0

Yuga Labs Launches ApeCoin and DAO: Here is what to expect.

PUBLISHED Mar 28, 2022, 3:12:45 PM        SHARE

img
imgTobi Amure

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



Sound investments
don't happen alone

Find your crew, build teams, compete in VS MODE, and identify investment trends in our evergrowing investment ecosystem. You aren't on an island anymore, and our community is here to help you make informed decisions in a complex world.

More Reads
New Investor Tips
Image

These new investor tips help to answer questions most new investors ask when they first start investing.

How Much Cash Should I Have in My Portfolio?
Image

You should not have any cash in your investment portfolio. Cash is a depreciating asset and its better to hold bonds, precious metals, or safe ETFs during market sell-offs.

Who Buys Stocks When Everyone is Selling?
Image

When everyone is selling stocks, market makers, traders, and long term investors are on the other side buying at lower prices.

Is it Worth Buying Less Than One Share?
Image

Buying less than one share is worth it. Fractional shares help retail investors jump into investing. But it's important to know what you lose when you buy fractional shares.

Should I Buy Red or Green Stocks?
Image

You should never buy stocks just because they are green or red. Let's explain why stocks are colored this way and why they should not effect you investment decision.

OK, but . . .
Image

Market Commentary

Best NFT Marketplaces to Buy or Sell Your NFTs
Image

NFTs are still causing quite the stir in the Crypto Industry as Bored Ape Yacht has decided to launch its own Token and its DAO. The NFT marketplace can make or break your art.

News Dominates the Markets
Image

market commentary

James Leveque’s Keys to Financial Freedom
Image

Some tips and tricks that helped me in the financial game.

What is the Purpose of StockBossUp BossCoin?
Image

What is this cryptocurrency called BossCoin? Why is it integrated in StockBossUp? BossCoin's purpose is to incentivize a flow of responsible and wealth-generating investment ideas on the StockBossUp network.

My pension fund is dropping
Image

Practical tips to consider in times of economic downturn

Updates to StockBossUp
Image

StockBossUp is adding new features as we leverage our new BossCoin boost and integrate live data into the app.

Why Managing Volatility Increases Wealth
Image

Market volatility is a wealth killer. By managing the major up and down swings of your portfolio you can start to reliably grow your wealth.

Crypto Terminologies Every Noob and Pro Should Know
Image

The Crypto space is full of jargon, but it’s not hard to understand once you get the hang of it. So if you've come across some new terms that you just can't seem to wrap your head around, here's a glossary for you. In this article, we've put together 20 + common crypto terminologies every noob and pro should know with definitions so that you don't have to struggle anymore. Let's begin!

Bored Ape Yacht Club: The Apex NFT Project
Image

In one of our previous articles, we touched on NFTs and Real World applications, and we are sure you had a wonderful experience learning about NFTs. There’s a fresh kid on the block, “Bored Ape Yacht Club.”

Hyperbitcoinization: The Dawn of a Brave New World
Image

Bitcoin got to its all-time high in 2021, and we can be sure that bitcoin is going to the moon. In this article, we will be focusing on institutions and countries that have accepted bitcoin as a legal tender and the journey of the world to Hyperbitcoinization.