The Boring Ape Yacht Club (BAYC) was definitely one of the most exciting projects in the cryptocurrency industry last year.
Developed by Yuga Labs and minted on the Ethereum blockchain, BAYC each NFT in the collection represents a unique, striking ape with different appearances, traits, and accessories.
Best of all, holders who own one of the 10,000 BAYC and 20,000 MAYC avatars make them exclusive members of an active community with access to merchandise, events, products and services, and flexible licensing to use as they see fit Ability of Boring Ape.
Celebrities and stars such as Eminem, Snoop Dogg, Madonna, Tom Brady, Neymar, Steve Aoki, Jimmy Fallon, and Paris Hilton quickly adopted the concept of the boring ape. At the same time, BAYC's NFT has been applied inTV show、band, merchandise and evenfast food restaurant。
Also because of the popularity of Boring Ape, BAYC's NFTsalesIt is the second highest to date, with a historical trading volume of $2.3 billion.
This year, the project's creators hope to take BAYC to the next level by issuing ApeCoin (APE) tokens to decentralize governance with the DAO and provide investors with a way to gain exposure without holding an NFTBoring Ape Yacht ClubThe way.
Now, while ApeCoin is down this year along with other cryptocurrencies in the space, it managed to defy the current bear trend by surging nearly 75% between June 18 and June 28, 2022. In this article, we explore the important reasons behind APE's recent bull run.
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What is ApeCoin (APE)?
ApeCoin (APE)Launched in March 2022, it is the official cryptocurrency of the Boring Ape Yacht Club. It is based on the ERC-20 token standard of Ethereum, and its main function is to serve as a governance token, giving holders the ability to make suggestions and vote on important issues in the future of the project.
In addition to being able to participate in decentralized governance, APE also provides users with the following utilities:
Access exclusive features, games, services and merchandise
Medium of Exchange within the BAYC Ecosystem
Incentivize third-party developers to integrate APE into their ecosystem
ApeCoin has a permanent fixed supply of 1 billion tokens, which means there are no minting andcombustionfirst level title
Why ApeCoin Soared 75% in Late June?
In the following sections, we consolidate the main reasons that may have contributed to the recent spike in APE. Come see it now!
1. ApeFest 2022
Perhaps the most anticipated event for members of the Boring Ape Yacht Club, ApeFest is a unique annual festival for BAYC and MAYC holders.
The event was first held last year, and this year's ApeFest 2022 is even bigger, featuring star performers including Eminem, Snoop Dogg, Lil Wayne, Haim and The Roots. Additionally, attendees can enjoy an open bar, merchandise and free treats from Bored & Hungry, a Bored Ape-themed food program, and Champ Medici's Bored Taco.
Since ApeFest 2022 is being held at Pier 17 in New York City from June 20-23, the hype leading up to the event and the publicity throughout the event may have contributed to ApeCoin’s recent bull run.
2. Music Video for Snoop Dogg and Eminem
In addition to being top ApeFest performers, Snoop Dogg and Eminem are official members of BAYC, and both hold one of Yuga Labs' 10,000 collectible NFTs.
On June 24th, the day after ApeFest 2022 concluded, Snoop Dogg and Eminem released a track called "From The D 2 The LBC"songand#6723and#9055）。
For BAYC members, having superstars like Eminem and Snoop Dogg writing the "theme song" for a popular entertainment and music-focused NFT project is great news. At the same time, the record of nearly 24 million views on July 5, 2022 brought more publicity to BAYC, which may have had a positive impact on the price of APE in late June.
3. Rolling Stone, Breakthrough Brand, First ApeCoin ETP
On June 20, two days after the APE bull run, the Rolling Stones and Boring Ape Yacht Club announced their second collaboration.
ascooperateAs part of Rolling Stone Magazine and the NFT project launched two 1:1 non-fungible tokens (one BAYC and one MAYC) as auctions on the OpenSea marketplace.
However, the positive news surrounding the project didn't end there. The day after the partnership was announced, consultancy Interbrand included The Boring Ape Yacht Club in its annual Breakthrough Brands report.listed asOne of 30 emerging brands with the potential to "break America."
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Can BAYC keep the Boring Ape hot?
Suddenly popular NFT projects CryptoPunks and Boring Ape Yacht Club are often dismissed as short-term hype, but Yuga Labs has managed to keep interest in BAYC high even more than a year after the first Boring Apes launched.
Meanwhile, ApeFest 2022, music videos for Snoop Dogg and Eminem, a collaboration with the Rolling Stones, the launch of the first physical ETP backed by APE, and inclusion in the Breakthrough Brand Report are among the highlights for ApeCoin between June 18th and 28th. The bull market contributed.
About AAX Academy
About AAX Academy
AAX serves trading users, innovators, NFT artists, high-net-worth investors and users without bank accounts around the world. With the mission of realizing the practical application of digital assets, AAX is committed to making stable currency benefit everyone.
AAX Academy is a user education channel created by AAX, which aims to help more users learn novice tutorials and understand the basics of blockchain.
AAX serves trading users, innovators, NFT artists, high-net-worth investors and users without bank accounts around the world. With the mission of realizing the practical application of digital assets, AAX is committed to making stable currency benefit everyone.
