What is ApeCoin and How Can You Get It?
ApeCoin is an ERC-20 governance and utility token used within the APE Ecosystem to empower and incentivize decentralized community building at the forefront of web3.
We all thought it was going to end with the Bored Ape Yacht Club (BAYC.) The crazy faces. The fancy skins. The expressive indifference.
From those came the Kennel Club and then the Mutant Apes, evolving from the same concept. Each of them got a little bit weirder than the last. But it’s 2022 and weird is great.
At this point, we get it. The creators love apes, and they all have to come together eventually. When they do they’ll need a utility token.
So now we have ApeCoin (APE).
The animals of the BAYC have decided to congregate and create the Ape Foundation. It’s the basis for the ApeCoin DAO, which is the real spotlight stealer here.
If you’re not familiar with DAO it’s a decentralized autonomous organization that sells digital property that has real-life implications. Sort of like the metaverse but more ambiguous.
ApeCoin is the governance token for its DAO. If you want to join the club you need to grab some of these ERC-20 stocked monkey tokens.
Like a DAO there’s a roster of things to buy on the ApeCoin BAYC market. The more coins you have the more power you hold, but more on that later.
What is ApeCoin?
ApeCoin is an Ethereum based cryptocurrency. It’s validated by ERC-20 and is the utility token for the ApeCoin DAO.
If you know about the Bored Apes and their shenanigans, you know they are NFTs and sold individually.
ApeCoin is not. It’s like a native token in an NFT game – this game being the entire Bored Ape multiverse.
Save your ApeCoin contract address because you’ll need it to spend on the ApeCoin DAO. Spend on what, exactly, is still a mystery.
Maybe the APE creators are still trying to come up with ideas. What would a bunch of NFT enthusiasts who also happen to like apes want to buy in an even bigger multiverse with even more apes?
Question of the year, no doubt.
ApeCoin price hovers around the $13 mark, reaching up to $17.5 at one point. Market capitalization reached $2 billion after a 24-hour trading cycle last week.
How to Get ApeCoin?
Anyone can get an APE, but if you already own a Bored Ape NFT, the coins will be given to you. We suppose they call it a token of affiliation. Comes with a pun and everything.
The amount of ApeCoin BAYC owners get is based on which type of Ape they own and how many.
The whitepaper has a list. It says Bored Ape NFT holders get about 10,000 ApeCoin for each. Mutant Ape owners get significantly less – about 2,000 coins. What glaring injustice.
If you own a combination of Bored Ape, Kennel, or Mutant you get a little more, but anything with the original BAYC gets you a ton of coins.
As the ApeCoin price fluctuates, BAYC holders can decide to sell and make off with a hefty bundle. Or they stand their ground and demand all privileges from the ApeCoin DAO. Neither option would change the fact they’ve invested thousands of dollars but hey, now they can put the NFTs to work, so why not?
Speculation floods the ApeCoin reddit page. Mixed opinions get thrown around like a high school food fight. Most were skeptical. Some were afraid. The silent few have already bought the APE.
The reason we brought it up is that one of the “board” members (or should we say, Bored) of the Ape Foundation is Alexis Ohanian, co-founder of Reddit. He holds administrative power on the ApeCoin DAO so automatically we know the whole thing is in good hands.
ApeCoin DAO
The elements surrounding ApeCoin DAO are as mysterious as the backstory of a side character during the first season so take everything you hear about with a grain of salt.
According to ApeCoin reddit and the foundation, having ApeCoin opens many doors during your stay in the DAO.
This could mean exclusive items, access to events, voting power, and possibly digital property. Probably not Bored Ape NFTs, but something of similar importance.
FAQs
So, does that mean we can purchase ApeCoin and gain access to the DAO and its perks?
Technically, it seems so. Nothing has stated you’d need to own a Bored Ape NFT to become part of this little festival. However, you do need to buy a BAYC NFT to join the original club, which is what ApeCoin DAO is based on.
Keep in mind that when the BAYC holders of ApeCoin buy anything on the DAO, they’re doing it for free. Thousands of coins, they would have. The rest of us spend big bucks.
If you hate a disadvantage, best go in with an Ape of your own. Pick up a cheap one and gain 10,000 ApeCoin off the bat. Or grind the old school way, it’s all up to you.
So, can ApeCoin buy a Bored Ape NFT or anything of the sort?
Probably not, because this is where it gets tricky. BAYC and all its products are sold in ETH. ApeCoin is technically Ethereum based but it’s only a utility token and has no value outside of the DAO.