The cryptocurrency market has lately emerged as one of the most popular investment opportunities for financial enthusiasts. Several fascinating cryptocurrencies have joined the market recently. At the time of writing, non-fungible tokens (NFTs) have the attention of hundreds of investors. The Bored Ape Yacht Club and its related collections are the most popular NFTs.
This collection consists of apes that express boredom. As a result, these ordinary-looking works of art attracted several investors. Moreover, the Apecoin (APE) is the cryptocurrency of the Bored Ape Yacht Club, which has exploded in terms of popularity recently.
What is ApeCoin (APE)?
The BAYC, a Yuga Labs NFT project with 10,000 unique Bored Apes, uses ApeCoin as its governance and utility currency. The ApeCoin DAO oversees and manages the Ape Foundation, which runs ApeCoin. Its goal is to ensure governance as the community grows. As a result, ApeCoin holders became DAO voters, with the Foundation serving as a facilitator.
ApeCoin is an open-source initiative that serves the Web 3.0 economy, in which the creators of online-based material are also the owners. Digital artwork, music, videos, GIFs, in-game items, and so on are all included.
The potential for blockchain’s cultural effect is so wide that it. APE is a built-on, community-controlled token meant to support whatever will be next. Furthermore, ApeCoin will function as a decentralized protocol layer for community-led activities in the Metaverse, focused on developing culture.
Objectives
The ApeCoin Project aims to encourage the formation and growth of a web-based, decentralized Web 3.0 community by enabling the following:
- Governance: As members of the ApeCoin DAO, ApeCoin users are responsible for voting on proposed protocol notifications and ensuring that the project’s long-term goal is maintained.
- Access: Certain aspects of the APE ecosystem, such as exclusive merchandise, games, services, and even events, are restricted to day-to-day users. Ownership of ApeCoins grants access to these resources.
- Incentivization: Ape avatars can be used in games. However, they can also be used in services and other applications.
- Spending: As a utility token, ApeCoin also functions as a cryptocurrency. Thus, it unites the whole community and allows them to deal amongst themselves on a decentralized platform.
How To Buy ApeCoin (APE)?
The top exchanges for trading in ApeCoin stock are Binance, OKX, Bybit, Kraken, and Coinbase. Additionally, its market pairs include BUSD, USDT, BTC, and ETH. Below, we will show you how to buy ApeCoin.
Step 1: Create an Exchange Account
The first step towards purchasing an ApeCoin token is creating an account on a centralized exchange. For this step, we suggest using Binance since it offers the most liquidity for BTC and BUSD. However, if you want to create an account on Binance, you need to provide a considerable amount of information.
To begin trading in Binance, you need to provide an email address, phone number, and a strong password. After opening your account, you will need to verify your account. Account verification is done by providing your ID document, passport, driving license, or residence permit.
Step 2: Fund Your Account
The next step you will need to take is to fund your Binance account. Funding a centralized exchange account is very easy and you can do it in various ways. Some of the ways you can fund your account on Binance are using credit/debit cards and bank transfers. Thus, Binance allows you to deposit fiat money into your account and purchase crypto directly.
Before you trade cryptocurrencies, you need to buy them first. Binance offers Peer-to-Peer (P2P) services where you can buy USDT, BUSD, ETH, or BTC using fiat currencies.
If you want to buy from the P2P platform, follow these steps:
- Click Buy Crypto – P2P Trading
- Choose your market pair
- Buy directly from other users
However, the easiest way to fund your Binance is by using your credit/debit card.
Step 3: Buy APE
After creating and funding your Binance account, all you need to do is purchase APE. If you want to purchase with a credit/debit card, simply put the amount you want to spend in your chosen currency.
You can also deposit fiat money and directly purchase APE. The deposit may take up to 2 business days. However, it has no transaction fee and it often executes within minutes.
Now that you have finished the process of purchasing APE, you are officially an ApeCoin holder (HODLer). Before investing, however, please do your own research. One “How to Buy ApeCoin” guide should not be the only material you read before investing.
Takeaways
- The BAYC uses ApeCoin as its governance and utility currency.
- The ApeCoin DAO oversees the Ape Foundation to ensure governance as the community grows.
- ApeCoin is an open-source initiative that serves the Web3.0 economy.
- ApeCoin Project enables governance, access, incentivization, and spending as a form to encourage the formation of a decentralized Web3.0 community.
- The top exchanges that support APE are Binance, OKX, Bybit, Coin Tiger, and Coinbase.
- APE’s market pairs include BUSD, BTC, and USDT.
- You can buy ApeCoin using your credit/debit card, depositing fiat money (bank transfer), or purchasing directly from users by P2P platform.