ApeCoin ($APE) – What Is It, Where To Buy, What Is It For?

Q: What is ApeCoin for?

ApeCoin serves as the governance and utility token for the BAYC ecosystem. The token operates as a Decentralized Autonomous Organization (DAO) that is facilitated by the APE Foundation. This means that those who own ApeCoin have some say, through voting power, in the governance of the token such as fees, UI changes, fee reward distribution, etc.. Additionally, ApeCoin was created for utility purposes within the BAYC ecosystem.

The world of NFTs and cryptocurrencies have been abuzz with ApeCoin lately. If you have been wondering what ApeCoin is, our simple guide will explain what you need to know about ApeCoin.

What is Apecoin?

ApeCoin is a new cryptocurrency that has become extremely popular in the world of NFTs and cryptocurrencies. In simple terms, ApeCoin is the native token in the Bored Ape Yacht Club (BAYC) ecosystem. ApeCoin is an ERC-20 token, which we explain in more detail in our guide on the Difference Between ETH and WETH here.

Who made ApeCoin?

To understand what ApeCoin really is, you need to know who made ApeCoin and the community that surrounds the ecosystem. (Don’t worry, we’ll be brief!)

Origins of ApeCoin

The origin of the ApeCoin token is rooted in the world of NFTs. Bored Ape Yacht Club (BAYC) is dubbed the most influential NFT project to date. Created by Yuga Labs, it is a collection of 10,000 NFTs which gained popularity at the start of 2022. Currently, the value of all BAYC NFTs combined is worth $3 billion and climbing.

How exactly did BAYC become so popular? Initially, traders bought the NFT for its utility – this includes membership to the Bored Ape Yacht Club, with exclusive access and benefits. BAYC offered members access to the Bathroom, a virtual graffiti board, and knowledge about the BAYC roadmap progress (the goals and strategies of the project). Members also enjoy rewards such as commercial rights to their NFT apes, exclusive merchandise for NFT owners, and some upcoming members-only activities such as a scavenger hunt, games, and more.

What really propelled the NFT project into popularity is the community. The community surrounding the project managed to get the right people to invest – celebrities. Some celebrities that have famously invested in BAYC NFTs include Jimmy Fallon, Eminem, Snoop Dogg, Paris Hilton and more. This helped the relatively new NFT project gain mainstream attention and drove its value up, making it a status symbol.

ApeCoin Token Launch

In late March 2022, Yuga Labs, the developers of BAYC NFTs, launched its cryptocurrency token ApeCoin. Unlike NFTs, these tokens are functionally the same as any other cryptocurrency as a fungible token – meaning that one ApeCoin token is equivalent to another. As tweeted by its official account, ApeCoin is “a token for culture, gaming, and commerce used to empower a decentralized community building at the forefront of web3.”

So will the value of ApeCoin soar like the BAYC NFTs? It’s still early days, so only time will tell – but the community that surrounds the Ape ecosystem and its developers show great potential.

ApeCoin Market Cap

The market cap for ApeCoin is limited to 1 billion coins.

What is ApeCoin for?

ApeCoin serves as the governance and utility token for the BAYC ecosystem. The token operates as a Decentralized Autonomous Organization (DAO) that is facilitated by the APE Foundation. This means that those who own ApeCoin have some say, through voting power, in the governance of the token such as fees, UI changes, fee reward distribution, etc.. Additionally, ApeCoin was created for utility purposes within the BAYC ecosystem.

As it’s still quite a new cryptocurrency, new utilities are still being created for the token. One of the utilities of the coin is the in-game currency for the mobile game Benji Bananas. Players of the game can pay 25 ApeCoins for a pass, which allows them to play the game to earn in-game tokens, which can then be swapped for ApeCoins.

How to buy ApeCoin?

Depending on the platform, you should be able to directly purchase ApeCoin. However, on some platforms, you may need to buy another ERC-20 token such as USDT to trade for an ApeCoin. Our guide on the Difference Between ETH and WETH shows a few methods of buying ERC-20 tokens and ETH.

You can purchase any of these tokens in a number of ways – via credit card, bank transfer, or if you own other cryptocurrencies, you can exchange them for an equivalent value in your token of choice.

ApeCoin is available on most major cryptocurrency trading platforms. Do note that these platforms usually require some form of identity verification before you can trade or purchase tokens. Additionally, each platform will have different fees and conversion rates. Make sure you have enough to cover any fees and exchange rates!

Here are a few platforms that trade ApeCoin:

Once you own ApeCoin, you can leave it in your platform account or you may want to consider moving them to a cold wallet or hardware wallet for better security. Our guide Crypto Hardware Wallet Guide – How To Use A Hardware Wallet goes into detail about this!

What Is Apecoin Price Now?

The current price of Apecoin in USD is: