ApeCoin, or APE, is one of the most popular, and wide-spreading cryptocurrencies on the market. Launching in March of this year, APE is a cryptocurrency that is already a global phenomenon promising to be a real part of the future of the digital marketplace. To understand why APEcoin is so important and why so many people are purchasing this cryptocurrency, you have to understand what exactly you can do with it.
If you have been wondering what APEcoin is, why it’s so popular, and what all you can buy with it – here is everything you need to know.
Cryptocurrency
Cryptocurrency isn’t just a thing of the future or an idea on paper, but a real part of the world that we live in. This new form of currency is decentralized and exists entirely in the digital plain. A way of thinking about cryptocurrency is that it attempts to create a universal method of currency that avoids the pitfalls of past currencies and allows for greater freedom and access.
Cryptocurrency is Used To Acquire NFTs
There are so many different ways you can use cryptocurrencies as this phenomenon is daily finding its way onto the global market. Some traditional banks are even starting to enforce this new form of currency as a legitimate transaction, and you can even find concerts and social events that you can pay for with cryptocurrencies like bitcoin.
One of the things that cryptocurrencies are probably best known for is their ability to purchase NFTs. The term NFT stands for Non-Fungible Token, and it refers to a characteristic that can be applied to any piece of digital property. In essence, an NFT is a minting process to make a digital piece of property, such as a painting, video game, or even cinematic experience, 100% authentic and unreplicable.
Yes, you can obviously find cheap replicas of NFTs if you look for them, but because of the authentication that NFTs give, it would be similar to finding a photograph of the Mona Lisa. Yes, that is the painting of the Mona Lisa, however, it’s just a snapshot someone grabbed with their phone. In the same way, NFTs give digital property authentication, which, like in the non-digital world, creates scarcity and value.
Because of NFTs, aspects of the digital world can have attributed value that they couldn’t have otherwise. This brings a lot of much-needed value, interest, and humanity to this kind of digital platform. Because NFTs use the blockchain to authenticate a piece of property, it can never be duplicated or stolen. Also, the information regarding who owns the property is always prominently displayed.
Popular NFTs
The first NFT was created in 2014 and the excitement and passion for this form of creation haven’t stopped. Now, one of the most globally famous studios that create NFTs is called Bored Ape Yacht Club. This studio has become one of the biggest names in the NFT game thanks to certain famous celebrities like Eminem and Justin Beiber purchasing a digital property from Board Ape Yacht Club.
ApeCoin Is Made for Board Ape Yacht Club
Using this kind of significant, global exposure that has pushed this brand to the top of the NFT market, Yuga Labs has developed a new cryptocurrency that will be used to purchase and interact with Board Ape Yacht Club. Even though the studio itself has nothing to do with the actual development of this cryptocurrency, it is 100% supporting this initiative and actually planning on curtailing its storefronts to optimize this form of payment.
ApeCoin is One of The Largest Cryptocurrencies
With so much great marketing, and associated with such a loved and valued NFT brand, APE has already become one of the largest and most cryptos on the market. With a market capitalization in the billions, this new form of crypto isn’t immediately useful, however, there is ample evidence as to why it is a good place to be looking at.
What WIll You Be Able to Do With ApeCoin?
As you may expect, the future is always full of possibilities, and trying to determine exactly where ApeCoin will go is anyone’s guess. However, Yuga Labs, the studio behind Borde Ape Yacht Club, has totally endorsed ApeCoin and has announced that it will give preference to APE for all of its future products. Even though Yuga Labs has announced this underlining of their products, it’s exciting to see how that will develop and what the end result will be with APE and its potential on the market.
Conclusion
Yuga Labs is a massive contender in the NFT world and NFTs are a massive part of how value is defined and standardized in the digital plain. We have yet to see exactly what will come of APE, but it’s a good guess that it will be worth keeping an eye on.
