ApeCoin hits all-time high amid discussion on new NFT staking system and BAYC metaverse

    26 Apr 2022

    A few days ago, ApeCoin (APE), the new crypto asset dedicated to the Bored Ape Yacht Club community (BAYC), tapped an all-time high of $17.30, and the crypto asset is now the 32nd largest in terms of market capitalization among 13,691 other cryptocurrencies. It has climbed more than 50% against the US dollar in two weeks, as Yuga Labs have extended its efforts to the emerging its own metaverse and a new staking system.

    Over the past couple of weeks, ApeCoin, the very own cryptocurrency of the Bored Ape Yacht Club NFT collection has been making the headlines in some of the major news publications due to its famously pricey NFT tokens. The cryptocurrency was created by Yuga Labs, the company stewarding the intellectual property behind the BAYC collection. The company is producing coordinated marketing campaigns to attract more investors for ApeCoin and for its NFT collection.

    The firm’s public relations team indicates that ApeCoin is actually the product of ApeCoin DAO, a brand-new organizational unit governed completely by the token holders. Recently, the firm’s efforts to extend the approach of ApeCoin have extended its wings to the emerging tech domain, the metaverse. Yuga Labs is also reportedly collaborating with other game studios to make this metaverse project a major success.

    According to CoinMarketCap, at the time of writing this article, ApeCoin is standing at a market value of $16.61. On April 23, the crypto reached its all-time highs for the week, revolving at around $18. Experts believe that the APE token will soon breach the $20 resistance, within a matter of a few months and will trend among the largest cryptocurrencies in the market. Since Yuga Labs declared its efforts to enter the metaverse, its value spiked exponentially. Since BAYC has been highly influential in introducing a cultural change and nonfungible token adoption,

    ApeCoin is expected to witness a major hike in value. If APE successfully stirs its position both in the metaverse and the NFT marketplace, the crypto might reach $30 by the first quarter of 2030.

    Also, ApeCoin price rallies after Twitter Space, where members of the ApeCoin community and DAO discussed a proposal on staking mechanics for the token. Two new proposals were submitted by the ApeCoin community, suggesting a staking process and an allocation of the ecosystem fund for staking pools.

    The proposals suggest a staking system for ApeCoin and the Bored Ape Yacht Club (BAYC) NFT ecosystem. The new proposal is looking to establish a staking mechanic for the Bored Ape Yacht Club NFT holders to receive ApeCoin from a preset pool over some time. This means NFT holders will be able to accumulate more ApeCoins, increasing the value of their NFTs.

    The staking mechanics for BAYC NFTs will seed the ecosystem’s growth and incentivize early adopters and existing NFT holders. According to the discussion, the proposal focuses on incentivizing early adopters of the BAYC ecosystem, providing them with further utility for their highly sought-after digital collectibles.

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