If you have been in the crypto space as long as we have, we are sure you wouldn’t be alien to the Bored Ape Yacht Club and Yuga Labs. In this article, we will explore the ApeCoin, a token that was recently launched by Yuga Labs and what the future holds for the Bored Ape Yacht community.
ApeCoin and the DAO
On the 16th of March, 2022, Yuga Labs launched its first token (Apecoin) and DAO. The token was listed on major exchanges like Kucoin, Binance, Coinbase, and Gateway.io. The token rose to about $40 on the first day and consolidated between $7 and $17.
Introducing ApeCoin ($APE), a token for culture, gaming, and commerce used to empower a decentralized community building at the forefront of web3. 🧵- @ApeCoin
Before the coin launch, the token was airdropped to owners of the Bored Ape Yacht NFTs and other related Apes such as Mutant Ape Yacht Club.
The airdrop claim consisting of 15% of the total supply of ApeCoin will be made available to @BoredApeYC NFT holders (Bored Apes and Mutant Apes, as well as #BAKC dogs paired with either #BAYC or #MAYC)-@Apecoin
A single user made about $820k of Apecoin during an airdrop via flashloan. This user took advantage of the NFT craze and a lump sum of ApeCoin in the airdrop. The NFT number 1060 was purchased from OpenSea and the attacker used as a flash loan fee to flash loan 5.2 BAYC tokens from the NFTX Vault. Users can put their NFTs in the vault and mint ERC20 tokens.
The attacker redeemed 7594, 8214, 9915, 9167, and 4755 BAYC NFTS with the borrowed tokens. Due to their large number of BAYC, the attacker was able to claim the APE tokens for each, resulting in a total of 60,564 APE, which they sold on the market for ETH. The attacker then converted BAYC NFTs to BAYC tokens to repurchase the flash loan and fees, earning him 293 ETH worth almost $820,000.
Web3 has given new life to culture through art, gaming, and events. Creators and the crypto community can't predict blockchain's cultural effects. APE is a community-controlled and built-on token designed to support what's next for the future.
Yuga Labs is well known for creating the Bored Ape Yacht Club, a web3 firm. As a community member, it will join the ApeCoin DAO and use APE as the principal token in new initiatives.
You would love to think that the ApeCoin DAO is decentralized, but we hate to break it to you, the DAO is not fully decentralized, and its owners will rely solely on the efforts of others.
Is The ApeCoin a Utility Token?
The coin will find its first use as the currency for Benji Bananas. Animoca Brand designed this game. It was initially free to play the game but has now been converted to a play-to-earn which requires 25 ApeCoins to play alongside the ETH gas fee. Players will earn tokens to swap for ApeCoins. ApeCoin is definitely a utility token that will benefit both players and holders.
How to Invest in ApeCoin?
As stated earlier, APE was listed on exchanges such as Binance, Kucoin, and Gateway.io. We advise you to get a cryptocurrency exchange account if you don’t have one.
Get an Exchange Account
As we pointed out earlier, download a cryptocurrency exchange that supports ApeCoin.
Purchase the Coin
Purchasing this coin is very much like other coins on all other exchanges, and you simply have to navigate to where the ApeCoin is and make your buy order. Once that is done, you are already the owner of your purchased ApeCoin.
Read Also: Best NFT Marketplaces to Buy and Sell your NFTs
Is ApeCoin A Good Investment?
On the 22nd of March 2022, Yuga Labs reported that they raised a seed round of funding which was worth a whopping $450 million.
JUST IN: Bored Ape Yacht Club creator, Yuga Labs, has raised $450 million to build a #metaverse.-@WatcherGuru.
Yuga Labs raised this fund from Andreessen Horowitz, and currently, the firm’s valuation is now at about $4 billion. Yuga Lab aims to build its Metaverse named “otherside.” In this Metaverse, users will be able to integrate avatars from other NFT projects. Aside from Andressen Horowitz, other investors are Animoca Brands, LionTree, Sound Ventures, Thrive Capital, FTX, and MoonPay.
The Bored Ape Yacht Club is probably the most discussed NFT project globally, with many celebrities buying into the idea of the project.
Recently, Yuga Labs also announced that it had acquired NFT projects such as Crypto Punks and Meebits from Larva Labs. They didn’t disclose the deal's amount since it hasn’t been made public yet, but you can be sure the deal came pricy.
Currently, the coin trades at $15, and although the coin is still in its infancy, we believe upon the implementation of the roadmap, the coin’s price will go to the moon.
You are still early with ApeCoin and we believe it wouldn't be a bad call to invest some of your dollars in the ApeCoin but remember to invest what you can lose.
I/we have a position in an asset mentioned