Ape Coin (APE) Complete Guide - Core Token of the NFT Ecosystem
Hello! Have you been curious about Ape Coin, which has been receiving a lot of attention recently along with the NFT and metaverse craze? Today, we will delve into everything about Ape Coin, which has become an icon of digital culture beyond a simple cryptocurrency. I will explain it step by step so that even those who are new to NFT can easily understand it!
What is Ape Coin (APE)?
Ape Coin is not just a simple cryptocurrency. This is a token that acts as a powerful bridge connecting digital culture and the NFT ecosystem. It is closely related to the world's most famous NFT collection called 'Bored Ape Yacht Club (BAYC)'.
🐵 Fun fact: The price of one Bored Ape NFT once exceeded hundreds of millions of won! It became a huge topic of conversation when world-famous celebrities such as Eminem, Justin Bieber, and Snoop Dogg used their Bored Ape NFTs as their SNS profile pictures.
Ape Coin acts as 'currency' in this NFT ecosystem. It is not only used to buy and sell NFTs, but also as a 'ticket' required to use them in related games or participate in special events. It's easy to understand if you think of it as being similar to a dedicated coin used in an amusement park.
Key Point: The biggest feature of Ape Coin is that it has actual 'utility'. While many cryptocurrencies have a strong speculative nature, Ape Coin can actually be used to purchase various services and products.
The exciting birth story of Ape Coin
The history of Ape Coin began in April 2021 as a small digital art project. At first, it was just 10,000 boring monkey drawings, but who knew that this would change digital culture?
First half of 2021: A small startup called Yuga Labs launched Bored Ape Yacht Club. The initial price was around $200 per NFT. But what made this project special was that it didn't just sell drawings, it introduced the concept of 'club membership'.
The secret to its meteoric rise:
• Creating an exclusive community (actually running a private Discord channel)
• Voluntary participation and promotion by celebrities
• Providing ongoing additional benefits (airdrops, events, etc.)
• Building a Strong Brand Identity
Turning Point in 2022: In March 2022, Ape Coin was finally officially launched. This was a truly historic moment, as existing BAYC holders were airdropped Ape Coins for free. A person who held one BAYC NFT received approximately 10,094 Ape Coins, which was worth tens of millions of won at the time!
Currently, Ape Coin is expanding beyond simple NFT-related tokens into various fields such as games, metaverse, and DeFi. In particular, the metaverse land NFT project called 'Otherdeeds for Otherside' is receiving more attention because it can be purchased with only Ape Coin.
Ape Coin's technical structure and operation
Ape Coin is an ERC-20 standard token that operates on the Ethereum blockchain. Simply put, you can think of it as a digital currency that operates on a huge computer network called Ethereum.
The magic of smart contracts: All transactions and functions of Ape Coin are managed by an automated program called a 'smart contract'. For example, a rule like ""If a user purchases an NFT, automatically deduct Ape Coin and transfer ownership of the NFT"" is written in code.
Token Economy Structure: The total supply of Ape Coins is fixed at 1 billion. Of these, each is pre-allocated for each purpose:
• BAYC and MAYC holders: 47% (free airdrop)
• Ecosystem Development Fund: 47%
• Founder and Development Team: 6%
By distributing in this way, we have increased the loyalty of existing NFT holders, while also securing funds for continuous development.
Role of Governance Token: Ape Coin is not just a means of payment, but also a 'governance token'. This means that those who hold Ape Coin have the right to vote on important decisions of the project. The community decides the future of the project in a democratic manner.
Ape Coin's actual uses and utilization methods
The biggest reason why Ape Coin is different from other cryptocurrencies is its 'realistic usability'. It's not just a coin for speculation, but can actually be used to purchase various services and products.
Payment in NFT Marketplaces: You can purchase NFTs directly with Ape Coins on major NFT exchanges such as OpenSea and Rarible. In particular, it has become common to trade BAYC-related NFTs with Ape Coins.
🎮 Expanding the Game Ecosystem: Ape Coins can be used as in-game currency in several upcoming blockchain games. You can use them to purchase game items, upgrade characters, and participate in tournaments.
Metaverse Real Estate: In the metaverse project called 'The Otherside', you can purchase virtual real estate with just Ape Coins. In this virtual land, you can play games, run a virtual store, and socialize with other users.
Exclusive benefits:
• Private event and party admissions
• Limited edition merchandise and apparel purchases
• VIP tickets to famous artist concerts
• Priority purchase of collaboration items with luxury brands
• Premium space access within the metaverse
Staking and DeFi: You can earn additional income by depositing (staking) Apecoins. It's similar to depositing money in a bank and receiving interest. There are currently platforms that offer returns of around 5-15% per year.
Major exchanges where Ape Coin can be traded
Ape Coin is currently traded on most major cryptocurrency exchanges around the world. Each exchange has different pros and cons, so it's important to choose one that suits your trading style.
🌟 Binance
World's largest trading volume
Low fees
Various trading options
🏛️ Coinbase
Beginner-friendly
High security
Regulatory compliance
🔥 Huobi
Asian markets are strong
Supports futures trading
Excellent liquidity
🇰🇷 Upbit
Korea's largest exchange
Direct KRW trading
Korean language support
💡 Tips for choosing an exchange: The larger the trading volume, the easier it is to buy/sell, and the lower the price fluctuations. It is also safe to choose an exchange that is legally operated in the country where you reside.
When choosing an exchange, carefully compare transaction fees, withdrawal fees, security levels, and customer service quality. Especially when transacting large amounts, be sure to set up 2FA (two-factor authentication).
Active ApeCoin Community and Communication Channels
ApeCoin's greatest asset is its passionate and creative community. Tens of thousands of people around the world share information, propose new ideas, and develop projects together on various platforms.
Official Channels: ApeCoin DAO makes all important decisions through community voting. You can check the proposals and vote directly on the official website. This is what true decentralized governance looks like!
Main community platforms:
• Discord: Real-time chat and voice chat
• Twitter: Latest news and official announcements
• Reddit: In-depth discussions and analysis
• Telegram: Quick information sharing
• YouTube: Educational content and reviews
Korean community: There is an active Apecoin community in Korea as well. Information is shared in Korean through KakaoTalk open chat rooms, Naver Cafe, and various cryptocurrency communities. In particular, there are many places that share NFT-related information and metaverse news in real time.
🎭 Fun community culture: BAYC holders often meet offline! They regularly hold parties and gatherings in major cities around the world, such as New York, Miami, and Hong Kong, and they actually form strong bonds.
Ape Coin Safely Stored Wallet Guide
Ape Coin is an Ethereum-based token, so you can store it in any wallet that supports Ethereum. However, it is important to choose a wallet that is right for you, considering security and convenience.
MetaMask (the most popular choice): It is convenient because it can be installed in the form of a browser extension. It is also very easy to integrate with NFT exchanges and is optimized for DeFi services. However, since it is an online wallet, you should consider the risk of hacking.
Recommended wallets by security level:
🔒 Highest security: Ledger Nano X, Trezor (hardware wallet)
⚖️ Balanced: MetaMask, Trust Wallet (software wallet)
📱 Convenience: Coinbase Wallet, Rainbow (mobile wallet)
Advantages of hardware wallets: When storing large amounts of Ape coins for a long period of time, we strongly recommend a hardware wallet. It is a small USB device that stores cryptocurrency without being connected to the Internet, making it almost impossible to hack.
The most important thing when setting up a wallet is managing the 'seed phrase (recovery phrase)'. This phrase, consisting of 12-24 words, is the only key to recovering the wallet, so you should never save it online or share it with others. It is best to write it down on paper and keep it in a safe place.
Things to know when investing in Apecoin
⚠️ Must-read before investing
Apecoin has high growth potential, but it also carries significant risk. In particular, it is closely related to NFTs, so it can be greatly affected by the volatility of the NFT market.
Understanding volatility: Apecoin shows much higher volatility than general stocks. It often has a price fluctuation of more than 30-50% in a day. When it was launched in March 2022, it rose to a high of $39, but fell to the $3 range a few months later.
Correlation with the NFT market: The value of Apecoin is closely related to the overall atmosphere of the NFT market, including BAYC. When the NFT market is stagnant, the price of Apecoin tends to fall as well, so you should also watch the NFT market trends.
Checklist before investing:
✅ Check if losing the investment amount will affect your life
✅ Basic understanding of the NFT market and metaverse trends
✅ Establish an investment plan from a long-term perspective
✅ Diversify your portfolio with other cryptocurrencies
✅ Regularly monitor market trends
Tax-related notes: In Korea, you must pay taxes on profits generated from cryptocurrency transactions. A 20% tax is imposed on transfer income exceeding 2.5 million won per year, so please carefully record your transaction history.
Beware of fraud and phishing: The popularity of Ape Coin