The explosion of the Non-fungible token (NFT) space in 2020 was remarkable, as the market remains dominant in the ecosystem. Before NFTs, creators could not build utilities around their collections or projects. This limitation saw the implosion of project developers, who saw the need for an NFT market for creators and audiences. One of such creators is Yuga Labs metaverse, the billion-dollar company making a huge fortune on NFTs.
What Is Yuga Labs?
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Founded by Gordon Goner and Gargamel in February 2021, Yuga Labs is the leading giants in the NFT ecosystem. The company is behind the $3 billion Bored Ape Yacht Club (BAYC) collection and many other projects. Its other projects include Meebits NFTs, Cryptopunks NFTs, and Otherside. Goner and Gragamel remained pseudonymous until a recent article revealed them as Greg Solano and Wylie Aronow. Alternatively, for the project to fully launch into NFTs, it hired two software engineers, Emperor Tomato Ketchup and No Sass.
Contrary to other projects, Yuga Labs is creating a new and flourishing NFT ecosystem devoid of limitations. This is why it’s no surprise that all of its projects thrive beyond boundaries and across the crypto ecosystem. The project believes in fair distribution and fixed its membership and Bored Ape price as the same for aIl members. Another reason behind its success is its decision to build a community-focused blueprint for managing its largest project- the BAYC.
What Is Bored Ape Yacht Club (BAYC)?
The Bored Ape Yacht Club is a collection of 10000 unique Bored Ape NFTs living on the Ethereum blockchain. Its creation was by four friends who wanted to make dope apes, test skills and try to build something ridiculous. Inspired by CryptoPunks, the NFT projects seek to create a library of characters with unique traits and rarity levels. Each ape-themed character in the collection depicts various personalities synonymous with a futuristic crypto club. This is why the price of Bored Apes NFTs has continued to plummet since April 2021.
According to MistyDew, the minimum cost of one Bored Ape today is around $300,000. Buying Bored Ape grants you a Yacht Club membership card and exclusive community access. Importantly, it also gives you access to the BAYC Bathroom. The Bathroom contains a canvas accessible only to wallets holding at least one ape. Ape holders will be able to paint a pixel on the bathroom wall every fifteen minutes. The native and governance token of the project is ApeCoin, which launched earlier in March 2021.
Bored Ape Kennel Club (BAKC) And Mutant Ape Yacht Club (MAYC)
After the rapid success of BAYC, Yuga labs expanded its horizon beyond its initial project. It went ahead to create the Bored Ape Kennel Club (BAKC), a project that rewarded BAYC holders. BAYC features 10,000 NFTs, a collection of unique digital dogs bred as companions to the Bored Apes. At its launching, BAYC’s distribution to its members was free. As part of its NFT expansion, it launched the Mutant Ape Yacht Club (MAYC), also airdropped to BAYC. MAYC is a collection of mutant variants of Bored Apes given to holders of at least 10,000 BAYC NFTs.
MAYC holders can use them in minting Mutant Apes that share semblance with their originals or those with rare traits. The traits and rarity of Mutant Apes depend on the serum vial tier used in mutating the Bored Apes. Tiers M1 and M2 serums have a high chance of producing Mutant Apes similar in traits to Bored Ape NFTs. Alternatively, the M3 tier creates unique and rare Mutant Apes that are more expensive and valuable.
Earlier in March, Yuga Labs announced its acquisition of CryptoPunks and Meebits, two giant NFT outfits. Before the acquisition, both were Yuga’s biggest competitors in the NFT space. The move currently cements its position at the top, giving Yuga Labs rights, brands, and copyright of both projects. Today, Yuga also owns the 1,711 Meebits NFTs and 423 CryptoPunks belonging to the projects. This move puts Yuga Lab in the exact position it aims to be as it continues implementing its expansion plans.
Otherside is a gamified metaverse that allows users to convert their NFTs into playable characters. It is a multi-land Metaverse and game-based project launched by Yuga Labs in April 2022. Its launch was met with excitement, promising new things to the virtual world experience. From the minting of over 55,000 collectibles, the much-anticipated project generated about $600 million in revenue when it launched. Unfortunately, its launching did not come without controversies, as Ethereum crashed amidst skyrocketing gas fees.
Why Yuga Labs?
Yuga Labs is not only revolutionizing the NFT space but the entire cryptosphere. This is why the project is now worth more than $7 billion in valuation today. However, according to Yuga, most of its worth remains committed to its future development. The project currently offers all commercial rights to all BAYC, MAYC, CryptoPunks, and Meebits NFT holders. This is why its members can monetize their NFTs in every possible way, including creating merchandise. The members of the Yuga metaverse also partake in the governance and decision-making process of the ecosystem. BAYC holders are kings in the Yuga ecosystem, and they remain priority members of the Yuga metaverse. This is why they are first to get an allocation of new products or NFTs when they launch. The introduction of ApeCoin (APE), its governance and utility token, also signals it is ready for the next level.
What Is ApeCoin (APE)?
ApeCoin is the governance and native cryptocurrency of the APE and BAYC ecosystem. Its design enables it to become the decentralized protocol layer for activities within the Yuga community and ecosystem. It is also an ERC-20 token that will empower and incentivize a decentralized community building at the forefront of web3. Token holders govern themselves via the decentralized governance framework controlling the ApeCoin DAO. The token holders can also vote on the spending and allocation of the DAOs ecosystem fund.
Apart from Yuga Labs’ Bored Ape Yacht Club, ApeCoin is also an affiliate of the APE Foundation. APE Foundation ensures that it administers proposals by the token holder, allowing them to collaborate through open and permissionless governance. Since it is on Ethereum, it is secured by the blockchain’s proof-of-work (POW) consensus mechanism. The token will also cater to the incentivization of developers who incorporate their products, games, and services into Yuga.
APE Tokenomics
ApeCoin is the ecosystem’s native token, giving its holders exclusive access to participate in ApeCoin DAO and governance. The total supply of the token is a whopping 1 billion coins. The token cannot undergo burning, and it won’t decrease supply. Alternatively, holders cannot also mint it, which implies it will never increase. The token launched on March 17, 2022, and about 30.25% of its total distribution is available for trading. A total of 470 million tokens are going to the DAO treasury, with 117.5 million unlocked during its launch.
The remaining 352.5 million tokens will unlock at 7,343,750 tokens per month for the next four years. 8% of the total supply will go to the founders of BAYC, who will only be able to unlock the supply after a year. Alternatively, 16% of the token will also go to Yuga Labs, which will invest a portion of it in charity. Lastly, 14% of the token’s total supply will go to the project’s contributor.
How To Buy ApeCoin On Coinbase?
ApeCoin is currently available for purchase on exchanges like Binance, Coinbase, Gate.io, SushiSwap, etc. However, the simple steps below will guide you in buying the token on Coinbase.
Step 1
Signing up on Coinbase is the first for new users. You will have to download the Coinbase app or use the exchange’s website. The app is available for Android and iOS devices and is downloadable from the respective stores. This process is usually seamless and complete after supplying a few KYC details. You will also need to verify the information you provided. It is worth noting that only verified accounts will have access to the Coinbase trading platform. However, existing users will only need to log in to their accounts.
Step 2
After creating an account or logging in, you will need to fund your Coinbase account. This will enable the purchase of APE to be very seamless. Funding is straightforward, and with either a bank transfer or any compatible debit/credit card, your account now has funds.
Step 3
After funding, you can then purchase your APE tokens. Click on trade, select APE from the search bar items, and enter the amount you want to buy. You will then review and confirm the amount and make payments for it. The new assets will automatically reflect on your account balance.
Why Did ApeCoin (APE) Crash After It Listed?
APE began trading on March 16, 2022, and witnessed a heavy dip of more than 80%, barely 72hours after. The funfair met with the launching of the token could have been responsible for the enormous losses suffered by it. This is not unusual, as investors who get free airdrops will try to sell them off to make huge returns. One such rally is the one that occurred on the OKEx exchange. That rally saw APE become the asset with the fifth largest turnover in spot trading overnight.
According to MistyDew, the token moved prices between $214 and $8 in less than 48hours. Surprisingly, this is not unusual with crypto projects and new tokens, as with time, they adjust. Crypto analysts also suggest BAYC owners could have sold APE at $40 instead of its trading price of $14. Unfortunately, this is technically impossible in such a short time, considering that it requires the use of exchanges. According to crypto analysts, this dip could have originated from other unknown factors. However, while no one knows why APE dropped drastically, the token has started to bounce back.
The Future Of ApeCoin (APE)?
Despite the drastic deep in prices after it launched, APE immediately started to show signs of strength and bouncing back. The token is now the 32nd most-performing asset on CoinMarketCap, boasting a 24hour trading volume in excess of $693,807,781.23. Its attractiveness has now seen APE market capitalization closing in on $8 billion. These figures are massive for a new project and are evidence that the future of the BAYC-bounded token is great. The token is now trading for about $8 at today’s prices, and crypto analysts expect it to go on a rally very soon. Alternatively, there are expectations of a bullish run around its community, especially in the latter part of the year.
A factor that could bolster its prices is the proposed upgrade to the BAYC roadmap, currently at 80%. Should BAYC move past that mark, APE will surely remain very marketable and valuable. Another factor that could impact the price of APE is the monthly release of new tokens into the system. This could create temporary scarcity, which will improve its price, especially for investors looking for short-term rewards. However, while nothing is certain, the expectations concerning APE in 2022 are nothing short of rewarding investors.
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Source: https://cryptoticker.io/en/what-is-the-yuga-labs-metaverse-enter-the-interconnected-ecosystem/