20,000 users are holding BAYC and MAYC NFTs, currently including celebrities such as Stephen Curry, Justin Bieber, and Neymar Jr. According to APE’s official announcement, BAYC holders are able to receive at least 10,094 tokens while MAYC holders receive at least 20,402 tokens, with a total supply of 1 billion and an online circulation of 300 million. It’s backed by the APE Ecosystem, which is built on the Ethereum blockchain and includes a marketplace and other services. This makes ApeCoin a secure, low-volatility cryptocurrency that is well-positioned for long-term growth. ApeCoin gives users access to specific ecosystem components that are otherwise inaccessible, including premium games, merchandise, events, and services. In September 2021, Sotheby’s closed a $24.4 million auction for 101 Bored Ape Yacht Club NFTs, making it one of the world’s biggest auction houses.

• Yuga Labs is the creator of the trending Bored Ape Yacht Club (BAYC) NFT collections.
• The ApeCoin DAO, the decentralized governance structure that underpins the Ecosystem Fund, is used by the ApeCoin community to govern itself.
• With ApeCoin set to be integrated with the upcoming metaverse Otherside, which could make it a high-in-demand metaverse coin this year.
• The Otherside is a metaverse game platform created by Yuga Labs and Improbable, a metaverse technology company.
• Chief among its ecosystem members is Yuga Labs itself, which has adopted APE as the primary token for its projects.

As the serum is used up, each BAYC can only make one mutant using a single variety of it. As they progressed through the serum levels, BAYC bearers might create a wide range of mutant apes. Back in September, a developer launched a cryptocurrency called “Adventure Gold” (AGLD) as a companion to an ascendant NFT collection called Loot. Anyone with a Loot NFT was automatically entitled to a certain amount of AGLD, and claiming those tokens meant coming into tens of thousands of dollars without any extra effort. For instance, in Animoca Brands’ Benji Bananas, a play-to-earn (P2E) mobile game, the coin is adopted as an incentive for players.

A memecoin inspired by a memecoin, Shiba Inu (SHIB), rose to prominence in the fall of 2021, briefly surpassing Dogecoin’s market capitalization. Solana and Ethereum can utilize smart contracts, which are essential for running cutting-edge applications, including decentralized finance (DeFi) and non-fungible tokens (NFTs). Bitcoin.org is a community funded project, donations are appreciated and used to improve the website. People compete to “mine” bitcoins using computers to solve complex math puzzles. Currently, a winner is rewarded with 12.5 bitcoins roughly every 10 minutes. In addition, international payments are easy and cheap because bitcoins are not tied to any country or subject to regulation.

This system allows users to more easily make transfers from other cryptocurrencies back to U.S. dollars in a more timely manner than actually converting to standard currency. Ether (ETH) is used to pay validators who stake their coins for their work for the blockchain, as a payment method off-chain, and as an investment by speculators. Today, while many crypto users understand and appreciate these differences, traders and lay investors may not notice the difference because all categories of tokens tend to trade on crypto exchanges in the same way. The block chain is a shared public ledger on which the entire Bitcoin network relies. It allows Bitcoin wallets to calculate their spendable balance so that new transactions can be verified thereby ensuring they’re actually owned by the spender.

BAYC is well-known for having a vibrant and active community of supporters. In line with the Trust Project guidelines, the educational content on this website is offered in good faith and for general information purposes only. BeInCrypto prioritizes providing high-quality information, taking the time to research and create informative content for readers. While partners may reward the company with commissions for placements in articles, these commissions do not influence the unbiased, honest, and helpful content creation process. Any action taken by the reader based on this information is strictly at their own risk. The ApeCoin website states that owners of MAYC were given 2,042 tokens worth approximately $21,970.

Investors across the world have put their money into these artworks and the buyers include the likes of Justin Bieber and Eminem. Dogecoin (DOGE), seen by some as the original “memecoin,” caused a stir in 2021 as its price skyrocketed. The coin, which uses an image of the Shiba Inu as its avatar, is accepted as a form of payment by some major companies.

For each Bored Ape NFT a holder possesses, they may “adopt” a selected Club Dog NFT for the cost of gas. Similar to apes, the 10,000 BAKC NFTs exhibit a variety of traits and oddities. So, in addition to the ApeCoin protocol (the code behind ApeCoin tokens), there’s the ApeCoin DAO, the Ape Foundation and the ApeCoin DAO board.

Bitcoin wallets keep a secret piece of data called a private key or seed, which is used to sign transactions, providing a mathematical proof that they have come from the owner of the wallet. The signature also prevents the transaction from being altered by anybody once it has been issued. All transactions are broadcast to the network and usually begin to be confirmed within minutes, through a process called mining.

Yuga Labs is also responsible for all the major projects and acquisitions surrounding the Bored Ape Yacht Club. If you want to do anything with Bored Ape IP, you’ll have to go through Yuga Labs. The main company behind the Bored Ape Yacht Club is Yuga Labs, a traditional corporate entity registered in Delaware. It’s reportedly in talks with the venture capital firm Andreessen Horowitz about funding that would value it at $5 billion, and it has recently made moves to become, effectively, the first major NFT monopoly. The fact that APE is adopted by Yuga Labs gives it heft, as it also has CryptoPunks and Meebits, two other frontline NFT projects.

Some people just buy bitcoins as an investment, hoping that they’ll go up in value. The company has a range of supporting components, from decentralized payments to use cases for meta-boundary land sales. As the APE ecosystem has grown, ApeCoin has gained value beyond realistic expectations. At the end of April 2022, Yuga Labs began minting Otherside metaverse lands. Within 45 minutes, the virtual real estate clocked the value of $100,000 and raised a total of $320 million, making BAYC the NFT garnering the maximum sales.

They have adopted ApeCoin as their primary token in the projects they undertake. Despite the thousands of competitors that have sprung up, Bitcoin—the original cryptocurrency—remains the dominant player in terms of usage and economic value. Another stablecoin, USD Coin, also pegs its price to the U.S. dollar using fiat-collateralized reserves, which means it holds an amount of fiat currency equal to the amount of USD Coin in circulation.

The ApeCoin airdrop has been met with some skepticism, and the launch wasn’t all smooth sailing. You can buy or sell APE on various centralized exchanges (CEXs) and decentralized exchanges (DEXs). In keeping with values of equitable participation sought after in the growth of BAYC, ApeCoin is designed to be run in an inclusive and democratic way via the APE DAO. To help guide the project’s direction, the Ape Foundation will provide stewardship during the project’s early stages.

It will be a community member in the ApeCoin DAO and adopt APE as the primary token across new projects. Upon the launch of ApeCoin, holders of Bored Ape Yacht Club and Mutant Ape Yacht Club NFTs were entitled to collectively claim 15% of the ApeCoin supply (150 million tokens of the 1 billion total tokens in supply). It facilitates the growth and development of the APE ecosystem in a fair and inclusive way.