We’re finishing #MetaverseWeek with a bang! ApeCoin listing on Kanga Exchange. YugaLabs was not idle in 2021, after the tremendous success of Bored Apes, which turned out to be the most popular NFTs and their prices exceeded 3 million dollars, the creators followed the blow by creating their own coin – APE.
History of ApeCoin
Of all the NFTs, the Bored Ape Yacht Club (BAYC) and their associated collections are perhaps the most recognizable of all non-fungible tokens. They depict bored monkeys that could be customized down to the smallest detail, depending on the taste of the buyer.
These seemingly atypical looking works of art have attracted extraordinary attention. Some of them have sold for millions of dollars, and the customer list includes Justin Bieber, Eminem, Jimmy Fallon, and so on. And the buzz around BAYC doesn’t seem to be waning recently.
On March 18, ApeCoin (APE) was distributed to all BAYC, Mutant Ape Yacht Club and Bored Ape Kennel Club holders. Thanks to the airdrop, the owners of Bored Apes could collect APE tokens for free and do whatever they wanted with them, some sold them, others keep them to this day. 62% of all ApeCoins have been allocated to an ecosystem fund that supports community initiatives as voted by ApeCoin DAO members.
How ApeCoin works
APE token holders work together to make ecosystem management decisions by casting their votes and deciding on issues such as allocating funds, setting rules, partnerships, and more. The ApeCoin Foundation implements community decisions.
As the legal representative of DAO, the ApeCoin Foundation promotes the development of the ecosystem. The Foundation has a dedicated board, the Board of Directors, which implements the vision of the community. APE’s board of directors is made up of five members from the tech and crypto community. ApeCoin holders select new board members every year.
Utility of APE
As a governance token, ApeCoin serves many purposes in the ecosystem. ApeCoin allows holders to participate in DAO management and access exclusive ecosystem features such as games, events, goods and services.
APE is identical to all other coins in Web3 and can be used for payments. Technically, it is accepted by most vendors as it is a widely used ERC-20 token. The token is also used as a reward for owning an NFT and BAYC holders get free APE.
Third-party developers use ApeCoin to play a role in the ecosystem and incorporate the token into their services, games, and various projects. For example, in Animoca Brands Benji Bananas, a play-to-earn (P2E) mobile game, the token is used as an incentive for players. During the game, they can earn special tokens and exchange them for ApeCoin.
From today you have the opportunity to trade APE tokens on our exchange in pair with Tether.
Read more about #MetaverseWeek in our latest article: https://kanga.exchange/decentraland-on-kanga-exchange/
Author: Piotr Szopa