Today we start to see another crypto. As probably have you already read from the title, we will talk about the famous ApeCoin (APE)!
In the last review, I talked about Filecoin (FIL), If you missed my last review, you can recover it here
Apecoin is the token born within one of the most important projects on the NFT front, Bored Ape Yacht Club, which will serve for governance purposes and, one assumes for now, for exchange functionality within the metaverse. A token that started with a bang and then was forced to face a generalized bear market, which is unique both in terms of its future possibilities and the medium- and long-term commercial prospects of the project it represents.
Is it suitable for diversification? Is it a good prospect over the medium and long term?
ApeCoin officially entered the market with the airdrop last March 17, registering +700% in the first 24 hours.
Since way back in 2017, when the four digital art and blockchain enthusiasts at the head of Yuga Labs started their creative partnership, the project has made big strides and turned out to be a huge success. Not that there was any doubt: already during the first presale, which lasted 7 days, 500 Ape were sold at a price of 0.08 ETH, worth about $220 each. And only a few weeks later, another 9500 Ape were added to the sales list.
Image Source: https://news.artnet.com/art-world/art-industry-news-august-31-2021-2004187
ApeCoin is an ERC-20 token, that is, a token created on the Ethereum blockchain and which, therefore, exists only within independent databases. It is a utility and governance token: it enables exclusive benefits and gives the right to vote.
ApeCoin is "a token for culture, gaming and commerce, created to foster Web 3.0-related initiatives." The aim, then, is to support what is to come and to provide a decentralized protocol that the whole community can draw on to move culture ever more toward the metaverse.
Apecoin has a maximum supply of 1 billion. Currently, the circulating supply is 307 million tokens. The market cap corresponds to $1.4 billion, placing Apecoin (APE) in the top 40 of the crypto market. Finally, the price, roughly $5.
Let us turn to the allocation of specimens, trying to understand how the project may evolve in the future.
In this DEEPENING section, we talk about more features of ApeCoin!
In the previous OVERVIEW section, I introduced you ApeCoin (APE) and I said that is the token born within one of the most important projects on the NFT front, Bored Ape Yacht Club, which will serve for governance purposes and, one assumes for now, for exchange functionality within the metaverse. A token that started with a bang and then was forced to face a generalized bear market, which is unique both in terms of its future possibilities and the medium- and long-term commercial prospects of the project it represents.
As the ecosystem around the Bored Ape grows, the role of APE may become even more central in the marketplace as well, however far we are from those totalizing projects that aim to create a complete ecosystem. Not only in terms of market value, but also in terms of recognition as well as attractiveness to the public as well. We are still in the early days of this project's journey, so we may continue to see good things on multiple fronts.
The inclusion in clothing lines and even in music videos of major artists such as ***Eminem and Snoop Dogg ***represent the prodromes of what will hopefully be a bright future for the entire ecosystem that is linked to the world of Apecoin and BAYC.
Image Source: https://blockworks.co/adidas-is-betting-big-on-the-metaverse-heres-how/
Otherside, which is the BAYC-branded metaverse being launched, will most likely be an important factor that will impact Apecoin's future. Should it be the success that everyone expects, it is more than reasonable to expect a major price rise for APE as well, without prejudice to the possibility that the token will be used regarding exchanges within BAYC's virtual world.
The metaverse sector is one of the trending sectors now, and a strong brand like BAYC will help the expansion of Otherside, whose Otherdeeds have already gone through the roof. That is, there has already been significant investment in digital real estate, which is unequivocally a good sign.
Image Source: https://indianexpress.com/article/technology/crypto/yuga-labs-bored-ape-yacht-club-is-entering-into-metaverse-7832514/
There is no doubt that ApeCoin has good growth prospects on its side and can certainly bring considerable benefits to its holders. Indeed, Yuga Labs' plan to use ApeCoin for all its products and services and to partner with Animoca Brands to build NFT blockchain games seems to bode well for the future.
In any case, ApeCoin is not without risks: not a few people are warning of a possible "FOMO" which would be leading investors to buy without a well-thought-out strategy, as also happened during the early days of Shiba Inu.
Image Source: CoinMarketCap
For more info, visit the official website: https://apecoin.com/
Have you already invested into ApeCoin or BAYC Metaverse?
Next Sunday I’ll introduce to you a new cryptocurrency.
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