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Before jumping into APE Coin….. let's clear some basics.
NFTs are a big business, with about $25 billion being spent on them in 2021. The Bored Ape Yacht Club is a collection of 10000 unique Bored Ape NFTs — unique digital collectibles living on the Ethereum blockchain. With an entry-level NFT price of around 130 ETH or about $350,000, the primate JPEGs have become the face of the NFT movement. Bored Ape Yacht Club is like all status symbols and its value comes from perception and branding rather than utility.
A metaverse is a network of 3D virtual worlds focused on social connection. It is facilitated by the use of virtual reality and augmented reality headsets like Oculus. Real Estate in Metaverse has become a trendy asset.
Now you must wonder why this guy is talking about Metaverse and NFT whereas the title says “Ape Coin”. Now I am going to tell you why.
The company behind the Bored Ape Yacht club decided to auction land in their metaverse with a Bored Ape theme. They named it as “Otherside”. The virtual world opened for its first land sale on April 30 to high expectations.
The same company also created a Bored Ape ecosystem token called apecoin. Much like bitcoin, apecoin has a token cap — only 1 billion apecoins will ever be mined.
The trick here is, you can only buy real estate in the Otherside using Ape Coin. The price of the ape coin is also going to be dependent on how well processed the metaverse land buying is going to be.
So in summary, the Ape coin doesn’t have any specialty like Avalanche, Ethereum, or Bitcoin. There is no new technology there. It is just specifically allowed for buying staff related to whatever Yuga Labs (the company behind Bored Ape)
So as long as Yuga Lab is making announcements of new projects and surviving, Ape coin will be valued.