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Seeking Alpha 2022-09-26 18:01:24

ApeCoin: More Than A Meme Coin

SummaryApeCoin was launched by Yuga Labs back in March.APE has rallied strongly in the last month following some interesting proposals.I believe APE can offer value to its community and the NFT space, making it more than a meme coin.OverviewThe Bored Ape Yacht Club ("BAYC") is a collection of 10,000 unique ape-themed NFTs, minted on Ethereum.BAYC has gained a cult-like following; some prominent music, soccer and movie stars own an NFT from the BAYC collection. Yuga Labs, the Miami-based Web3 developers who created BAYC are also creators or owners of other popular NFT collections and Web3 projects including CryptoPunks (acquired from Larva Labs), Mutant Ape Yacht Club ("MAYC"), and a metaverse platform called Otherside. Yuga Labs is rapidly evolving from an NFT collection creator into a full-fledged Web3 ecosystem developer. Yuga Labs' Web3 ecosystem is called the Yugaverse.In March 2022, Yuga Labs raised $450 million in a funding round led by Andreessen Horowitz ("a16z"), a venture capital firm based in Silicon Valley, California.Yuga Labs launched ApeCoin (APE-USD) to power the growing Yugaverse ecosystem. On the Yuga Labs official website, Yuga Labs states that it will be using ApeCoin as the primary token in all Yuga Labs projects.The Meme Coin of NFTsIn March 2022, owners of NFT from the BAYC collection were airdropped approximately 10,000 APE each, while MAYC owners were airdropped approximately 2000 APE each. At launch, ...

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