By Larry Wright
Since the very beginning of decentralization and blockchain technology, when Bitcoin was crowned as the flagship cryptocurrency of the crypto world, the adoption rate for both has been pretty steep and market adaptive. Many people would argue that it is a technology that is not very much in demand and is future-centric. However, the reality is that the world of financial technology is adopting blockchain technology and is making strides to become an automated entity.
With that in mind, multiple enterprises out there are trying their best to develop their own crypto solution to tackle multiple problems that are already present in the community and bring them a viable solution in their own style. One such token out there is ApeCoin, which is a standard governance token that also works as a utility token for the APE ecosystem.
It helps in empowering the decentralized community for ApeCoin when it comes to building decentralized apps, common non-fungible tokens, and other such utilities using the prospective processing power of Web 3.0. With the help of APE, the token holders are not only able to propose their own extensive proposals when it comes to governance proposals over the DAO while at the same time becoming eligible to access multiple exclusive features that are made present within the APE community and that includes games, special events and other services offered by the community.
You might have heard about Bored-Ape-Yacht-Club, which is basically a non-fungible token collection made available by Yuga Labs; they have also recently adopted APE as the standard crypto token for all the related products and services that they offer to the end customer.
Bored-Ape-Yacht-Club got launched back in 2021, and since its launch, this club has been a highly eccentric and popular non-fungible token collections venue out there. Not only this club has many active members supporting its community, but the number of active buyers and people who are sincerely interested in their project and the non-fungible tokens that this club puts out is also huge.
What is ApeCoin?
As explained earlier, ApeCoin is a dual token that works both as a governance token and also working in the capacity of a utility token for the APE ecosystem, all at the same time. It supports the APE community as a decentralized protocol layer which is developed and maintained through web 3.0, a new direction that software developers and community specialists have taken to not only support decentralization but also to further its cause which is to increase interoperability, enhanced scalability, while at the same time being able to provide a decent service to the end-user without breaking them off with high transaction fees and other discrepancies.
APE as a utility and governance token has almost a set supply of tokens, and it is orchestrated and developed by the APE community. As for the ApeCoin (DAO), a decentralized enterprise that provides permission to all the token holders to be able to cast a vote on certain governance-related decisions that will affect either the supplier token in the future, current transaction fees of the network, and ultimately it will decide upon the very future of this enterprise.
The Bored-Ape-Yacht-Club has also adopted APE as their go-to primary broken for the sake of buying any services and products that the club has to offer. At the moment, the club is offering multiple non-fungible tokens for the crypto community to dangle with. Presently the use cases for ApeCoin are limited, but in the future, it is expected that a sudden increase in the adoption rate will allow APE to become much more than a governance initiation token as it would be able to serve the crypto community at a better note.
Working Mechanism of APE
The very function for which APE was founded back in the day was so that it could be used in the ever-growing NFT ecosystem. It is currently being maintained by the ApeCoin (DAO) and is supported by the same foundation as the APE. DAO corresponds to the decentralized autonomous organization which is in charge of automating the process of governance for all the token holders for APE.
Multiple decisions could be made through the extremely regarded input of the token holders, such as how to properly distribute the available funds for the entire ecosystem, what kind of governance rules must be made or dictated, how to select various projects to work on, and what partnerships should be continued and which ones should be severed.
These or some of the decisions or governance-related issues that standard APE token holders would be able to participate in. After a vote has been cast by all the dedicated DAO members on different proposals The-APE-Foundation then assesses the whole thing by validating each and every vote to make sure that nothing was out of the ordinary and only when all types of validation and associated processes have been completed would the vote be carried out unanimously by the submissions of community members or token holders.
The APE Foundation works as the legal representative of the decentralized autonomous organization. It is put in charge of not only the growth as well as the development but consistent scalability of the APE ecosystem in a much more efficient and credible way. There is a special counsel at work when it comes to the foundation, and it is known as the ‘board’. The very purpose of the board is to make sure that each and every transition taking place within the network is in accordance with the overall vision of the community.
The standard procedures and day-to-day tasks of the board include the eccentric implementation and execution of the community’s vision in a much more elegant and potential way. There are five different members present on the board, and these originate from the crypto community as well as have a tech background.
All these members are put in charge of delegating multiple decisions for the ApeCoin for almost six months because after that time period has passed, the token holders will then cast a new vote to appoint new voting members, and this is done on an annual basis to make sure that no cheating is done, and the vision of the community remains properly propagated within the eyes of the board members and to make sure that they don’t have their own visions which they would want to supersede over the vision of the community.
Introduction to APE Ecosystem
If you want to know more about how ApeCoin works and about the APE, then you must understand how the APE ecosystem as a whole comes together. The APE ecosystem in itself comprises the community owners for ApeCoin and all the products and services out there that are utilizing the utility token that is APE.
The Bored-Ape-Yacht-Club, created and maintained properly by the Yuga Labs, is a Web 3.0 company and a community member within the ApeCoin decentralized autonomous organization that has adopted APE tokens as the main crypto token to pay for not only the products and services that the company offered but also as a financial initiative for the future projects that the company will be creating. When the ApeCoin was launched, the members or holders of the Bored-Ape-Yacht-Club were given the opportunity to claim around 15% allocation of the total ApeCoin’s supply.
A long time has passed since that intervention, and the company continues to mint new tokens and throw them out into the crypto market for users and enterprises to invest their money into. According to the Bored-Ape-Yacht-Club, the APE token is going to be a great initiative not only for the present products and services but also for all the projects that the company will be launching in the future. According to the spokesperson of the company, this token is not only efficient but also extremely scalable and interoperable, which means that you can convert it into any cryptocurrency or Fiat alternative and use it at your discretion. Let’s take a look into the non-fungible token collections and projects that are tied with the APE ecosystem one way or the other;
What is Bored Ape Yacht Club?
As explained earlier multiple times, this club was launched back in April 2021, and it is the first non-fungible token collection that did connect with the APE ecosystem. This club alone features about 10K unique and completely customized Apes over the Ether blockchain. Each and every ape comes with a unique style, sense of reality, and eccentric look that is different from the other one.
What is Mutant Ape Yacht Club?
It is another non-fungible token enterprise that has made APE a primary utility token for the sake of buying and selling non-fungible tokens over their platform. They have a non-fungible token collection of about 20,000 mutated versions of the original Bored-Ape-Yacht-Club Apes. About 10,000 of these mutant tokens were given to the official Bored-Ape-Yacht-Club non-fungible token holders, and along with that, three other orientations for each token were also applied to the whole deal to increase the chances of a rarity for each and every token.
Due to the different types or versions of these serums or orientations, the bored app Yacht Club non-fungible token holders received they were able to develop multiple types of mutant Apes for themselves. If a Bored-Ape-Yacht-Club user has only a single serum type, then they could only modify a single NFT into a mutant out of it, and after the mutant has been developed, the serum is going to disappear from their side. This was a really incredible idea to further the cause of having a non-fungible token club where users could meet and greet and they could exchange ideas or develop non-fungible tokens to inspire others and to further the cause of this whole operation.
This definitely brought some new members to the community, and following the events of this specific club, there was a dedicated sale commenced on August 2021 when multiple non-fungible tokens from both clubs were presented to the public, and most of these were sold during the first day. This doesn’t normally say a lot about the utility of APE but also how incredibly the non-fungible token space is moving forward, and people are literally throwing themselves over this concept more than anything that is decentralized or utilizes blockchain technology.
Sure there are going to be millions of users for multiple cryptocurrencies out there, but when it comes to fun and creativity, non-fungible tokens are the way to go, and the ApeCoin is doing an incredible job putting itself out there within this specific domain and making payments easier as well as efficient for not only the purchase but also selling of non-fungible tokens.
APE Token
Now that you have acclimated yourself to the ApeCoin community and have read all about its foundation, the vision it has, and the applications of the APE token among various non-fungible token communities, you might be wondering what the true purpose of the APE token is? Where these can be used, what are the applications that these tokens have, and how does this benefit you as a token holder? The ApeCoin token has multiple purposes embedded within the APE ecosystem. First of all, it allows holders of the token to participate within the ApeCoin decentralized autonomous operation for governance-related issues and decisions.
If you are an APE token holder, then you would have unrestricted access to multiple exclusive features of the APE community, which include but are not limited to games, merchandise, and other multiple services that are either in the present or will be released somewhere along with the future. APE also works as a potential tool for the off-platform developers who want to take part within the APE ecosystem, either to explore it or discern the governance-related policies and issues of the network.
By doing so, they will be able to utilize the token in their own services that they provide to the end-user, any games they are working on, and projects that they are working on. Suppose there is a game that is completely decentralized and utilizes the services of blockchain technology and web 3.0; now, the developers want to incentivize the gamers, so the users are more interested in playing this game or beta test it whenever new features are made available.
So what they do is that they offer these gamers or people who are playing the game the opportunity to earn a specific amount of APE tokens for the overall hours they spent playing the game. This is a rather fun concept and takes into account the overall working of the APE ecosystem; since there are multiple governance-related issues that are present and are being solved at a steady pace, there are always going to be changed around how these tokens are used, what products or services these tokens support and the price or value of these tokens is also going to fluctuate as well.
Yuga Labs is the only company or enterprise out there which recognizes ApeCoin at the moment, but with further improvement within the governance-related aspects of APE along with it being adopted to other spaces of the non-fungible token realm, people are definitely going to come around and buy APE tokens to become part of such exclusive events and non-fungible token oriented products and services in the future. At present, you can only use these tokens for the sake of either purchasing or selling non-fungible tokens. But in the future, the support and use case for these tokens might eventually grow into something much more appreciative and content from a customer’s perspective.
You don’t want to skip this great opportunity in front of you just because you don’t think that in the future, the token will be worth something or it will finally be used in a productive project because once this opportunity gets slid away, it might not come back at all. So, consider this time as a chance you are given to adopt and invest in the APE tokens. If you want, you can have a much brighter and more efficient future when it comes to non-fungible tokens and all things remotely or strictly related to this specific enterprise.
NFT space is receiving all kinds of innovation from designers, market strategists, and companies who are all but ready to pour their money into making it a huge hit, so why should you back out of this amazing opportunity at its brightest? Start by investing some of your money into the APE token; this way, you will receive not only the governance rights but also some of the most exclusive elements that are only reserved for the community members. This will help you to increase your exposure to the NFT space while tackling some of the greatest events covered in this regard, all thanks to your membership with ApeCoin. If things continue as these are at present, then the day is not far when all kinds of NFT trade will only be orchestrated or executed by none other than ApeCoin.