BAYC, Ethereum-Based Governance token, Apecoin now accepted on OpenSea

The largest NFT marketplace, Opensea, now accepts Apecoin as a means of Payment.

Apecoin, BAYC Ethereum-Based Governance token joins the list of Ether, Wrapped Ether, Solana, USD Coin, and Dai to be used for transactions on Opensea.

Apecoin has increased in value and is now the 32nd ranked cryptocurrency according to Coinmarketcap data.

Yuga Labs Otherside metaverse digital land sale causes a spike in Apecoin price action.


Apecoin is now accepted as a means of purchase on Opensea. The Largest and most popular NFT marketplace has officially announced that it would be receiving the BAYC’s Ethereum-Based Governance token Apecoin as a medium of exchange. OpenSea made this statement in a connection to the secondary sales of Yuga Labs othersideMeta, on April 30, a sale of digital land NFTs which is a pass into Yuga lab's upcoming metaverse. Apecoin would be used as the key token for the Bored Ape Yacht Club ecosystem, as well as the primary currency in the metaverse game experience Otherside.


Apecoin is an ERC-20 governance and utility token used within the APE ecosystem to empower decentralized community building at the forefront of web3. Apecoin was launched on March 17, 2022, and Ape’s DAO (Decentralized Autonomous Organisation) controls it. For the ecosystem, Apecoin serves purposes such as Governance, Unification of spending, Access, and Incentivisation. It will allow holders access to games, events, merchandise, and services. At present, Apecoin has a Maximum supply of 1 billion and there is a supply of 284 million Apecoin in circulation.



As a result of OpenSea and BAYC’s collaboration and new activities, there was a significant increase of over 33% and more in the price of Apecoin from $10.50 in early April over to $26 on April 28th before correction back to $13.2, which is its current trading price as at the time of this writing. This NFT and metaverse-related coin has recently been among the crypto market's biggest gainers and top trending tokens. According to Coinmarketcap data, Apecoin surged up in value and is now the 32nd-ranked cryptocurrency. It also became the biggest metaverse token by market capitalization.


Yuga labs have also rolled out its gaming metaverse OthersideMeta, a metaverse gaming environment created in collaboration with Animoca Brands, an NFT game distributor, highlighting numerous ventures such as the Apes, and CryptoPunks, Meebits, and Cool Cats. Over $320 million was raised for Otherside by selling virtual land NFTs. The NFT mint is said to be one of the biggest in history as it broke the Ethereum Blockchain with high gas fees of about $5000 per transaction.


With OthersideMeta also come the Otherdeed NFTs, which are NFTs comparable to those used by Decentraland and The Sandbox to signify virtual land ownership. So far, investors have purchased approximately 33,000 land deeds to claim land in Otherside. With an estimated market cap of 380,000 ETH on Coingecko, the Otherdeed for Otherside NFT collection is now a top 5 rated NFT by market capitalization. Only the Bored Ape Yacht Club NFT collection, CryptoPunks, and the Mutant Apes rank higher.


Secondary sales are upcoming and available, and those still interested can purchase deeds to claim land on the otherside metaverse.


Conclusion

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Being accepted by the largest marketplace of over $17 Billion is a major success for Apecoin as a coin and the community DAO in charge of its creation regarding its short time of existence in the market. This shows that the utility of Apecion would likely increase, and the possibility of exceeding its all-time high in a short while is a valid one. As we might soon see, Apecoin will be an important player in the course of the metaverse in the years soon to come.



Author: Gate.io Observer: M. Olatunji
* This article represents only the views of the observers and does not constitute any investment suggestions.
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