Crypto and culture intersecting: Could ApeCoin be the go-to token of the Metaverse?
What is it with these sly, funny, but boring looking apes that continue to make headlines? Many collectors argue that it’s less about the image itself and more about the culture, social capital and wealth the community of owners have gained from Bored Ape Yacht Club (BAYC) that give the collection its value. Amassing over $1.42 billion in total volume, the community entrusted that the creators would deliver on its promise for token emission.
On March 17, BAYCs utility and governance token, ApeCoin (APE) was made eligible to claim for BAYC and Mutant Ape Yacht Club (MAYC) holders. According to data, nearly 99% of eligible wallets have already already claimed their share and over 132 million tokens have been claimed valued at $1.8 billion.
As expected, APE price see-sawed on both ends of the spectrum as it plummeted over 80% to a low of $6.21 on its first day of trading then it surged 90% on the second day. Out of the 1 billion tokens created, 15% were dispersed to owners, leaving many crypto natives speculating on its impact and implications within the Web3 economy.
BAYC has been a center force that is highly influential in accelerating cultural change and NFT adoption. A month after being released, APE is already stirring conversation regarding governance protocols, its utility within the Metaverse, and its steady adoption as a universal form of payment in tbe NFT space.
ApeDAO is the decentralized autonomous organization that launched ApeCoin. As a governing body, the DAO is governed by APE as a means to field proposals from its members on what is best for the community, and these proposals are later voted on by APE holders.
While there are many DAOs, ApeDAO could potentially be a catalyst for a paradigm shift between
Read more on cointelegraph.com
