Iconic Funds targets NFTs with ApeCoin ETP and reveals white-labelling ambitions

Interestingly, holders can sell or buy ApeCoin without any restrictions on a decentralized exchange, serving as a digital trading post for different cryptocurrencies. ApeCoin otherwise referred to as $APE or APE, is the native cryptocurrency in the Bored Ape Yacht Club or BAYC ecosystem. As of now, BAYC is the most renowned NFT collection on the Ethereum network.

How was ApeCoin developed

Unification of spend – APE can be used as a decentralized currency, powered by the Ethereum blockchain. Governance – Holders can participate in the ApeDAO, making decisions about the direction of the community and future incorporations into new ventures. The original BAYC collection was developed by Yuga Labs, a company founded in February 2021 and whose three collections—BAYC, MAYC, and the Bored Ape Kennel Club —helped drive $127 million in revenue that year. Yuga Labs is led by CEO Nicole Muniz, who is a former partner at advertising company B-Reel and founder of her own boutique consulting agency. According to our price forecast, ApeCoin is currently a prudent investment, per our analysis. But if you’re interested in new projects, we suggest checking out Meta Masters Guild and Fight Out, both of which are presently accepting pre-orders.

Apecoin Price

VCs dumped $32.5 billion into crypto startups last year, but the release of tokens like ApeCoin could add a new dimension to fundraising. At Friday’s price, the ApeCoins belonging to VCs were worth nearly $2 billion, far more than the funds have invested in the project to date. What’s more, they can sell the tokens at any point rather than waiting the traditional 7–10 years for their investment to turn into something.

How was ApeCoin developed

If this scenario plays out, ApeCoin’s usefulness would be much enhanced, and it would no longer be linked to worthless meme coins. Our ApeCoin price forecast for 2025 assumes the coin will hit $75 by the year’s end, though it could go higher if there is a significant bull run on GameFi and NFT projects. Given that APE is still in its infancy as a token, investing in it carries significant dangers.

Popularity and celebrity collectors

The future value of the token could be positively affected by more ideas proposed by the community in the future. Not only may ApeCoin be used for the governance and game integration discussed above, but it can also be used to pay for goods and services. Given its connection to the NFT space, this might prove challenging.

Bored Ape’s value hovered around $200 for not long before rapid growth began. Eventually, not only the crypto community, but also TV stars, brands and musicians became interested in the collection, making BAYC even more prominent. APE coins sold for $2.7 million and $1.4 million, respectively, were two of the most expensive. Third-party developers use ApeCoin to play a role in the ecosystem and incorporate the token into their services, games and various projects. For instance, in Animoca Brands’ Benji Bananas, a play-to-earn mobile game, the coin is adopted as an incentive for players. They will be able to earn special tokens when playing and swap these tokens for ApeCoin.

ApeCoin’s Future Value Projection

According to the website, ApeCoin wants to implement specific changes and governance, and access to all users. They will have the freedom to resell them whenever they wish and want. Some of those investors already cashed a profitable amount of money. The Ape Foundation manages and oversees ApeCoin DAO, the new crypto project in the market. The creators of those NFTs had an innovative idea for the owners of their collections.

Made up of 10,000 unique Bored Ape NFTs, the collection ranks as the second-largest by trading volume.

ApeCoin has utility as the membership pass and governance token of the ApeCoin decentralized autonomous organization , where every token holder can vote on the use of the Ecosystem Fund or cast their own proposals. The token can also be used as an open currency for payments and transactions without centralized intermediaries. Of the total supply, 15% of tokens were made immediately available to the BAYC and MAYC NFT holders upon launch, and 47% of tokens went to the DAO treasury. A further 15% was distributed to Yuga Labs, and 14% was reserved for investors and contributors to the project. The four founders of Yuga Labs and the BAYC were given 8% of all APE tokens. Finally, 1% was donated to the Jane Goodall Legacy Foundation to aid in its efforts to promote conservation, educational programs, and research of environmental initiatives.

  • For instance, in Animoca Brands’ Benji Bananas, a play-to-earn mobile game, the coin is adopted as an incentive for players.
  • The cryptocurrency is traded on some of the biggest exchanges, such as Binance, FTX, Huobi, KuCoin, Bybit, Kraken, and so forth.
  • Bored Ape Yacht Club has become one of the most popular NFT collections.
  • The community holders of ApeCoin and various products/services using the cryptocurrency collectively make up the APE ecosystem.
  • However, if investors think APE is a solid investment in 2022, it might also hit $15 by end of 2022.

As explained above, governance is one of the main purposes behind APE as it allows holders to participate in the DAO. As mentioned above, APE is an ERC-20 token that serves the purposes of governance, but it also brings utilities when used within the APE ecosystem. Bored Ape Yacht Club holds hosted events in New York, California, Hong Kong, and the UK for its owners.

By adm_wavi

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