When ApeCoin (CRYPTO: APE) began trading in March, it was clear that it was a completely different type of cryptocurrency. It is impossible to talk about ApeCoin without talking about the Bored Ape Yacht Club, which is probably the most famous and prominent group of non-fungible tokens (NFTs) of all time. ApeCoin is the official token of governance for the growing Bored Ape ecosystem, so by buying and holding this cryptocurrency, you are at least indirectly participating in the potential profits of the Bored Ape Yacht Club.
Until 2022, access to the Bored Ape Yacht Club is restricted to the famous and rich. Bored Apes regularly sell for over $300,000, and the media is filled with stories of rock stars, movie stars, and millionaires trying to disrupt the NFT Bored Ape. ApeCoin was created specifically to capitalize on all the excitement surrounding an entirely new type of digital asset. However, this close association with Bored Ape Yacht Club is just the beginning of what makes ApeCoin so different from all other cryptocurrencies.
ApeCoin and NFT explosion
The creators of Bored Monkeys are constantly looking for new ways to expand the concept of NFT. For example, the Bored Ape NFT group was one of the first groups to explore the idea of a "utility" NFT. Simply put, NFT's "Facilities" are more than just an original digital photo - they include benefits, such as the ability to attend VIP events. By investing in high-end NFTs, you essentially get a digital VIP card to an exclusive private club.
With ApeCoin, you get more than just cryptocurrency: you also get access to the ever-growing ecosystem of bored monkeys. ApeCoin has become a way for investors to deepen their relationship with Bored Apes. ApeCoin, for example, is the token powering a new metaverse with Bored Ape. This is a token that allows you to participate in any NFTs Bored Ape that you may have in your digital wallet. Some Bored Ape affiliates even accept ApeCoin as a form of payment.
Cryptocurrency or Recreational Property?
As you probably know by now, it has become difficult to define exactly what ApeCoin is, and that is part of what makes it so unique. For example, it is easy to define what Bitcoin (CRYPTO: BTC) is. Bitcoin is a "digital currency" or "digital gold". But what is ApeCoin? At one time or another it was called cryptocurrency, luxury brand and entertainment property.
The last concept - ApeCoin as an entertainment property - is very interesting. At this summer's major NFT conference in New York, the burning question among attendees was whether NFT was rapidly morphing into a new form of intellectual property. In theory, any NFT in the Bored Ape Yacht Club series could be a character for a major entertainment brand. Considering there are 10,000 NFTs in this set, that's a pretty impressive value. Just as Disney (NYSE: DIS) introduces thousands of characters when creating new movies, animations or games, Bored Ape Yacht Club introduces thousands of characters when creating new digital experiences.
Time to buy ApeCoin?
It is easy to weaken ApeCoin in the current state of the NFT market, which is falling off a cliff in 2022. At its current price of $4.40, ApeCoin is more than 80% below its all-time high. However, monkey boredom remains a cultural phenomenon. Bored Ape's recent drop, even after the complete collapse of the NFT market and the start of the crypto winter, is still a staggering $107,748. I'm sorry to say, but the Bored Ape NFT is probably worth a lot more than the car you're currently driving. It can even be over your house.
This huge potential for upside is another factor that makes ApeCoin so different from all other cryptocurrencies. Although some cryptocurrencies are based on nothing more than hot air and a lot of hype, ApeCoin is at least indirectly related to NFT Ape Bored, a digital asset with a clear market cap. ApeCoin may not be the £800 crypto market, but if you're willing to take the risk and accept the argument that the NFT market will recover at some point, it could very well have a place in your crypto earn portfolio.
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10 nicknames we love about ApeCoin
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Dominic Basulto holds a position in Bitcoin. Motley Fool has posts and recommends bitcoin and Walt Disney. Motley Fool recommends the following options: a long call in January 2024 at $145 for Walt Disney and a short call in January 2024 at $155 for Walt Disney. Motley Fool has a disclosure policy.