ApeCoin (APE) is just breaking out, after settling for a price between $13 and $14. After the initial volatility cleared, the question remains – what is the utility of APE. The original intention is to make all APE wallets also stakeholders in the ecosystem of Bored Apes Yacht Club (BAYC) and Yuga Labs.
APE may soon become a play to earn token, as promised when a BAYC metaverse game launches. But even before that, APE is making the rounds in the P2E ecosystem.
APE is already accepted in the Benji Bananas game, a free-to-play with NFT features. Benji Bananas by Animoca Brands also released its own NFT collections just days after APE landed on exchanges.
Overall, APE has taken the world of P2E by a storm, possibly landing among blue chip tokens. APE had the advantage of immediate listings to most major exchanges, while even some of the more successful P2E games such as Pegaxy still lag in terms of liquidity.
APE is Spreading its Influence
APE is lining up with widely spread coins and tokens, with 36,932 holders and a growing transaction count. APE thus lines up in terms of adoption with some of the more active P2E games such as Bomb Crypto and its BCOIN asset.
APE trading volume is now about $2B, on par with other P2E assets and about twice as high as the trading of Smooth Love Potion (SLP).
The rapid spread of APE and some legitimate giveaways are also raising red flags as scammers try to clone sites and steal wallet keys.
APE Connects to NFT Collections
After Yuga Labs acquired the CryptoPunks handle, APE may also have a bigger role in avatar collections.
Most recently, Yuga Labs announced the Meebits NFT project, a new collection of 3D avatars. For now, it is uncertain how APE will have a role in the project.
However, APE remains closely tied to a growing ecosystem of collections and eventually, a metaverse game as hinted by YugaLabs.
