Bored Ape Yacht Club Launches Its Own Altcoin
Bored Ape Yacht Club (BAYC) has just launched its own altcoin token. The launch of ApeCoin (APE) caught a ton of attention and can already be considered one of the most successful token releases in the history of crypto. But will ApeCoin truly become a massively popular alternative cryptocurrency in the long term, and does the launch of APE mean we’re about to see a hot new crypto trend of NFT collections making their own altcoins?
Bored Ape Yacht Club is one of the most widely recognized NFT projects ever created. The collection of 10,000 beautifully drawn cartoon apes took the crypto community by storm, and having an ape profile pic on Twitter became a symbol of status among blockchain enthusiasts.
BAYC became so popular that some of the most rare Bored Apes sold for millions of dollars. However, that might be just the beginning, as launching its own cryptocurrency can potentially increase the growth of Bored Ape Yacht Club even further.
But what exactly is ApeCoin, and why is it significant not just to the BAYC community, but to the crypto ecosystem at large?
ApeCoin (APE) is an ERC-20 token with a fixed supply of 1,000,000,000 APE. In just a few days from launch, APE has become one of the top 40 largest cryptocurrencies by market capitalization. Currently, the APE market cap is almost $4 Billion.
Along with the launch of ApeCoin, a Decentralized Autonomous Organization called ApeCoin DAO was created. The mission of ApeCoin DAO is helping to stimulate the growth of the APE ecosystem, and making sure that the project remains secure, transparent and decentralized.
For now, the APE token doesn’t have many use cases. But in the future, ApeCoin is intended to fulfill a variety of uses, including gaming and metaverse related solutions.
It’s essential to note that the launch of APE is not just important for the Bored Ape Yacht Club community. The creation of ApeCoin is also significant for the crypto ecosystem at large, as it marks the first time when a massively popular NFT project has launched its own altcoin.
The instantly successful launch of the APE token is a clear sign that the popularity of NFTs is still increasing. However, up until now, most NFT collections didn’t feel the need to have their accompanying altcoins. There’s a great chance that ApeCoin will change that, and that “altcoinization” of NFT projects will make them even more popular than they are now.
The adoption of blockchain based technologies like NFT is progressing very fast. Because of that, projects like Grand Time are also becoming more and more important, as they fulfill the mission of educating beginners about crypto and blockchain in an efficient, responsible and fun way.