But failure of the project would render apecoin worthless.Īpecoin was launched on March 17, at which time about 30% of the maximum supply of 1 billion coins was expected to be in circulation. Buying APE now, at its current bargain-basement price, could pay off handsomely if the project survives. Whether that will be successful is anyone’s guess. In addition, APE tokens are being removed from the circulating supply in an effort to bolster the price. However, Yuga Labs’ demo of the Otherside metaverse, to which it invited 4,300 Otherdeed holders, caused a price surge that could prove to be a turning point for the coin. APE’s price fell from a high of $26 at the time the sale was announced to $3.49 in June. Issues with the minting process associated with the Otherdeeds resulted in a major apecoin price drop and greatly decreased demand for the coin, Cointelegraph reported. The sale created so much traffic on the Ethereum network that it drove up “gas fees” - the fee each user pays to conduct a transaction over Ethereum. Holders purchased 55,000 lots, or “Otherdeeds,” and 45,000 went to other individuals, such as Yuga Labs NFT owners and project developers. Yuga Labs recently raised about $320 million in a virtual land sale that allowed APE token holders to purchase parcels in Otherside, Fortune reported. As a governance and utility token, it allows holders to participate in governing the Ape ecosystem and gives them access to games and other products and services available only to apecoin holders.Īpecoin is the native token for Otherside, a metaverse game from Yuga Labs, which created the wildly popular Bored Ape Yacht Club non-fungible tokens. ApeCoin (APE)ĪPE is what’s known as an ERC-20 token, which means it exists on the Ethereum blockchain. Here are some promising metaverse cryptocurrency coins for 2022. It’s ideal to buy those metaverse coins that have shown potential through performance, utility or powerful financial backing - or all three. In fact, industry experts say the current bear market is likely to shake out the “bad actors” - developers who have been more focused on building their fortunes than building their projects, CNBC reported. At the same time, it doesn’t mean all projects are worth your money. This opens the investment opportunity for nearly anyone. ![]() The good news is that because metaverse projects are fairly new, coin prices are quite low - well under $1 in many cases, and less than 1 cent in some. So how is the metaverse linked with cryptocurrencies? What is the metaverse exactly? Plus, what metaverse tokens should you be buying? Here’s a look at everything you need to know about the metaverse and the best coins to invest in. Never invest more than you can afford to lose. It’s important to note that cryptocurrency is a quickly changing market, and what’s doing well today may plunge tomorrow. Cryptocurrencies and blockchain will play a vital role in that journey. ![]() The company reportedly spent $10 billion on its metaverse project in 2021, calling it the future of technology. It also helps that one of the biggest tech companies globally, Meta, is betting on the metaverse, even going so far as to change its name from Facebook.
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