ApeCoin Project and Cryptocurrency Overview: features, forecast and prospects for investors

Projects related to NFT are intensively developing in the cryptocurrency market. One of these projects is associated with the Dogecoin cryptocurrency with the APE token, launched on March 16, 2022. The platform is designed to support commercial games.

ApeCoin Goal

ApeCoin is a collection of NFT, the main objects of which are virtual monkeys. The organizers of the site planned to arrange the system in such a way that it would develop most fairly.

The tokens of the platform implement, among other things, the management function, since they can be used to vote for the development of the project. Token holders have other advantages as well. So, they can create their own NFT for the Kennel Club, which is part of the platform. The funds received from the sale of these tokens partially go to charity and animal welfare.

ApeCoin Feature

ApeCoin is the native cryptocurrency of the Bored Ape Yacht Club ecosystem, which is a popular collection of unique tokens (NFT) on the Ethereum blockchain. The “inhabitants” of the club, now there are 10,000 copies, can be bought and sold. All of them were sold out within 12 hours after the launch of the platform, so it is now possible to buy the NFT of this project only on the secondary market. Thus, the organizers became millionaires overnight.

Later, in addition to monkeys, other types of NFT appeared on the platform. So, there is the NFT Kennel Club and the Mutant Ape Yacht Club. In April 2022, the sale of virtual lands began. The popularity of the lands was promoted by a demo video. As a result, the cost of land immediately after the start of sales became higher than in the well-known Sandbox project. Not all users could buy land, but only those who had registered and passed verification before April 1, 2022.

At the end of April, a Metaverse of the project with the name Other side appeared, which only owners of lands or tokens could get into. The metaverse is implemented in the form of a computer game.

Similar projects are known, but in them NFTs are created programmatically on computers. In ApeCoin, the initial objects are copyrighted and drawn by artists. The project developers, initially there were four of them, hid under nicknames. Not all of these nicknames are known now.

The owner of the yacht club is Yuga Labs, which is located in California.

How to get and where to store APE

Collectible tokens can be freely bought and sold on decentralized cryptocurrency exchanges. APE is also traded on large centralized exchanges (Binance, Huobi and others).

Elon Musk, Madonna and other celebrities have copies of collectible monkeys.

For storage, you can use any crypto wallet with support for the ERC-20 standard, for example, Meta Mask.

ApeCoin Development Prospects

Since the project is very young, it is difficult to assess the prospects for its development now. The roadmap for the development of the platform includes the creation of 3D models, the implementation of APE in various Metaverses and other ambitious projects. If they are successful, the value of the coin can quickly grow tenfold.

But it is worth remembering that any investment in cryptocurrency is highly risky. So, after listing on Binance, the price of ApeCoin was $ 28, but then decreased by more than 2 times.

Published: 7 December, 2022