ApeCoin (APE), the cornerstone of the Yuga Labs ecosystem, is an ERC-20 token established on the Ethereum Blockchain. It acts as the governance token for ApeDAO and serves as a pivotal currency within the metaverse, gaining acceptance from luxury brands. ApeCoin DAO, a community-driven organization, significantly contributes to the ecosystem by supporting developers. This article delves into what ApeCoin (APE) is and how to purchase it with Turkish Lira (TRY).
What is ApeCoin (APE)?
ApeCoin is an ERC-20 token birthed from the NFT realm and developed by ApeCoin DAO. It serves as the main token of the Yuga Labs ecosystem. Released in March 2022 through an AirDrop to NFT holders, APE became the governance token for the entire Ape ecosystem. The token enables holders to participate in ApeDAO, casting votes on system enhancements and community decisions. Within the metaverse, APE is the currency used in Otherside for transactions such as virtual land purchases and in-game activities.
How is ApeCoin Used in the Real World?
ApeCoin transcends its digital origins, finding applications in the real world. It is accepted by brands like Gucci and Tag Heuer, indicating its integration into mainstream commerce. In the Web3 domain, APE is utilized in decentralized apps and play-to-earn games. Ownership of APE also opens doors to exclusive events, AirDrops, and community perks.
Key Takeaways for Users
– APE holders can influence decisions within the Ape ecosystem through voting in ApeDAO.
– The token is used for transactions in the Otherside metaverse, such as buying virtual land.
– ApeCoin is accepted by luxury brands and used in various Web3 applications, showing its versatility.
– Membership benefits include access to exclusive events and AirDrops.
Founded in 2021, Yuga Labs gained prominence through its Bored Ape Yacht Club NFTs, which became status symbols with escalating prices and celebrity endorsements. Yuga Labs broadened its NFT portfolio with Mutant Ape Yacht Club and Bored Ape Kennel Club and solidified its market leadership by acquiring CryptoPunks from Larva Labs.
Yuga Labs ventured into virtual real estate with Otherside, a digital playground where APE is the primary currency. This virtual space aims to host future ApeCoin DAO events, creating a cohesive digital economy. ApeCoin DAO, a community-led entity, manages its treasury and ecosystem fund, supporting developers in creating valuable products and services for ApeCoin.
The Ape Foundation, the backbone of ApeCoin DAO, oversees governance, bookkeeping, and project management. A council of prominent figures in the crypto world, including Reddit Co-Founder Alexis Ohanian and Animoca Brands CEO Yat Siu, guides the DAO, ensuring the Ape ecosystem’s vision is realized.