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 * 🏡
 * Cryptocurrency


WHAT IS APECOIN?

RJ Fulton
RJ Fulton
Writer


RJ Fulton is a writer who covers all things related to cryptocurrencies and
electric vehicles. He believes these two industries have the potential to
eliminate many of the problems our world faces today. RJ keeps track of all new
developments and loves making the complex easy to understand. He has been
immersed in cryptocurrencies for the last five years and has followed the rise
of electric vehicles for just as long. Read more...

About How-To Geek
@oRiJinal__

May 11, 2022, 3:00 pm EST | 2 min read
WindAwake/Shutterstock.com

ApeCoin has recently captured the public’s attention like many other memecoins.
However, unlike Dogecoin or Shiba Inu, ApeCoin might actually provide some real
utility and be here for the long haul.

 



THE BORED APE YACHT CLUB

ApeCoin (APE) is an Ethereum-based token linked to the Bored Ape Yacht Club
NFTs. Bored Ape Yacht Club NFTs are one of the most successful NFT projects to
date. Bored Apes have sold for unthinkable prices. Their notoriety amongst
celebrities and high-profile NFT collectors has bolstered their astronomic rise.

RELATEDWhat Is a Bored Ape NFT?


If you want to purchase a Bored Ape in May 2022, you would need roughly $300,000
for the cheapest one. The most expensive Bored Ape sold for more than $2
million.


WEB3 AND THE METAVERSE

As Bored Apes became mainstream, the company behind them, YugaLabs, used the
momentum to launch new web3 applications. It has already launched its own
metaverse, dubbed the Otherside. YugaLabs plans to take it even a step further
and create an entire community based around web3 and blockchain technologies.

To kick off their ambitious goals, YugaLabs airdropped the newly minted ApeCoin
to holders of Bored Apes.  For every Bored Ape owned, holders received 10,094
ApeCoins. Based on the price at the time of the original airdrop that was about
$70,000. YugaLabs used the blockchain to find all wallet addresses of Bored Ape
buyers and deposited ApeCoin. Owners literally woke up on March 17th to tens of
thousands of dollars in their wallets.

ApeCoin will be the default currency for all things related to the Bored Ape
community. In late April 2022, YugaLabs launched an auction for “land” in the
Otherside. There were 55,000 land deeds minted as an NFT. One deed represented
one plot of land in the Otherside. Plots could only be purchased with ApeCoin.
Each deed was priced at 305 ApeCoins.

RELATEDWhat Are NFTs? Meet Crypto's Digital Collectibles


The auction of virtual land was a hit. It generated $300 million in sales from
the initial release and another $300 million in resales in the post-market. The
demand for land in the Otherside was responsible for the largest amount of
traffic on the Ethereum blockchain this year.

T. Schneider/Shutterstock.com


NOT YOUR AVERAGE MEMECOIN

YugaLabs announced that the token will also be used as the governance token for
the ApeCoin DAO. Holders will be able to vote on relevant topics ranging from
the allocation of funds to what future endeavors the DAO should embrace.

RELATEDWhat Is a DAO?


Due to the large following of the Bored Ape Yacht Club and YugaLabs’ plans to
make ApeCoin the default currency for all their web3 projects, this
cryptocurrency might stick around.



If interested in purchasing ApeCoin there are a handful of popular exchanges to
do so. Coinbase, Gemini, Binance, Uniswap, and FTX all list ApeCoin. There are
plenty more exchanges you can purchase ApeCoin on.

READ NEXT
 * › What Is an Airdrop in Crypto?
 * › How to Fix Error 0x8007045d on Windows
 * › Save $130 on Growatt’s New VITA 550 Solar Portable Generator
 * › How to Turn Off Subtitles on Netflix
 * › Can’t Find an App When You Need It? Here’s the Fix
 * › 5 Smart Home Features You Should Use While On Vacation
 * › What Is “Abandonware” and Is it Legal?

RJ Fulton
RJ Fulton is a writer who covers all things related to cryptocurrencies and
electric vehicles. He believes these two industries have the potential to
eliminate many of the problems our world faces today. RJ keeps track of all new
developments and loves making the complex easy to understand. He has been
immersed in cryptocurrencies for the last five years and has followed the rise
of electric vehicles for just as long.
Read Full Bio »



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