ApeCoin is a new kid in the cryptocurrency block introduced to investors in 2022. The coin created a big fuss early on, as it is connected to the extremely popular Bored Ape NFT collection.
ApeCoin: the culture token of web3
ApeCoin is a new kid in the cryptocurrency block introduced to investors in 2022. The coin created a big fuss early on, as it is connected to the extremely popular Bored Ape NFT collection, as these two projects share the same creator, Yuga Labs. However, ApeCoin is not just like any other coin in the crypto space. Instead, it aims to be a pioneer of web3 through different culture-related applications of art, entertainment, events, and gaming. According to the ApeCoin website, APE coin aims to “serve as a decentralized protocol layer for community-led initiatives that drive culture forward into the metaverse.”
The brief history of ApeCoin
Even though the storyline of this 2022-founded coin is very brief, there is more. The history of this cryptocurrency can be tracked down to the Bored Ape NFT collection, an Ethereum-based collection of algorithm-generated cartoon apes with total sales of US$1 billion by 2022. As mentioned above, the Bored Ape NFTs and ApeCoin share the same creator, Yuga Labs. However, the central entity and base layer for developing this project is known as the Ape Foundation, which facilitates decentralized and community-led governance to increase decentralization over time. The Ape Foundation also carries out the DAO (decentralized autonomous organization) community’s ideas. The concept of APE DAO will be covered in the next section.
ApeCoin software trivia
ApeCoin is an Ethereum-based cryptocurrency tied with the NFT sector. The coin is designed for utility and governance purposes and can be used in web3 apps for payments and transactions. Web3 being the idea for a new decentralized and token economics-based World Wide Web, this crypto solution might come in very handy as the development proceeds.
When discussing the background of ApeCoin and its software, it is very relevant to understand the ApeCoin DAO behind it all. In a nutshell, the DAO exists to govern the project and the ApeCoin ecosystem. The DAO is the entity consisting of the ApeCoin holders that steer the project from the ‘big picture’ point of view, while the Ape Foundation supports these ideas to become a reality. DAO members can, for example, vote on matters such as Ecosystem Fund allocations, governance rules, partnerships, and projects. Becoming a DAO member is easy; just acquire some APE!
APE, the token
Initially, ApeCoin was distributed to the Bored Ape Yacht Club and Mutant Ape Yacht Club NFT owners, but now anyone can purchase it on the larger cryptocurrency exchanges. The circulation of the APE is capped at 1 billion coins. The APE token has gained a lot of interest due to its massive growth in value at times and its connection to the famous NFT collections.
The future of ApeCoin
ApeCoin is a relatively new player in the field. Many investors view the project as fascinating due to its huge popularity and trend value, thanks to the NFT field and popular Bored Ape NFT investors such as Madonna and Snoop Dogg. However, ApeCoin is much more than this connection to the NFTs — it’s a serious blockchain-based project aiming to connect culture and web3. Besides being an interesting blockchain-based solution with a development-oriented community, the project has a vast audience. This is definitely a significant edge in the competitive cryptocurrency sector, where standing out can be challenging. What is more, this project's culture and art-related goals are forever relevant as humans have always kept culture in high regard.