Get To Know ApeCoin, The Utility Token Of The BAYC Ecosystem

ApeCoin, the utility token in the BAYC ecosystem. (CoinTurk)

JAKARTA - Apecoin (APE) has become a topic of conversation in the crypto world throughout early 2022. The cryptocurrency adopted from the famous NFT Bored Ape Yacht Club (BAYC) was developed by Yuga Labs.

While NFT BAYC itself has been booming first, long before APE appeared. BAYC is in demand by high-profile celebrities including Justin Bieber and Eminem. So, to get to know more about ApeCoin, here is a brief explanation of the token with the monkey skull logo.

What is ApeCoin (APE)?

Reporting from CryptoWar.id, APE or ApeCoin is a token and utility of the APE ecosystem. It is a decentralized token and supports APE community building on web 3.0. APE is a token on the ERC-20 network with a total supply of one billion tokens. APE was adopted by Yuga Labs which owns the intellectual property rights of other popular NFTs such as CryptoPunks and Meebits.

YugaLabs itself was only established in 2021 and is headquartered in Miami, Florida. YugaLabs is well known in the NFT industry as the creator of the Bored Ape Yacht Club (BAYC).

Yuga Labs Famous Project

According to a Cointelegraph report, recognized as the creator of the Bored Ape Yacht Club, Yuga Labs serves as a community member on the ApeCoin DAO. They have adopted ApeCoin as their main token in the project they are developing.

Here are some of the famous NFT projects from YugaLabs:

Bored Ape Yacht Club (BAYC)

Launched in April 2021, Bored Ape Yacht Club (BAYC) is an NFT digital collection of 10,000 unique ape items residing on the Ethereum blockchain. Each of these unique digital collections features a distinct look, style and rarity. This collection features algorithmically generated cartoon ape profile pictures.

Mutant Ape Yacht Club (MAYC)

NFT MAYC consists of 20,000 ape items mutated from BAYC Apes. MAYC itself helps add new members to the Ape community. Original BAYC NFT holders are awarded 10,000 mutant serums in three tiers via airdrop to increase the rarity of each item.

Bored Ape Kennel Club (BAKC)

Launched on June 25, 2021, Bored Ape Kennel Club (BAKC) is a wide range of dog-themed NFTs available to every BAYC member. Holders of each NFT Bored Ape can adopt the NFT BAKC at random, while still paying the gas fee. NFT BAKC also has its own rarity.

4..Metaverse Otherside

In late April 2022, Yuga Labs began minting the Otherside metaverse soil. Within 45 minutes, the virtual real estate was priced at US$100,000 in ETH and raised a total of US$320 million, making BAYC the NFT that garnered the maximum sales.

How ApeCoin (APE) Works

ApeCoin is part of the APE ecosystem managed by the autonomous decentralized organization (DAO) ApeCoin and the Ape Foundation. This allows the DAO owner to participate in developer decisions and governance. Participation can be done by allocating APE and voting. Then the Ape Foundation will make a decision based on the community's choices.

In addition APE tokens can be used to participate in the ecosystem. APE owners can use ApeCoin in a number of services in the APE ecosystem such as games, purchase of virtual land in the Otherside metaverse and others.

Designed identically to other Web3 coins, ApeCoin can be used for payments. ApeCoin is technically acceptable to most traders as it is an ERC-20 token. Coins have also been used as NFT rewards, and BAYC holders receive free APE which they can claim directly on the official website.

ApeCoin Tokenomics

The total supply of ApeCoin is 1 billion tokens. APE does not have a burning mechanism or a limited number of burning. Meanwhile, the token distribution is as follows:

62 percent of tokens are allocated to the ApeCoin DAO community. 15 percent is allocated to BAYC and MAYC NFT holders. Here NFT BAYC holders can claim 10,094 APE for every NFT they own, while MAYC holders are entitled to 2,042 APE. The remaining portion will be released as a component of the DAO ecosystem fund. 16 percent of tokens will go to Yuga Labs. A portion of this allocation will go to the primatologist Jane Goodall's charitable foundation. 14 percent of tokens are for people who contributed to the launch of the ApeCoin protocol. 8 percent of the tokens have been set aside for the four founders of Yuga Labs and BAYC. ApeCoin follows the concept of a locked token to prevent Yuga Labs, founder of BAYC, and other launch contributors from selling their holdings. ApeCoin allocations to them are not unlocked for at least 12 months. After this duration, a certain allotment of tokens can be accessed by them every month.

At the time of writing, ApeCoin is trading at IDR 99,381 per APE based on data reports from CoinMarketCap. ApeCoin itself is traded on various major crypto exchanges including Crypto.com, Binance, Coinbase, eToro, Kraken, Whitebit and others. In addition, APE is also available on the domestic crypto exchange, namely Indodax.