. They can be exchanged for other tokens used by other blockchain platforms.

What Is Apecoin Ape

In the long run, the growth of ApeCoin will depend on the development of its ecosystem and utility. In the ApeCoin DAO, each token holder will have a stake in the organization’s development. A selection of Web3 veterans, as well as gaming and technology thought leaders, will serve as the DAO’s special council . The Board is responsible for overseeing the decisions of DAO members.

0Auth 2.0 means that both API producers and consumers can trust one another without compromising sensitive information. For an illustration, think about eCommerce when there were no standardized payment protocols. In those days, you might have had to email your credit card number to a retailer and hope for the best.

Are Bored Apes Losing Value?

Become a part of the world’s largest community of API practitioners and enthusiasts. Share your insights on the blog, speak at an event or exhibit at our conferences and create new business relationships with decision makers and top influencers responsible for API solutions. OAuth.Tools by Curity is a fully-fledged OAuth playground that lets you generate code for everything from JWTs to custom workflows.

No minting capability is exposed through the contract interface, thus the total supply will never increase. Similarly, the contract interface does not expose any token burning capability, so the total supply will never decrease. The APE Improvement Proposal Process will allow ApeCoin DAO members to make decisions regarding Ecosystem Fund allocations, governance rules, projects, partnerships, and beyond. Unification of Spend – ApeCoin is the ecosystem’s utility token, giving all its participants a shared and open currency that can be used without centralized intermediaries. The Mist browser was an Ethereum network interface intended for non-technical users who wanted to create dApps and use a crypto wallet.

Launch Day And Coin Distribution

The Coin is likely to serve as a ‘gate token,’ granting access to select aspects of the ecosystem, such as particular games and events. Given the increasing need for API security, it’s little surprise that there are many apps and services you can use to generate API tokens if you don’t feel like coding them your own. If you’re serious about working with APIs, you’ve got to consider API security. API tokens are one of the most popular methods that API developers are adopting to ensure their API assets are as secure as possible.

ApeCoin DAO will gradually evolve the proposal and vote procedures into a full, on-chain platform as selected by the community. It just takes a few minutes to open a cryptocurrency exchange account if you don’t already have one. ApeCoin DAO exists because decentralized governance is essential for establishing and sustaining a globally distributed community. He has over a decade of experience writing about technology and has been covering the blockchain and cryptocurrency space since 2010. He has also interviewed a few prominent experts within the cryptocurrency space. This means we need to come to terms with API security to make sure our API products are safe and secure so we can use them with an easy conscience.

BAYC has evolved into more than a profile-picture NFT; it has set a new standard and pace for other NFT collections through the several utilities it has added and plans to add to its collection. Yuga Labs has introduced products built on the blockchain as well as physical products attached the Bored Ape collection. The most expensive Bored Ape in the collection, BAYC #8817, was auctioned off in October 2021 for $3.4 million on Sotheby’s Metaverse marketplace, an online platform dedicated to rare and extraordinary NFTs. BAYC #8817 had the Solid Gold Fur trait—making it a relatively rare variety of the NFT. Other characteristics of the #8817 token are the Silver Hoop Earrings and the Wool Turtleneck.