Is Apecoin a Good Investment in 2022
If you’re interested in investing or trading cryptocurrencies, you’ve probably heard about BAYC. The acronym stands for “Bored Ape Yacht Club,” which describes its members as bored apes who are obsessed with collecting digital collectibles called “NFTs.” While not exactly new to crypto, BAYC has become one of the more popular NFT collections thanks to their high prices, flashy marketing campaigns, and quirky characters like CEO Mr. Hyde (above). We’ll discuss is going into apecoin a good investment in 2022.
Now that everyone’s favorite apes have joined forces under one roof, we’ll soon be able to get our hands on some apecoins. But what exactly do they represent? And how does this affect the future value of the coin itself? Let’s take a look at the latest cryptocurrency phenomenon and see if it deserves your attention… Delve in and lets see how is apecoin a good investment 2022.
What is BAYC?
In order to understand why people love BAYC so much, let’s first talk about NFTs themselves. If you aren’t already familiar with them, an NFT is basically any kind of art—be it a painting, sculpture, song, video game asset, etc. That said, there isn’t really anything special about these pieces—they all exist within a blockchain protocol just like other cryptocurrencies. NFTs are openly traded on public marketplaces, such as Opensea. This makes them a liquid speculative asset. Is Apecoin a good investment in 2022 given the popularity of NFTs recently. Lets go into one of the hotter sets.
When selling something physical, buyers pay money for ownership rights over a specific item. On the internet, however, sellers put their products up for sale by giving away tokens representing those items in exchange for payment from potential buyers. This tokenization allows companies to sell off existing intellectual property without having to deal with copyright issues, trademark restrictions, or manufacturing costs. In short, anyone can create and distribute an NFT online without worrying too much about protecting copyrights.
Although most people use NFTs simply as fun ways to show support for artists, sometimes creators will also choose to make NFTs based around particular themes. For example, during 2018’s Black Panther craze, several NFTs were released featuring different scenes from Marvel movies such as Avengers: Endgame, Guardians of the Galaxy Vol. 2, and Ant-Man & The Wasp.
As far as popularity goes, BAYC was founded in 2017 after the launch of CryptoKitties, another well-known NFT platform. Since then, BAYC became the largest non-fungible token marketplace through the acquisition of three similar platforms: Dapper Kitties, Kitteh Academy, and ApeTown. All together, these acquisitions made BAYC responsible for approximately 80% of all NFT sales worldwide.
With that being said, BAYC doesn’t actually own any of the NFTs listed on the site—instead, each piece belongs to individual owners known as “members” or “apes”. To prevent bad behavior from happening, users must verify their identity before buying anything. Once verified, you can buy or trade NFTs directly from other members. At present, BAYC only accepts payments using Bitcoin, Ethereum, Litecoin, Tether, USD Coin, BAT, DAI, TrueUSD, USDC, BNB, and PAX.
While many people confuse BAYC with CryptoKitties because both offer cat figurines as official rewards, neither company offers actual services related to cats. Instead, BAYC focuses primarily on providing online marketplaces where collectors can find unique virtual artwork and even purchase rarer versions of previously sold pieces.
On top of being home to some pretty cool NFTs, BAYC also had quite the eventful year. After acquiring the aforementioned NFT platforms, the team behind BAYC launched a number of initiatives designed to improve user experience across all aspects of the website. These included better search functions, quicker checkout processes, larger available inventory, easier access to private auctions, and improved customer service among others.
What is Apecoin? Is Apecoin going to be a good investment 2022
For anyone unfamiliar with Cryptokittyss’ mascot, Apepé is a fictional character created by a group of French illustrators back in 2014. He’s described as a lazy yet friendly gorilla whose goal is to eat bananas while wearing nothing but sweatpants. His name comes from the word “ape”, since he looks like the stereotypical depiction of a monkey. With his yellow eyes and pink nose, he has somewhat of a clown appearance.
After reaching peak popularity in January 2021, Apepé received significant backlash from animal activists. As a result, the makers behind him decided to rename him ApiCrypto, releasing two new designs with updated appearances later on. Despite this, the original version still remains extremely popular today.
So what does this have to do with apecoin? Well, everything! Although originally named apetoshi, the developers changed it to apecoin last week due to domain availability concerns. It should be noted, however, that the change wasn’t permanent and didn’t impact the overall product. Even though the initial announcement stated that the currency would be rebranded, the community took matters into their own hands and continued referring to it as apetoshi.
At this point, it seems unlikely that either version will ever drop out of circulation completely. So long as demand exists for the original design, people will likely continue purchasing copies no matter the current title.
Interestingly enough, the creator of Apepé says he considers himself to be partially responsible for apecoin’s success. During an AMA session held earlier this month, he explained that although he never intended for his creation to receive mass adoption, he did hope to inspire people to learn more about economics and business management.
Given the positive reception that Apepé got, along with the fact that he now owns a majority stake in a major ethereum project, it seems safe to say that the same could eventually happen for apecoin. However, unlike CryptoKitties, which began experiencing problems right after its debut, Apepé is doing relatively fine despite being almost 10 years old.
That’s partly thanks to the fact that he rarely appears outside of memes anymore. You might remember seeing him pop up alongside various famous personalities like Elon Musk, James Corden, Kim Kardashian West, Snoop Dogg, and more recently, Steve Carell.
Aside from owning the biggest share of the pie, Apepé also happens to be the highest paying celebrity figure currently active on Twitter. With a follower count approaching 100 million people, he regularly pulls in thousands upon thousands of dollars per tweet. Some fans claim to have donated large sums of money to charities associated with him.
You may wonder whether this means that he’s worth millions of dollars. Unfortunately, that depends entirely on the nature of his tweets. If he posts pictures of junk food, sells followers on useless stuff, or shares videos of cute animals, he can easily pull in hundreds of thousands of dollars every time he opens his mouth. Conversely, posting political opinions, endorsing certain brands, or promoting upcoming events can cause Apepé to lose a lot of money very quickly.
Despite this, people still flock to him en masse whenever he gets involved in trending topics. When Apepé first appeared on social media sites, traders often used him to predict trends in cryptos and commodities alike. Not surprisingly, this led to massive gains for early investors.
Is Apecoin on Coinbase?
One thing that separates Apecoin from other cryptocurrencies is its inclusion on Coinbase Pro, America’s leading decentralized finance app provider. Founded in 2019, Coinbase Pro provides users with a way to buy and store alt coins on their smartphone devices. Its main competitor is Uniswap, which Coinbase acquired in 2020.
Since getting onto Coinbase doesn’t guarantee immediate profits, it typically takes months for newcomers to begin earning money. Given the recent surge in interest towards apecoin, there’s little doubt that it won’t meet this criteria anytime soon. Still, it’s important to note that Coinbase has been working closely with the development team behind apecoin to ensure continuous growth throughout next year and beyond.
Coinbase hopes that these efforts will help increase the general awareness surrounding the ecosystem and lead to increased adoption. According to Coinbase’s Chief Product Officer Balaji Srinivasan, the company plans to add additional features to apecoin’s interface next year including margin trading tools, futures contracts, and direct lending options.
To date, Coinbase hasn’t announced any concrete timeline regarding when users can expect to start benefiting from these changes.
Is Apecoin a Good Investment in 2022
Having read all of this, it sounds like apecoin is going to be huge. There’s absolutely no denying that. However, given the state of the economy at the moment, many experts don’t think it’s ready to provide serious financial gain until late 2022 or perhaps even 2023. Before making any purchases, consider waiting until things settle down a bit.
This is especially true considering the fact that BAYC doesn’t seem to be planning any big announcements for the near future. Aside from hosting occasional charity drives, there haven’t been any rumors regarding further developments. In addition to this, BAYC is facing multiple lawsuits from disgruntled customers, all of whom want compensation for lost funds.
Is Apecoin a Good Investment in 2022 is something monitor closely, but with the success of the BAYC and it’s ecosystem we I would not discount the potential for this moving foward.