ApeCoin (APE) by Yuga Labs just gave a powerful new tool in the hands of Bored Ape Yacht Club NFT owners.
APE was up to a rough start, swinging between $39 and $6 within hours. Just a day later, though, APE traded above $15 and gave off signs it may turn into a powerful token for the governance of a newly established DAO.
APE is Suddenly Everywhere
The most stunning feature of APE is that it went through an organized mass listing, appearing on Coinbase and Binance. Out of all new coins and tokens, negotiating an immediate listing to all major exchanges and brokerages is a feat.
The listing of APE, which continues to spread to decentralized exchanges and apps, is a testimony of the influence of BAYC and Yuga Labs.
The launch of APE also had an immense effect on BAYC, lifting the collection’s trading activity by more than 1,500% at one point on OpenSea.
The floor price of apes is now solidly above 90 ETH, with routine sales happening above 120 ETH. The apes, one of the most prominent NFT collections, have raised ridicule, but they also helped usher the club-based model of NFT ownership. Ape owners were incentivized to hold onto their assets for future perks.
One of the perks were the 10,000 APE tokens airdropped to all avatar owners, with more coming to be distributed to the community. Initially, some of the recipients sold APE, but the asset has a high market potential.
Is APE Linked to P2E
BAYC has worked to extend its reach into play to earn gaming. APE will also have a role in metaverse games featuring apes.
The GodZApe metaverse game has taken up adoption of APE immediately, by airdrops and giveaways to the community. The token will also be earned within the metaverse game. APE has thus the potential to become one of the most liquid tokens linked to a metaverse game.
In addition to the already existing GodZApe project, BAYC is preparing to launch a new metaverse game. Rumors place the potential launch of the game in the third quarter of 2022. Currently, BAYC is developing its native P2E game in partnership with NWayPlay.
Joining BAYC is still prohibitively expensive for most players. But APE ownership is mirroring the value locked in the ape NFT ecosystem and community of potential players. APE is an accessible, Ethereum-based exposure to a growing ecosystem, especially after the pivot to P2E.
Previously, BAYC hinted at building a P2E game with Animoca Brands. Now, APE is a form of early access to the game’s potential and a high-risk, high return investment.
