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The Bored Ape Yacht Club NFTs are connected to the Ethereum-based token known as ApeCoin (APE).
To increase member engagement and create a diverse and decentralized community, the APE Ecosystem uses an ERC-20 governance and utility token called APE. ApeCoin is managed by the APE Foundation. It is not an overseer but rather the foundation upon which ApeCoin DAO members can erect structures.
A decentralized autonomous organization, or DAO, oversees ApeCoin governance and utility token of the APE ecosystem. Any person in possession of the coin is qualified to vote on the pertinent governance decisions.
Apecoin to USD Chart
ApeCoin is a Web3 coin that is identical to all others in design and functionality. Since ApeCoin is a widely used ERC-20 token, it is technically recognized by the majority of merchants. Additionally, the coin is already used as NFT rewards, and BAYC holders receive free APE that they can immediately cash in.
ApeCoin functions in the ecosystem as both a:
- Governance token
- and a Utility token.
As such, ApeCoin’s use cases include allowing holders to take part in the DAO’s governance and giving them access to the ecosystem’s exclusive games, events, goods, and services.
It doesn’t stop there. ApeCoin is used by outside developers to participate in the ecosystem and include the token in their services, games, and other projects. For instance, the coin is used as a player incentive in the play-to-earn (P2E) mobile game Benji Bananas from Animoca Brands. When playing, they will be able to collect unique tokens and exchange them for ape coins.
ApeCoin may become a highly sought-after metaverse coin this year with plans for integration with the upcoming metaverse Otherside. As a result, ApeCoin will become a transaction token on the metaverse markets. If P2E (play to earn) components are included in the Metaverse, they may also be used to reward players.
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What is Yuga Labs?
Yuga Labs is recognized as the instigator of the Bored Ape Yacht Club and participates in the ApeCoin DAO community. In the projects they take on, they use ApeCoin as their main token.
The APE is made up of the community of ApeCoin users and various goods and services that make use of the cryptocurrency. NFTs and digital collectibles are big business for Miami, Florida-based Yuga Labs, which was established in 2021.
What is BAYC?
Bored Ape Yacht Club (BAYC), which was established in April 2021, has 10,000 different apes that live on the Ethereum blockchain. They are one of the best-performing NFT initiatives to date.
How much does a Bored Ape cost?
Bored Apes have sold for astronomical sums of money. Their mind-blowing rise has been aided by their notoriety among famous people and prominent NFT collectors. In May 2022, you would have needed about $300,000 to buy the least expensive Bored Ape. More than $2 million was paid for the most expensive Bored Ape.
These distinctive digital collectibles have various looks, styles, and rarities. The collection displays profile pictures of cartoon gorillas that were created using an algorithm.