Apecoin is a newcomer on the block. What exactly is Apecoin, and how can you invest in it?
Apecoin is an ERC-20 governance and utility token developed by Yuga Labs, a group best known for their extremely popular NFT project Bored Ape Yacht Club. They are also the owners of the CryptoPunks NFT collection, which is arguably the first collection ever made.
The token’s creators took to Twitter to announce the token’s launch and to explain in greater detail what it is and what their long-term plans are.
has received $450 million in funding from VC a16z at a valuation of $4 billion.
The fund is said to be used to build the Metaverse, which the founders describe as an NFT Universe, in which NFT owners can participate. ApeCoin will be used as in-game currency in the NFT Universe at first.
What makes ApeCoin an appealing investment when there are over a dozen new tokens released every day?
According to CoinDesk calculations, the BAYC collection alone accounts for approximately 10% of the volume on the OpenSea – NFT marketplace. This demonstrates the significant advantage that ApeCoin token owners have in terms of marketing, their network providing the received funding, and the already enormous success they have achieved in the NFT space.
Things to Consider Before Buying Apecoin
Choose a Cryptocurrency Exchange
Here is a list of all the exchanges that currently support ApeCoin.
Where should the purchased coins be kept?
It’s critical to spend some time investigating how you’ll keep your newly acquired ApeCoins.
To store their cryptocurrency, cryptocurrency investors have two options: a Hot wallet and a Cold wallet.
A hot wallet means that your coins and tokens are kept on the exchange. This provides you the advantage of having the tokens available for sale whenever you need them.
A cold wallet, on the other hand, is considered a more secure option because the tokens are withdrawn and stored on a physical device. A device of this type can cost anything from $20 to $200. You are responsible for all elements of device security, so do your homework.
As a third method, a software wallet is offered. Many bitcoin exchanges provide their own software wallet. Because of its open-source nature, Trust Wallet is currently the most popular. Software wallets are more secure than storing coins on centralized exchanges (Hot wallet), but they are less secure than hardware wallets.
5 Steps to Buy Apecoin
Purchasing tokens or coins on major cryptocurrency exchanges follows a similar procedure. Before purchasing anything, you must first register your account and then go through some verification steps.
In this example, we will use the cryptocurrency exchange OkCoin.
- Get the OkCoin app. The app is compatible with iOS and Android devices.
- When you launch the app after downloading it, you will see the Create account button.
- Click Continue and enter your phone number, password, and email address.
A 6-digit code will be sent to you via text message. This code is required before you can proceed.
3. After you have completed the preceding steps, you will be asked to verify your identity.
The following information will be requested of you:
Full legal name as it appears on your government-issued identification
- The birthdate
Residence country and state
- Last four digits of your social security
You can bypass this section and return later by tapping Account and then Identity Verification.
- Finally, tap the Buy Crypto button and type ApeCoin into the search box.