ApeCoin is the governance and utility token that serves the Bored Ape Yacht Club (BAYC) community - and the collection of communities owned by its parent company, Yuga Labs. This airdrop has been one of the most anticipated in the NFT community due to the massive popularity of the Bored Ape Yacht Club brand.
ApeCoin is being airdroped to holders of Bored Ape Yacht Club (BAYC), Mutant Ape Yacht Club (MAYC), and additional ones are allocated to holders that also have dog - the Bored Ape Kennel Club (BAKC). Holders can begin claiming their APE token as of March 17, 2022 on the ApeCoin website.
If you're not a holder of any BAYC NFTs, you can also purchase APE directly on several exchanges. This list is growing by the day. If you want to skip right to it, Uphold is probably the best choice to buy APE today.
What Is ApeCoin (APE)?
ApeCoin - which trades under the symbol APE - is the utility and governance token of the BAYC ecosystem. Right now, there is no true functionality except membership in the ApeDAO, which oversees the governance of the ApeCoin token.
However, the roadmap shares a future where there will be utility for holders of the token, especially when combined with the underlying NFTs. These include a marketplace, potential games, and more.
The coins are being allocated as follows:
- 62% of the coins are going to the ecosystem - which includes BAYC and MAYC NFT holders, as well as the community treasury
- 16% of the coins to YugaLabs and Charity (these follow a lockup schedule)
- 14% to launch contributors (these follow a lockup schedule)
- 8% to the BAYC Founders (these follow a lockup schedule)
Given the popularity, the price of APE has already spiked since launch:
What Is Bored Ape Yacht Club?
Bored Ape Yacht Club (BAYC) is an NFT project by YugaLabs that features 10,000 uniquely generated "Bored Apes". There are also several variations on the project - with Mutant Ape Yacht Club (MAYC) being generated by using a Mutant Serum, and Bored Ape Kennel Club (BAKC) - doggo companions to the Apes.
The parent company, YugaLabs, also recently acquired CryptoPunks and Meebits, two other very popular NFT projects.
You can see the Bored Ape Yacht Club collection on OpenSea here.
How To Claim APE As a Holder Of BAYC
If you currently own a Bored Ape or Mutant Ape, you can claim your airdrop for 90 days - until June 15, 2022.
To claim your APE token, you simply go to ApeCoin.com and select "Claim".
Which NFTs you hold in your wallet will determine how much APE you receive.
NFT | APE Tokens Allocated |
|---|---|
BAYC Only | 10,094 |
MAYC Only | 2,042 |
Bored Ape + Kennel Club | 10,950 |
Mutant Ape + Kennel Club | 2,898 |
It's important to remember that this is per-wallet. So if you have your Apes in different wallets, you need to connect each one.
And finally - yes, airdrops like this are taxable!
How To Buy APE
If you simply want to buy APE, there are a few ways that you can do it right now. Many exchanges are building support, and you can also purchase APE on DeFi swaps. Here's the best ways to do it.
Right now, you can buy APE on any of the following exchanges:
You can also buy APE via most DeFi protocols as well.
Related: See our picks for the best cryptocurrency exchanges.
The Future Potential Of ApeCoin
A lot of the hype for ApeCoin is the future it might hold. For example, YugaLabs, the parent company of Bored Ape Yacht Club, recently acquired CryptoPunks and Meebits - two other huge NFT projects. And when you look at the roadmap of ApeCoin, it's clear they are trying to build an ecosystem for their brands to both interact and trade - likely using APE as the fundamental token.
Also, the founders have their own allocation of APE locked up for a year - so there is a big incentive for them to grow the value of the token over the next year before they are able to sell or do anything with it.
Finally, many are theorizing that APE will be allowed to be staked - where you can lock up some (or all) of your tokens and earn rewards as a result. This could be a great source of income for HODLers of the BAYC ecosystem.
Final Thoughts
With this in mind, APE is poised to see a lot of conversation over the next few weeks. The question is whether YugaLabs and BAYC will be able to sustain the momentum.
Based on their track record with BAYC, the answer is hopefully a yes, but only time will.
If you're curious about "Ape-ing in", now could be the best time.
Robert Farrington is America’s Millennial Money Expert® and America’s Student Loan Debt Expert™, and the founder of The College Investor, a personal finance site dedicated to helping millennials escape student loan debt to start investing and building wealth for the future. You can learn more about him on the About Page, or on his personal site RobertFarrington.com.
He regularly writes about investing, student loan debt, and general personal finance topics geared towards anyone wanting to earn more, get out of debt, and start building wealth for the future.
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Editor: Clint Proctor Reviewed by: Claire Tak