The world of blockchain technology is constantly evolving and expanding, with new possibilities and uses being discovered every day. One of the most exciting areas of development is the use of blockchain in the web3 economy, which is using blockchain technology to build decentralized, community-driven platforms and applications. ApeCoin is a token that is at the forefront of this movement, designed to support the next generation of web3 culture.
Table of Contents
Culture has always been an important aspect of human society, and with the advent of the internet, it has found new expression through art, gaming, entertainment, and events. The potential for blockchain technology to impact culture is vast and varied, and it is difficult to predict all the ways it will be used in the future. ApeCoin is a token that is made to support this new era of culture, controlled and built by the community. It serves as a decentralized protocol layer for community-led initiatives that drive culture forward into the metaverse.
What is ApeCoin?
ApeCoin is an ERC-20 governance and utility token used within the ApeCoin ecosystem to empower a decentralized community building at the forefront of web3. It serves several purposes:
- Governance: ApeCoin is the ecosystem’s governance token, allowing ApeCoin holders to participate in the ApeCoin DAO.
- Unification of Spend: ApeCoin is the ecosystem’s utility token, giving all its participants a shared and open currency that can be used without centralized intermediaries. 3. Access: ApeCoin provides access to certain parts of the ecosystem that are otherwise unavailable, such as exclusive games, merch, events, and services.
- Incentivization: ApeCoin is a tool for third-party developers to participate in the ecosystem by incorporating APE into services, games, and other projects.
The total supply of ApeCoin is permanently fixed at 1 billion tokens. A portion of the tokens for contributors to the project will be initially locked, and will be unlocked over a period of 48 months, starting on launch day, March 17, 2022. ApeCoin will be distributed among four main groups, with 62% allocated to the Ecosystem Fund, Bayc/Mayc NFT holders, and treasury/resources.
ApeCoin DAO exists because decentralized governance is critical to building and managing a globally dispersed community, and therefore critical to the success of the ApeCoin ecosystem. The ApeCoin Improvement Proposal Process (AIP) allows ApeCoin DAO members to make decisions regarding Ecosystem Fund allocations, governance rules, projects, partnerships, and beyond. ApeCoin DAO membership is open to all ApeCoin holders.
The ApeCoin community governs itself via the ApeCoin DAO, the decentralized governance framework that supports the Ecosystem Fund. The DAO follows a proposal process to vote on how the Ecosystem Fund will be distributed by the ApeCoin Foundation to promote a diverse and self-sustaining ecosystem.
The ApeCoin DAO also includes a Board, which provides oversight of the Foundation administrators at the behest of the ApeCoin DAO members. The Board meets on proposals requiring administrative review under ApeCoin DAO rules. The initial Board serves a term of six months, after which DAO members will vote annually on Board members.
The Otherside Metaverse
The Otherside metaverse is a virtual world that has been developed as a multiplayer online game, closely associated with the Bored Ape Yacht Club ecosystem. Created by Yuga Labs, it offers an immersive gaming experience in the MMORPG model. The founders of Bored Ape Yacht Club and the Mutant Ape Yacht Club funded the project with an initial capital of $4.5 million. The success of the BAYC and MAYC, along with the exclusive benefits in these non-fungible token (NFT) collections, served as the necessary impetus for Otherside.
The Otherside metaverse is similar to other metaverse platforms such as Decentraland and Sandbox in terms of design. It allows users to build different experiences and interact with other users. The metaverse features the ability to invest and earn rewards through the native Otherdeeds token. The Otherdeeds token represents virtual land in the metaverse, which users can purchase and sell. Otherside metaverse relies on the native currency, i.e. APE, for purchasing lands and other assets in the metaverse platform.
The vision for the Otherside metaverse is to create something more than just a general metaverse platform, with a focus on interaction. The founders want to build it as the new frontier for digital-human interaction. The collaboration with Animoca Brands has also served as a powerful boost for the project’s vision of creating a large virtual ecosystem offering ownership of virtual real estate through NFTs.
In addition, the project also plans on turning NFTs in the Otherside metaverse into playable characters. The founders have released a teaser in March 2022 featuring a creative narrative around CryptoPunks, a Bored Ape, and many other elements. However, the developers have not yet offered any specifics about the Otherside metaverse experience. As of now, the platform would feature a natural voice chat facility without any bandwidth or latency problems by leveraging machine learning algorithms. The founders believe that the community’s power would drive the Otherside metaverse’s growth.
Jimmy the Monkey
The Bored Ape Yacht Club (BAYC) recently announced the start of a new chapter in their lore, with the trial of Jimmy the Monkey. This new chapter will provide a unique experience for BAYC and Mutant Ape Yacht Club (MAYC) holders, with pieces of the narrative being released along the way. The story will come to a climax in late January with a free, interactive minting experience for BAYC and MAYC holders. It is important to keep these mints safe, as they may be important in future activations. Additionally, BAYC holders who also hold Bored Ape Kingdom Club (BAKC) tokens will be in a tier of their own.
BAYC is also launching a new game called Dookey Dash, which is an infinite runner style game where players traverse a sewer system in pursuit of a treasure box key that a monkey excreted. Players need a “Sewer Pass” NFT to play, which can only be obtained by owning a BAYC or MAYC NFT or purchasing one from someone else who has a Sewer Pass. As players progress through the game, they can collect points and “fragments” and also have the option to purchase boosters with cryptocurrency. High scoring players may also see their NFTs transformed, potentially increasing their value.
ApeCoin is a token that is at the forefront of the web3 economy, designed to support the next generation of web3 culture. The ApeCoin ecosystem is built on decentralized governance, with the ApeCoin DAO allowing for community-led decision making and the ApeCoin Foundation serving as the steward of the token. With the potential for blockchain technology to impact culture in endless ways, ApeCoin is poised to play a key role in driving culture forward into the metaverse. As the ecosystem continues to evolve and grow, it is exciting to think about all the possibilities that lie ahead for ApeCoin and the web3 economy.