Posted Apr 29, 2022, 6:40 PM
In just over a month, ApeCoin (APE) reached $7 billion in capitalization. It is now the most valued token linked to a metaverse, by far. It weighs more than double that of its main competitors, Decentraland (MANA), The Sandbox (SAND) or Axie Infinity (AXS); all three are struggling to exceed the ceiling of 3 billion capitalization.
With more than 35% upside this week, ApeCoin has largely outperformed the crypto market. After a high of 26.8 dollars on Thursday, it moved to 22.8 dollars on Friday. the APE actually obeys its own agenda: the launch, on Saturday, of the Otherside metaverse which should give it all its usefulness. The announcement of the launch date of this new platform kicked off this “rally”. These two projects are led by Yuga Labs, the start-up that created the famous “Bored Ape Yacht Club” NFTs, valued at $4 billion.
This Friday at the end of the afternoon, the APE still progressed by 7.5%, according to Coingecko, placing itself in 25th position. This performance is all the more remarkable as this is the general ranking of the crypto market, dominated by the king bitcoin. The token is therefore ahead of more advanced projects such as The Sandbox (44th), Axie Infinity (45th) and Decentraland (48th).
That says a lot about the wait around Otherside. It must be said that the start-up behind it raised $450 million at the end of March. A funding round carried by big names such as Andreessen Horowitz (who invests heavily in Web3), Animoca Brands (known for its metaverse The Sandbox and its game Axie Infinity), Coinbase (one of the biggest trading platforms in cryptos) and MoonPay (also a crypto wallet).
It is necessary to understand a central mechanics of the metaverses to understand the craze around the ApeCoin. As soon as Otherside opens, the first thing those who can access it will do is buy plots, limited to 55,000. Each of them will be sold in the form of NFTs (dubbed “Otherdeed”). To buy them? APE will be needed.
After trying to sell them at auction, publisher Yuga Labs resigned itself to displaying them at a fixed price of 305 APE, or about $7,000. The sale will take place on Saturday at 9 p.m. The members of the “Bored Ape Yacht Club”, they will be allocated an office land.
ApeCoin is a decentralized foundation, according to the DAO principle, a mainstay of Web3. It is supervised by a board of directors made up of five members, including Alexis Ohanian, co-founder of Reddit or Yat Siu, president of Animoca Brands. In all, 1 billion tokens have been issued, of which 62% goes to the ecosystem, 16% to Yuga Labs and donations, 14% is reserved for project contributors and 8% for the four founders of the “Bored Apes”.
We will see if the recent hacking of the digital monkeys, whose damage amounts to several million dollars, does not spoil the housewarming party of this new metaverse too much.