The newly launched ApeCoin is grabbing attention worldwide. Find out if APE is a good buy for future returns.
Bored Ape Yacht Club (BAYC) was one of the hottest non-fungible token (NFT) collections in 2021. It has solidified its position as a key leader within the NFT space. ApeCoin (APE) is an NFT inspired crypto that hit the market last week in a loose partnership with Bored Ape Yacht Club. It has been on the move since its launch and began trading on most leading exchanges. The recent release and popularity of ApeCoin have left investors wondering whether ApeCoin could be a new millionaire-maker coin.
ApeCoin (APE): What Is It?
Given the media attention that ApeCoin is generating within a short period, APE could become one of the best altcoins in 2022 if the price continues to rise.
ApeCoin could be considered a fungible token investment into the non-fungible token ecosystem. Issued by the ApeCoin DAO, ApeCoin (APE) is the ERC-20 governance and utility token designed to empower decentralized community building at the frontline of Web3.
The ApeCoin is also being adopted by the Bored Ape ecosystem as the primary token for new products and services, making APE the native cryptocurrency of the BAYC ecosystem. APE began trading on centralized exchanges on March 17th, 2022, and immediately saw a 250% surge in its price.
Is ApeCoin A Millionaire Maker Investment?
ApeCoin strives to enhance the creation and expansion of a decentralized Web 3.0 community, making APE a good buy now.
The release of ApeCoin is yet another addition to the ape-based assets in the crypto market, which could have massive potential in the future. Since ApeCoin is a product of ApeCoin DAO, each token holder has a say in the organization’s development.
Moreover, as there’s a bright future ahead for the Bored Apes and BAYC associated projects, ApeCoin seems like a millionaire-maker investment for investors over the long run. A unique feature of ApeCoin is that it grants holders access to certain parts of the ecosystem, like exclusive games and services that are otherwise unavailable. Also, since ApeCoin is an ERC-20 token launched on the Ethereum blockchain, it is secured by Ethereum’s Proof-of-Work consensus mechanism.
Factors That Could Make ApeCoin A Millionaire Maker
ApeCoin's bold use case initiatives like gaming and merchandise would push APE's demand and price to skyrocket in 2022.
Apart from its primary use cases as a decentralized payment method, APE has numerous utilities that make it a high-value investment coin. The cryptocurrency has several potential partnerships in the pipeline and will soon become associated with various blockchain-based games. Let’s see some crucial factors fueling APE to become a millionaire-maker coin for investors.
1. Potential Utilities Of APE Token
The APE token has four key use cases in the ApeCoin DAO ecosystem. They are:
- Incentivization: ApeCoin is a way for third-party developers to participate in the ecosystem by integrating APE into games, projects, and other services. Network participants who are token holders can even include ‘Bored Apes’ into their projects that are under development. The possibilities for this could extend from using Ape avatars in games to services and several other applications.
- Access: Specific parts of the Ape ecosystem are restricted for day-to-day users, like merchandise, games, services, and even certain events. The APE token functions as a gating token, providing limited access to these restricted parts of the ecosystem.
- Unification of spend: Being a utility token of the ApeCoin ecosystem, the token could be used to purchase products and services like play-to-earn games that BAYC is developing.
- Governance: APE is also a governance token of the ApeCoin DAO, allowing token holders to vote on governance decisions within the DAO.
2. Benji Bananas Adopts ApeCoin
Although APE was launched recently, the token has already been adopted by Animoca Brands, a popular company that advances digital property rights for gaming and the metaverse. The company's famous mobile game Benji Bananas is going play-to-earn (P2E) with the adoption of ApeCoin. The integration has enabled its users to earn the token through skilled gameplay, helping increase demand for the APE token.
3. Metaverse Integration
With the upcoming release of “The Otherside” NFT by Bored Ape Yacht Club, ApeCoin might be integrated into this metaverse. This would make APE one of the best metaverse coins to buy in 2022. APE would be used as a transactional token on The Other Side's marketplace.
Can ApeCoin Become A Millionaire Maker?
The significant growth of the APE token, investors' interest, and BAYC’s popularity have quickly positioned ApeCoin alongside popular gaming-focused tokens. A key competitive edge for ApeCoin is its association with the BAYC collection. Moreover, the team is working continuously towards creating more use cases for the token in the future.
Furthermore, since the token holders govern the ApeCoin DAO, there is limitless potential for ApeCoin. Also, the official ApeCoin forum has already included several proposals related to staking and token distribution. Further suggestions from community members and updates to the network would positively impact APE’s price in the long run.
Read Also: ApeCoin (APE) Price Prediction
Nonetheless, given BAYC’s popularity and high demand from investors like athletes and celebrities, the demand for APE will significantly grow, which could make ApeCoin a millionaire-maker coin for investors. However, ApeCoin will need to work harder to gain equal market share and match its already established competitors in the market.
ApeCoin greatly benefits from being directly linked to the market leader in the NFT space, making APE a good buy for future returns.