What is ApeCoin (APE) and How Does It Work?| KuCoin Crypto Gem Observer

Lately, an explosion of events in the blockchain and crypto space has left many people with FOMO, given the lucrative gains made by those who capitalized on the growing trend. More than cryptocurrencies, Bitcoin or the Blockchain, the past few months have seen the term “NFT” take over the headlines.

NFT are non-fungible tokens built on the blockchains in pretty much the same way cryptocurrencies live on a distributed ledger technology. NFTs however take the whole concept of blockchain’s decentralization to an entirely new level.

Unlike cryptocurrencies, NFTs allow users to have ownership of an indivisible and uniquely rare digital item. In the digital art world, NFTs have become the staple for artists and their fans as they allow both parties to express their ideas in a digital world while enabling digital economies to thrive in gaming and entertainment.

ApeCoin is a decentralized autonomous organization built as a community-led initiative to advance the applicability of NFTs in the metaverse. Currently being listed on KuCoin under the APE/USDT trading pair, ApeCoin will impact the blockchain crypto and NFT space in ways yet to be predicted. Watch KuCoin YouTube video for a deep dive of ApeCoin：https://www.youtube.com/watch?v=4keGAnwB3Ls&t=1s.

ApeCoin is a decentralized token and NFT platform built to support the adoption of NFTs and usher in the next phase of the Internet which is the Metaverse. Built with the backing of a DAO, ApeCoin features a native token called APE and boasts of NFTs projects such as Bored Ape Yacht Club as part of its collection.

This token also serves as the platform’s utility token as it will give all participants a shared and open currency that can be used without intermediaries. APE also serves to give its users access to certain parts of the ApeCoin ecosystem, such as games, events, merch, and services.

In addition, the APE token will also go into incentivizing the participation of third-party developers into the ApeCoin ecosystem and other projects funding.

The ApeCoin DAO is the centerpiece of the entire platform. It is a decentralized governance unit to the ApeCoin platform and will serve to manage the APE ecosystem. The ApeCoin community members will use the ApeCoin DAO to vote and propose how the ecosystem will grow and continue its self-sustaining platform.

For users looking to participate, the ApeCoin DAO brings about three main categories including an AIP (Ape Improvement Proposal) that is a core proposal, an informational proposal, and a process proposal.

Membership into the ApeCoin DAO is open to all ApeCoin holders as they can vote directly or delegate their votes to another DAO member that they trust.

ApeCoin is co-founded by Alexis Ohanian who is a General Partner and Founder of Seven Seven Six. Ohanian founded ApeCoin with Vat Siu, the chairman of Animoca Brands. Animoca is a Hong-Kong based gaming software company with a reputation for creating games such as Crazy Defence Heroes and Star Girl to mention a few. Other people that make up the ApeCoin team include Amy Wu who is the head of ventures and gaming at FTX, Maaria Bajwa (principal at sound ventures), and Dean Steinbeck (president and general counsel at Horizon Labs).

APE Foundation

The APE Foundation is the steward of the entire ApeCoin platform. The APE Foundation will oversee the base layer of everything built by the ApeCoin DAO community.

Through the foundation, decentralization of the ApeCoin platform is achieved thanks to the community-led governance that will be maintained over time. Simply put, the APE Foundation will monitor the decisions made by the ApeCoin DAO and ensure the DAO’s ideas are administered to become a reality every day.

ApeCoin and the ApeCoin ecosystem mark the beginning of integrating blockchain's decentralized technology into the metaverse. As NFT adoption picks up speed, the need for decentralized and autonomous methods of advancing adoption is in demand. ApeCoin sets the foundation that will enable NFTs to thrive in an interconnected metaverse type of internet thanks to the integration of popular NFT collections such as Bore Ape Yacht Club. What's more, ApeCoin gives access to everyone and anyone and also features incentives that bring everyone on board.

NFTs in the world of digital art are shaping ideas and influencing culture in ways never thought possible. With ApeCoin, developers from all walks of life will be able to participate in incorporating APE into their NFT based games and services, thereby advancing the use of NFTs in a Web 3 internet.

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