ApeCoin: The new hot crypto explained

There’s a new coin in the metaverse called ApeCoin.

According to reports, members of the Bored Ape Yacht Club NFT collection are highly involved in the new crypto in town.

Do you remember the NFTs bought by Justin Bieber and Stephen Curry? The creators of those NFTs had an innovative idea for the owners of their collections.

What’s ApeCoin?

“ApeCoin serves as the governance and utility token of the BAYC, an NFT project of Yuga Labs, which has 10,000 unique bored ape artworks,” says CNBC’s financial group.

The Ape Foundation manages and oversees ApeCoin DAO, the new crypto project in the market.

According to reports, every investor who bought or will buy a BAYCNFT will have access to claim APE tokens for free.

They will have the freedom to resell them whenever they wish and want. Some of those investors already cashed a profitable amount of money.

There is not enough prediction information for ApeCoin for a reason, ApeCoin expands to a broader market than most cryptos.

“The possibilities for blockchain’s impact on culture are so endless that they can’t possibly all be predicted yet,” information read on the ApeCoin website.

APE is a token made to support what’s next, controlled, and built on by the community. It will serve as a decentralized protocol layer for community-led initiatives that drive culture forward into the metaverse.”

“The goal of the APE Foundation is to steward the growth and development of the APE ecosystem fairly and inclusively,” the website describes.

The Ape Foundation “provides an infrastructure for ApeCoin holders to collaborate through open and permissionless governance processes.”

ApeCoin’s way of working

According to the website, ApeCoin wants to implement specific changes and governance, and access to all users.

They proposed several steps to rule decisions and expand their cryptocurrency.

-ApeCoin holders will vote on proposed protocol changes as a long-term vision project.

-ApeCoin users will have day-to-day exclusive benefits such as merchandise, games, services, and events.

-ApeCoin users can make transactions among themselves.

“ApeCoin is an ERC-20 token, which means that it is built on the Ethereum blockchain. The supply in circulation is limited to 1 billion tokens – all of them minted in one go,” said CNBC.