TL;DR
- ApeCoin ($APE) was launched by Yuga Labs, creator of Bored Ape Yacht Club (BAYC) and Mutant Ape Yacht Club (MAYC).
- It is a governance token of the Bored Ape ecosystem and the ApeCoin DAO supported by Ape Foundation.
- $APE is now listed on Coins.ph, one of the first licensed and regulated cryptocurrency exchanges in the Philippines, where Filipinos can easily convert PHP to buy and hold $APE.
What is ApeCoin (APE)?
ApeCoin ($APE) was first revealed on March 16, 2022 and it's a token based on the Ethereum blockchain. Initially, ApeCoin was airdropped to all Bored Ape Yacht Club (BAYC) members. However, it can now be bought and sold on major wallets and exchanges including Coins.ph and Coins Pro.
Buy $APE in the Philippines. Easily convert PHP to $APE and vice versa with Coins.ph. Sign up now to get your crypto journey started.
$APE is a governance token of the Bored Ape ecosystem, which gained a huge following after its Bored Ape Yacht Club NFT project exploded in popularity. It works as a utility token for BAYC and was created to be used within the BAYC ecosystem.
According to ApeCoin's official Twitter page, $APE is positioned as a token of culture, gaming, and commerce used to empower a decentralized community building at the forefront of Web3. It’s the reflection of their community’s growing desire for decentralization.
How does ApeCoin ($APE) Work?
As mentioned, ApeCoin is governed and managed by the ApeCoin DAO. What this means: the token is governed by Bored Ape NFT owners, holders of related NFTs, and ApeCoin investors. Or in other words, if you own the Bored Ape NFT or $APE, you can vote on fund allocations, governance rules, projects, partnerships, and other activities that will shape the future of ApeCoin.
Additionally, prominent individuals have been recruited to serve on the initial board of ApeCoin. Each of the board members is selected for six-month terms and they will serve ApeCoin DAO for 6 months before $APE holders vote for the next lineup of board members.
$APE can also be used as a tool for third-party developers. Builders and developers can utilize $APE for transactions within Web3 applications, such as play-to-earn gaming protocols and decentralized video streaming platforms like OpenStream. In fact, many businesses and developers are now integrating $APE into their systems.
With Yuga Labs adopting ApeCoin as the fundamental token, the community expects more utilities to be added to the token in the future.
Who is behind ApeCoin ($APE)?
The ApeCoin DAO is supported by Ape Foundation, an entity that acts as the steward of the token and ApeCoin DAO ecosystem. The foundation will leverage the ecosystem funds, which will be used for expenses, as directed by the ApeCoin DAO, in creating an infrastructure where holders can collaborate through permissionless blockchains.
The Ape Foundation will also operate as a base layer upon which DAO members can design, architect, and build their projects. ApeCoin was designed to be a utility and governance token, which pushes boundaries for greater decentralization of finance, governance, and the internet.
What is Yuga Labs?
Yuga Labs is a web3 company popular for the creation of the Bored Ape Yacht Club. It was originally founded by Wylie Aronow (aka @GordonGoner) and Greg Solano (aka @CryptoGarga). Both founders were crypto traders since 2017, but after the emergence of NFT, they decided to join the crypto movement by channeling their creativity through the power of blockchain technology. To realize their vision, two software engineers, Zeshan (aka Emperor Tomato Ketchup) and Kerem (aka No Sass) joined the founding team. From then, Yuga Labs, BAYC NFT and ApeCoin were created, and the rest is history.
What is the Bored Ape Yacht Club?
The Bored Ape Yacht Club project was built on the Ethereum blockchain and developed by Yuga Labs.
The Bored Ape Yacht Club is a collection of 10,000 profile pictures. The BAYC NFT collection was first minted on April 23, 2021, and quickly sold out on April 30, 2021. During the launch, the Bored Ape Yacht Club price was only 0.08 ETH.
Now, it’s arguably the most influential NFT collection in the world. Only second to CryptoPunks, the Bored Ape Yacht Club price is still rising with a market capital value of $2.8 Billion. BAYC floor price once reached an all-time high of $430,000 in ETH.
While the concept of an NFT series was introduced by CryptoPunks, Yuga Labs elevated the idea by forming an exclusive club and offering perks to BAYC NFT holders. In addition, BAYC NFT owners are able to receive exclusive rights to purchase official merchandise as only owners of the NFTs can access the official store of BAYC.
How to Buy $APE on Coins.ph and Coins Pro?
$APE is now on Coins.ph and you can buy ApeCoin (APE) on Coins.
Step 1: Log in to your Coins account then make a cash in. You can use bank transfer and e-wallet options to top up your PHP wallet. Read this tutorial on “How to Cash In Online to your Coins.ph Wallet”
Step 2: Tap Convert and select “APE” from the drop-down menu to convert your PHP.
Disclaimer: The information and publications in this article are not intended to be and do not constitute financial advice, investment advice, trading advice, or any other advice or recommendation offered or endorsed by Coins.
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