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How to buy Apecoin in India?

Apecoin

Disclaimer: User Generated Content – Original Content created by a member of BITS Pilani, Vipul Walunj, Gautam Goyal, Saatvik Mittal, under the consultation of Dr. Amit Dua, Assistant Professor, Computer Science Department, BITS Pilani, Pilani Campus in association with CoinDCX. The views and opinions expressed within this post belong solely to the author.
Author: Vipul Walunj, Gautam Goyal, Saatvik Mittal.


Snapshot: 

  1. Introduction
  2. What is Apecoin?
  3. Applications of Apecoin (APE)
  4. Competitors 
  5. Apecoin Tokenomics
  6. Is Apecoin a Good Investment?
  7. Apecoin Roadmap
  8. How to buy Apecoin in India
  9. Conclusion

Introduction To ApeCoin 

There is a lot of crypto being circulated in the markets, and yet new crypto keeps pouring in. But why do creators create new cryptos? One of the many reasons is they want to be a part of the new age web 3.0 revolution but there are a lot of technicalities involved. 

Recently the NFT giant Bored Ape Yacht Club (BAYC) announced their very own crypto, ApeCoin. The main company behind this is Yuga Labs, which can be called the first monopoly in NFTs. 

Yuga Labs – The Creators 

Yuga Labs is the brainchild of two friends Gargamel and Gordon Goner and both these names are just pseudonyms. These were revealed recently in February 2022 when a Buzzfeed article wrote about their true identities as Greg Solano and Wylie Aronow. They have also belonged to the community of hodlers and traders of crypto since 2017. With the emergence of NFTs, they planned to venture into this new opportunity and ended up contributing big time to the world of NFTs. They also announced two software engineers namely Emperor Tomato Ketchup and No Sass as their founding team. 

Their first project was Bored Ape Yacht Club famously known as BAYC where they released 10,000 ape theme NFTs with unique characteristic features and traits. These were Profile Picture NFTs but Yuga Labs raised the concept of PFP NFTs to a different level by making the owner of BAYC NFT a member of an exclusive club that enjoyed certain perks like getting priority of minting in the further projects and ventures of Yuga Labs. 

After the success of their first project, they issued another collection of NFTs in order to reward their existing BAYC members. It was BAKC(Bored Ape Kennel Club) which consisted of another 10,000 NFTs and was distributed to the members for free. Yuga Clubs also airdropped mutant serums to the holders of 10,000 BAYC owners through which they could mint MAYC(Mutant Ape Yacht Club). After successfully taking the NFT market by storm, Yuga Labs also acquired Cryptopunks and Meebits, some of the top bluechip NFTs in the market right now. 

Yuga Labs just closed $450 million in the seed-funding round, taking its valuation to a whopping $4 billion, making it one of the biggest valuations for a seed-round investment. The company has said that it will use this funding to scale its team, to recruit creative, engineering, and operations functions specialists, and for other partnerships and joint ventures. 

Check out the latest Apecoin Price, Charts and Data 

What is Apecoin(APE)?

ApeCoin is built on the Proof of Work(POW) consensus. It means that it uses a competitive validation process to confirm the transactions and then add new blocks to the blockchain. ApeCoin is an ERC-20 token on the Ethereum blockchain. 

ERC-20 – In simple terms, ERC20 is a set of basic guidelines and functions that any new token created in the Ethereum network must follow. The efficiency of these sets of rules and guidelines determines the safety and intactness of the blockchain. 

Just like all the other crypto, this token is a fungible online asset i.e. one ApeCoin will be equally worth the other ApeCoin and can be sold and bought on a decentralized exchange. 

ApeCoin was listed on all the major coin exchanges as soon as it was launched, which is a huge accomplishment seeing the very unpredictable nature of some exchanges like Coinbase. Within 24 hours of trading, the crypto had a market cap of 2 billion dollars.

ApeCoin DAO is said to be launching this cryptocurrency. ApeCoin DAO is a governing body for ApeCoin where all the owners of APE NFTs are members. Here the community will give in proposals and the body that is the token holders can vote. 

Another organization called the Ape Foundation is being called as the legal backing for the ApeCoin. It will take care of the suggestions and proposals and will support the DAO.

Applications of Apecoin

The main aim of ApeCoin is to enhance fairness and decentralization within the ecosystem of APE. It enables investors to maintain, and govern the APE community in an extensive manner. The following are the main objectives of ApeCoin: 

  1. Utility Token – Can be used as a digital currency to conduct blockchain transactions 
  2. Governance – Investors can participate in new visions for both long-term and temporary aspects. 
  3. Access – Allows holders access to events, exclusive merch, and games. 

The ApeCoin has various applications: 

  1. Gaming: ApeCoin can be used as an in-game currency, supporting Benji Bananas, a popular game from Animoca Brands. Players can buy ‘Benji Pass’, a Benji Bananas membership NFT, and enjoy the play-to-earn access. They can swap the rewards earned in-game with ApeCoin and then trade them across various popular crypto exchanges like CoinDCX to get liquidity. This feature can be scaled-up and used by various other games by introducing a play-to-earn factor.
  2. Voting Rights: The formation of ApeCoin DAO introduced a wide range of benefits of holding an ApeCoin. Each coin gives access to cast one vote. YugaLabs still holds a pretty sizeable chunk of voting rights, i.e., 15 percent. Other YugaLabs NFT collection holders get around 37 percent. Thus, leaving a little less than 50 percent of voting rights to anyone who wants to buy in. Members can vote on how the Ecosystem Fund will be distributed by the APE Foundation to promote a diverse and self-sustaining ecosystem. The official website of ApeCoin has a section where DAO members can connect their Web 3.0 wallets like Metamask or WalletConnect or CoinBase wallet containing the ApeCoins, and get posting access on the forums and discussions page, where they can discuss new ideas and hence, take up on new proposals for the betterment of the Ape DAO.
  3. Merchandise: After the distribution of ApeCoins to YugaLabs NFT collection holders, an online merchandise store site was launched where the Bored Ape Yacht Club and Mutant Ape Yacht Club holders can get customized merchandise like hoodies, soccer jerseys, hats, sweatpants, and throw blankets. All these items can be bought only by using ApeCoin. These transactions simply mean that a buyer is transferring its voting rights in the form of ApeCoin to the company, YugaLabs, thus, giving them more control over the DAO votes.
  4. Upcoming ‘The Otherside Meta’ Mint: In a recent announcement made by YugaLabs, a new NFT collection called ‘The Otherside’ is going to launch on 30th April 2022. The best part about this new collection is that it can only be minted by using ApeCoins. One ‘Otherdeed’ NFT can be minted for a flat 305 ApeCoins. The ApeCoins collected during this launch would not simply pass into the circulation, instead, they would be locked for one year. This, in turn, would not impact any existing voting proportions in the ApeCoin DAO.

Visit Apecoin USDT to INR Convertor

Competitors 

  1. SLP: Smooth Love Potion (SLP) is another digital currency of the Axie Infinity game, where players can buy an avatar NFT from Axie Infinity’s marketplace and earn rewards in the form of SLP tokens. These SLP tokens can also be traded on major crypto exchanges like CoinDCX, Binance, and CoinSwitch. SLP tokens can be used in games to breed collectible digital pets — known as Axies.ApeCoin has one major advantage over SLP. ApeCoin has a limited supply whereas the supply of SLP can vary depending on the number of players and their in-game actions. The variable token supply makes the price of SLP more volatile and in the short term, without any bullish announcement from the Axie Infinity team, the large supply can make the prices of SLP tokens fall because of inconsistent demand-supply momentum.
  2. Enjin: Enjin is an ERC-20 compatible cryptocurrency launched in 2017 by the company Enjin, through an Initial Coin Offering(ICO) which raised $18.9 million that helped expand its blockchain platform development. It requires an Ethereum wallet to send and receive Enjin tokens. The Enjin Network gaming platform was launched in 2009 and it presently has more than 20 million users.Though Enjin company is highly reputed, the founders of ApeCoin, YugaLabs have a clear advantage over influencing the NFT community to take certain actions that favor the prices of ApeCoin, including making bullish announcements. YugaLabs are heavily backed by large Venture Capital fundings. One downside of Enjin is that it uses an Enjin wallet, which is not open-source and thus, lacks adequate vetting. ApeCoin, on the other hand, operates well with Metamask, a decentralized Web3.0 wallet, and thus, the chances of this wallet getting compromised are much less.
  3. GALA: GALA is an Ethereum token that is used in Gala Games, a platform for blockchain gaming, with more than 1.3 million monthly active users. GALA can be used as a medium to pay for in-game items, create, and trade NFTs in the game or non-game-based exchanges.

ApeCoin and GALA again have certain similarities, but the diverse use of ApeCoin clearly makes it a better option to invest in. A great percentage of holders of ApeCoin are BAYC and MAYC members, who are known to be great diamond-hands (people who do not sell over little fluctuations in price and trust the founders of the project very much, eventually expecting a better opportunity cost), make the volatility of prices of ApeCoin as least as possible. 

Additional Read: Apecoin Price Prediction

APECOIN Tokenomics 

Presently, APECOIN has a rank in the top 50 cryptocurrencies by market capitalization. APE just touched its all-time high value, at the time of writing, majorly because of the recent announcements regarding the upcoming NFT collection launch. The driving force behind this significant rise has been the popularity of BAYC. Investors have started comparing this coin with the existing gaming-focused coins like Enjin Coin. ApeCoin has also benefited due to the acquisition of CryptoPunks IP and Meebits by Yuga Lab.

Source: CoinMarketCap

24.2% of the Ecosystem Fund of APE is being set aside for the APE NFT holders including anyone who holds some combination of NFTs from the Bored Ape Yacht Club and its two other collections, the Mutant Ape Yacht Club and the Bored Ape Kennel Club.

Is ApeCoin Good Investment? 

The airdrop of ApeCoin was enabled on 17th March 2022. It is difficult to analyze in the short term due to market volatility and the lack of a clear market structure. BAYC is massively popular among general investors including high-profile athletes and celebrities. If the BAYC ecosystem continues to grow it is reasonable to predict the demand for APE will rise among investors. APE is a profitable way to capture the rising value of the BAYC ecosystem if it can outperform its competitors in the future. 

Apecoin(APE) Roadmap 

Ape Coin has a very bright future. It has a few roadmaps and a promising plan. ApeCoin will be deployed as rewards and a form of currency for the new NFT projects’ ecosystems which include big NFT projects of Yuga Labs. Yuga Labs have acquired CryptoPunks and MeeBits. Anomic, a leading gaming company, has also chosen ApeCoin for its upcoming NFT game called the Benji Bananas.

Source: Animoca Brands

A fixed number of ApeCoins have been locked. This will help the creators to increase the value of ApeCoin in the future. Many crypto experts believe that ApeCoin will soon be stakable. It will also reward HODL(hold on for dear life) investors with incentives. The milestones of ApeCoin have pushed the world closer to Web 3.0. It strengthens the relationship between the Metaverse and the actual world.

HOW TO BUY ApeCoin In INDIA 

Use this three-step process to buy your first APE coin  using the CoinDCX crypto investment app

  • Sign Up for the CoinDCX account: Enter a valid email address and a user name on the sign-up page. Once the Email Id has been verified, set a strong password to secure your account.
  • Verify the account: You need to complete your KYC, to buy APE on the CoinDCX platform. All you need to do is upload the documents and your account will be set up in 15 minutes.
  •  Buy APEcoin: After the account has been verified, you can deposit as low as INR 100 and start your crypto journey!

Conclusion 

All the above information tells us how ApeCoin has made its entry into the crypto world equipped with all the latest technologies and very cool utilities. Its creators are showing a lot of confidence in its future and so are the crypto traders. 

Also, the creators have made it very clear that its uses, utilities, and exclusivity of its holders will only be increasing in the coming future. 

All in all, ApeCoin is just the kind of thing the fans and geeks of the crypto world need and want.


Disclaimer: User Generated Content – Original Content created by a member of BITS Pilani, Vipul Walunj, Gautam Goyal, Saatvik Mittal, under the consultation of Dr. Amit Dua, Professor, Computer Science Department, BITS Pilani, Pilani Campus in association with CoinDCX. The views and opinions expressed within this post belong solely to the author.
Author: Vipul Walunj, Gautam Goyal, Saatvik Mittal.


 

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