Non fungible token OpenSea marketplace begun accepting ApeCoins


Popular non fungible
token (NFT) marketplace OpenSea recently announced that it has begun accepting
ApeCoins which is the main token for the Bored Ape Yacht Club ecosystem. It is
also the main currency required in the metaverse game experience Otherside.
Just after APE
became the largest metaverse token by market cap this announcement was made. As
per the announcement, ApeCoin can be used to make purchases on the open sea platform. Through
Web3 apps this relatively new Ethereum token allows users to make transactions that
do not have to be limited to those developed by Yuga Labs or the Bored Ape
Yacht Club.
The tokens were
created by the ApeCoin decentralized autonomous organization or DAO based on
the Bored Ape Yacht Club NFT collection. Next six months several prominent
members including FTX's Amy Wu and Reddit co-founder Alexis Ohanian will be serving
on ApeCoin DAO's board. There are 284 million ApeCoins in circulation
currently with a max supply of just 1 billion ApeCoins.Each year owners of
ApeCoins will be able to vote for the members.
In partnership with
NFT game publisher Animoca Brands, Otherside is built which is a game
experience in the metaverse. The same company has developed The Sandbox
metaverse. It is featuring several projects that include CryptoPunks, Meebits,
Apes, and Cool Cats.
Currently, by
market capitalization, ApeCoin has become the biggest metaverse token. At $18.56
USD ApeCoin is trading now. In the last 24 hours, the trading volume of the coin was
more than $5 billion and was up 1.3%.
According to data compiled by CoinMarketCap, this is more than 33% over
the last week.
"Otherdeed"
NFTs will be launched by Yuga Labs as per plan. "Otherdeed" NFTs will
be similar to those of The Sandbox and Decentraland that signify ownership of
virtual land. It will be available for public sale.
8% of ApeCoins
will be entitled automatically to the founders of Bored Ape Yacht Club and the Yuga
Labs team will get 16% of ApeCoins. A selected number of free tokens will be redeemed for Bored Ape Yacht Club and Mutant Ape Yacht Club NFT owners.
Members of Bored Ape Yacht Club, can
receive 10,094 tokens, or $80,000 in ApeCoins. Owners of Mutant Ape can receive
2,042 tokens or $16,400 in ApeCoins. Jane Goodall Legacy Foundation will get
1% of the ApeCoin supply as a donation where real apes will presumably benefit
from the tokens.

Indrani bose
CBW - External Analyst
INDIA