The year 2021 proved remarkable for the crypto community as the famous NFT collection Bored Ape Yacht Club took people in awe. BAYC’s huge success led to the creation of its native token, ApeCoin. A decentralized autonomous organization administers this token, which means the holders get a chance to cast their vote on the DAO’s decision.
Yuga Labs, a blockchain technology company, is the initiator and a community member of the APE ecosystem. Whichever project they take over, ApeCoin is the primary token in those projects.
Apecoin: Its uses and function
ApeCoin is a native currency of the Bored Ape Yacht Club NFT collection. Initially, the owners distributed it in the form of a claimable airdrop to the users of Mutant Ape Yacht Club and BAYC. Well, now anyone with a crypto exchange account can buy this coin. Soon after its launch, the coin turned out to be a major hit among the crypto community.
The ApeCoin foundation plays an active role in ensuring the ecosystem’s growth. This coin serves multiple functions like the holder acting as a participant in decision-making in DAO, playing games, participating in events and even buying merchandise. As DAOs regulate ApeCoin, the owners too become part of the system.
Most merchants accept ApeCoin as it is a pervasive ERC-20 token. Those using the coin receive free APE immediately transferred into cash. Often third-party developers utilize these tokens for carrying out different types of projects, including games.
Multiple utilities of Apecoin: a brief discussion
ApeCoin turns out to be a currency that has a bright future because of its multiple utility features. If you are naïve about the coin check out its use cases described below.
- Mode of payment
ApeCoin has great potential, and many merchants use it as a mode of payment. Several crypto events accept APE as payment which is believed to drive more trading volume to the coin.
- Used as a decision-making tool
The coin forms part of the DAO, which simply means that the users have a say in the decision-making happening in the metaverse ecosystem.
- Included in the gaming ecosystem
Benji Bananas is a game which uses APE for carrying out transactions occurring in the game. These kinds of play-to-earn games help the crypto industry to grow in prominence and gain more acceptability.
Buying method for ApeCoin: explained
ApeCoin is available on the Ethereum blockchain, and you can buy it from any popular crypto exchange. Here’s the buying process you can refer to if you are new to the crypto market.
Step 1: Choose a crypto wallet
The first step to a successful currency buying process is choosing a wallet where you can store coins. Wallets belong to different categories like hot and cold. If you don’t prefer any, an integrated crypto wallet is a prerequisite you need mandatorily.
Step2: Select an exchange
Exchange is a platform that helps you carry out transaction activities conveniently. Not all exchanges will support ApeCoin, so do check if the exchange you selected trades the coin or not. Generally, Coinbase and eToro trade ApeCoin and are reliable exchange platforms.
Step 3: Place your order
After finalizing an exchange, you must visit ApeCoin’s website and choose the amount you wish to trade or invest. Once you are done with payment selection, tap on the order confirmation button. You must research the storage before you put your hard-earned money thoroughly.
ApeCoin : “To invest or not to invest”
Are you pondering “to invest or not to invest” in ApeCoin? Don’t worry! Our blog will present specific facts that might help you reach a consensus.
Developers are keen on introducing innovative protocols that will majorly impact metaverse. On successful implementation of new evolutionary changes is expected to bring a spike in the APE prices. If we look at the possibilities offered by ApeCoin, hope definitely prevails as the ecosystem gradually grows.
Within a short span, the coin made it to the top 50 cryptocurrency list as per the market analysts, and they opine ApeCoin to prove a good investment option. Despite instability in the price market, analysts predict the coin to grow substantially in the long term.
Compared to any other cryptocurrency, ApeCoin has a wide range of use cases, making it an emerging and profitable crypto. ApeCoin has several growth potentials, like access to Bored Ape’s Metaverse of games and merchandise. These features have proven to be a significant factor in cryptocurrency growth value.
The APE ecosystem has a range of supportive components in place to support transactions across many industries, including decentralized payments and land sales. As the ecosystem grows and more people use ApeCoin, its value will also increase.
The investment decision should be based on your preference and research; we don’t offer any financial opinion. Before you decide to invest in Apecoin, please consult an expert.