What is ApeCoin (APE)?
ApeCoin (APE) is a new cryptocurrency issued by the same team behind the Bored Ape Yacht Club. Chances are you've heard of this project at some point. The Bored Ape Yacht Club is an NFT collection that stands out from a large number of monkeys. This NFT art became wildly popular when it was revealed that many famous people owned an NFT monkey.
After the launch of ApeCoin, the cryptocurrency immediately entered the top 100 largest cryptocurrencies by market capitalization. The team has indicated that they want to develop more applications and games in the near future. This will give ApeCoin more functions.
At the launch of the token, a fixed supply of 1 billion tokens was committed. No new tokens will be added, nor will the team be burning tokens. This means that the total stock of APE tokens will remain unchanged.
At this time, not all tokens are in circulation. The issuance of the APE-tokens will take place over a period of 48 months. In this way, the team behind ApeCoin wants to ensure a gradual distribution of the token, which should also do the value of the token good.
What does ApeCoin do?
The token has multiple functions within the ecosystem of this project. Users can use the token for governance and utility functions. So, in addition to allowing users to participate in deciding the future of the APE ecosystem, the token can also be used for various functions that will be developed by the team.
Governance: ApeCoin DAO
Owners of the APE token can have a say in the future of the platform. We also call this a DAO, which stands for Decentralized Autonomous Organization. It means that the project is controlled in a decentralized way on the blockchain. Everything is automated using smart contracts, making central administrators a thing of the past.
The APE token can be used to vote on choices that are made. It thus serves as a kind of ballot. After the holders of the token have voted, the APE Foundation ensures that the results are acted upon. They are thus the executive party of the DAO, and cannot make any further decisions without the consent of the community behind ApeCoin. Thus, the administration is fully decentralized, and there are no central parties that have more say than others.
Games and Web 3
The team behind ApeCoin has indicated its intention to develop play-to-earn (P2E) games. These are games that run on the blockchain and where users can earn money by playing a game. In the game, they can collect items that have a value. Think of tokens that can be used in the game as food or energy, but outside the game can of course also be sold on a crypto exchange.
In P2E games, we also see a lot of NFTs coming back. These are unique tokens that can be distinguished from all other tokens. Because they are unique, such a token can become incredibly valuable. In the past, some NFTs have already become worth millions of dollars. ApeCoin as a utility token will be used for the games being developed.
The team behind ApeCoin also wants to develop more decentralized applications (dApps) that will contribute to the further development of Web 3. They did indicate that ApeCoin will play an important role within these applications.
It is important to note that both the games and decentralized applications have not yet been developed. So for now it remains just words, and nothing concrete is ready for use yet.
Bored Ape Yacht Club
The Bored Ape Yacht Club is the project from which the ApeCoin was born. In 2021 and 2022, the popularity around this NFT collection exploded. The collection consists of a large number of monkeys, all of which are stored as NFTs on Ethereum's blockchain. You can therefore purchase these NFTs on OpenSea. This is the most widely used NFT marketplace on Ethereum.
The collection is a continuation of previous NFT collections, such as the CryptoPunks and CryptoKitties. The artworks are portraits of various creatures, and have the similarity that they can be used as profile pictures.
Despite the fact that a lot of money can be made with NFT art, there are also many people who lose large amounts of money. The value of an NFT is largely based on the hype, and thus what someone is willing to pay for it. It is therefore advisable to do proper research on a collection before you decide to invest in it.
Where can you buy ApeCoin (APE)?
The day after the announcement, ApeCoin was launched immediately. Since then, Coinmerce users can already buy and store ApeCoin. Don't have an account with Coinmerce yet? Then click here to create an account
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Click here to buy ApeCoin (APE) on Coinmerce
. You buy ApeCoin (APE) on the Coinmerce exchange with iDEAL, SEPA, Bancontact, MyBank and Giropay. This makes it possible to buy APE tokens with euros. Of course, you can also sell ApeCoin again on Coinmerce.
What is the best way to store ApeCoin?
ApeCoin is an ERC20 token, which means you can store the token in any Ethereum wallet. A commonly used wallet for Ethereum tokens is Metamask, although this is not the safest option for storing APE. After purchasing from Coinmerce, you can store ApeCoin directly in the Coinmerce wallet. We store a large part of our customers' crypto coins on cold storage, so your coins are optimally secured.
Of course, it is also possible to send your APE coins from Coinmerce to a hardware wallet. To do so, you must verify the address of the hardware wallet within your Coinmerce account.