Crypto Slang: 28 Terms You Should Know

However, Forbes Advisor Australia cannot guarantee the accuracy, completeness or timeliness of everything you need to know about apecoin this website. The ApeCoin ecosystem is made up of individual token holders, as well as a wide range of products and services that are using the cryptocurrency. Chief among its ecosystem members is Yuga Labs itself, which has adopted APE as the primary token for its projects.

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ApeCoin (APE) is an ERC-20 governance and utility token used to empower a decentralised community building a metaverse called ‘the Otherside’. It didn’t hurt that celebrities including Madonna and https://www.xcritical.com/ Justin Bieber started buying them as well. They all share a common look and feel, yet each Ape features a unique combination of facial expressions, accessories and outfits, so no two are the same. The DAO’s decisions are then implemented by the ApeCoin Foundation, which serves as the DAO’s legal representative and supports the growth of the ecosystem in various ways.

BitPay Now Supports ApeCoin! Buy, Store, Swap and Spend APE with BitPay

For this reason, NFTs shift the crypto paradigm by making each token unique and irreplaceable, making it impossible for one non-fungible token to be “equal” to another. They are digital representations of assets and have been likened to digital passports because each token contains a unique, non-transferable identity to distinguish it from other tokens. They are also extensible, meaning you can combine one NFT with another to create a third, unique NFT—the cryptocurrency industry calls this “breeding.” Like physical money, cryptocurrencies are usually fungible from a financial perspective, meaning that they can be traded or exchanged, one for another. For example, one bitcoin is always equal in value to another bitcoin on a given exchange, similar to how every dollar bill of U.S. currency has an implicit exchange value of $1.

Non-Fungible Token (NFT): What It Means and How It Works

Cryptocurrencies are tokens as well; however, the key difference is that two cryptocurrencies from the same blockchain are interchangeable—they are fungible. Two NFTs from the same blockchain can look identical, but they are not interchangeable. Firstly, like many cryptocurrencies, its main purpose is a currency. To explain, ApeCoin will be the currency for the Otherside Metaverse, created by Yuga Labs. The token will allow users to buy items and power-ups in this highly anticipated metaverse. The ApeCoin DAO exists as the decentralised governance mechanism for managing a globally dispersed community and will make decisions regarding Ecosystem Fund allocations, governance rules, projects, partnerships, and more.

• Bored Ape Yacht Club is the first NFT series in the ecosystem, consisting of 10,000 unique digital avatars featuring colorful cartoon apes.
• Nothing contained herein shall constitute a solicitation, recommendation, endorsement, or offer by Crypto.com to invest, buy, or sell any coins, tokens, or other crypto assets.
• An annual premium equivalent (APE) is a common sales measure calculation used by insurance companies in the United Kingdom.
• Threshold key signature (TSS) cryptography is backed by 3-factor authentication and advanced facial recognition software.
• It’s only logical, since cryptocurrencies are completely digital, it does not take up any space in your offline wallet.
• The four founders of Yuga Labs and the BAYC were given 8% of all APE tokens.

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To date, the most expensive BAYC NFT sold for a staggering $3.4 million. This is assured in perpetuity by the Ethereum-based smart contract responsible for the cryptocurrency’s creation, which does not allow for minting (creating) or burning (destroying) of tokens. Alternatively, you could deposit APE tokens on Binance to make use of Binance Earn accounts that enable you to earn yield on your ApeCoin holdings for a set period of time. While the yields offered are high, they come with the risk of leaving your funds on a centralized exchange, thus giving up control over your crypto.

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While it may share a feature, or several features, with other Apes, no two are identical. This drives BAYC’s non-fungible nature, which is the key to NFT valuations. Other than rarity, there’s nothing unique about the artworks themselves—they’re just pictures of monkeys, after all.

Does Ape Coin (APE) belong to Yuga Labs?

ApeCoin is an ERC-20 governance token that is used within the APE ecosystem. ApeCoin was founded by the same ecosystem that created the Bored Ape Yacht Club NFTs. Its utility is to support the developments that the team plans to bring to the NFT chain and power the expansion of the club to greater heights.

The maximum supply for ApeCoin is permanently fixed at 1 billion tokens. A portion of tokens was withheld at launch to release over a period of 48 months. Meaning, the maximum supply of $APE is likely to be hit by the year 2026. For example, Play-to-earn (P2E) games might adopt ApeCoin in the future. One example of a project already using it is Benji Bananas, a game developed by Animoca Brands. Acquiring a Benji Bananas Membership Pass allows the user to swap in-game tokens into ApeCoin.

Why are bored ape NFTs so expensive?

The value of crypto assets can increase or decrease, and you could lose all or a substantial amount of your purchase price. When assessing a crypto asset, it’s essential for you to do your research and due diligence to make the best possible judgement, as any purchases shall be your sole responsibility. In the early days of crypto, many wealthy cryptocurrency investors purchased Lamborghinis as a status symbol to prove their success in the market. Following that, Lamborghinis became synonymous with a crypto’s success, with many people in the community using the crypto slang phrase ‘When Lambo? ’ to ask when a crypto investment will be worth enough to buy a Lamborghini.

Outside of the trading world, he is a committed angel investor and Ironman triathlete. Ross brings a wealth of both non-traditional and traditional asset trading and commercial experience as well as connections to the alternative finance space. If you want to buy ApeCoin, one of the best ways to do so is with fiat money, meaning with a credit or debit card. When you buy cryptocurrency with fiat money, the process is going to be much faster and – more importantly – simpler than doing so with another cryptocurrency. You don’t need to already own crypto, the buying process is very easy, it usually requires minimal KYC verification.

Hybrid exchanges combine a centralized order book for trade-matching with decentralized asset custody to allow digital asset investors to benefit from the best of both centralized and decentralized trading venues. Decentralized exchanges are smart contract-powered online trading platforms that enable users to trade crypto on a peer-to-peer basis without the need for a central authority. To purchase APE coins on a P2P exchange, you first need to choose a marketplace that supports ApeCoin, sign up for the platform, and complete the verification process. Next, scroll through the available offers to buy ApeCoin for a payment method that works for you. These marketplaces typically use  escrow to enhance security, but it’s still advisable to only trade with users with high trust ratings. Investing in cryptocurrencies, decentralized finance (DeFi), and other initial coin offerings (ICOs) is highly risky and speculative, and the markets can be extremely volatile.

ApeCoin, the fungible token, and a number of products and services make up the ApeCoin ecosystem. The coin is governed by the ApeCoin DAO, of which all token holders are eligible to become members. The ApeCoin DAO makes decisions on matters such as governance rules, partnerships, projects, Ecosystem Fund allocations, and more. The Ecosystem Fund supports community-driven initiatives and was allocated 62% of the ApeCoin supply when launched. Altcoins are the various different cryptocurrencies that you will find on the cryptocurrency market (except for Bitcoin).

If they don’t have one, you can send them a Zengo invite to create it. Once the person has provided their address, tap or swipe left on the APE token on your home screen. Soon after, the person should receive a notification from their wallet that the tokens have arrived. Zengo’s biometrics and powerful security measures ensure your coins are always safe and no one else can access them.

Alternatively, you could purchase ApeCoin on a decentralized exchange by swapping another cryptocurrency for it. As APE is an ERC-20 token, you could swap Ethereum-based stablecoins or ETH on a decentralized exchange like Uniswap for ApeCoin, for example. Moreover, numerous crypto wallets also offer in-app token swapping, enabling you to swap other ERC-20 tokens for APE. For investors, ApeCoin provides investment exposure to the Web3 ecosystem built on the Bored Ape brand. If you want to be fully immersed in the crypto world, buying ApeCoin (APE) is not enough. There are hundreds of different cryptocurrencies, exchanges, crypto wallets and other crypto-related products or services that you might want to learn about, but there’s simply not enough time.