Why APE Is Up 15% Today
KEY POINTS
- APE's consistent success is heavily connected to the other metaverse ventures of Yuga Labs, and the coin will feature heavily in their efforts.
- APE might increase or decrease in value depending on the initial launch of the Otherside metaverse.
APE swings to new heights as the new top metaverse token. Will it stay there?
ApeCoin, a hot new digital currency launched by Yuga Labs on March 17, has just reached an all-time high, becoming the highest-performing metaverse token, above others like Decentraland (MANA) and The Sandbox (SAND). Yuga Labs is the company behind the Bored Ape Yacht Club non-fungible tokens, and has made big strides in the cryptocurrency space, even going so far as to create its own metaverse. The recent success of ApeCoin seems to be heavily influenced by the upcoming debut mint of Yuga Labs' Otherside metaverse on April 30.
Those who wish to participate in the NFT mint on this new metaverse must have pre-registered by April 1, and will need both Ethereum (ETH) and APE to pay with.
The Otherside metaverse
The hype for APE is real, as many are scrambling to get their hands on the rising coin. With the creation of the Otherside metaverse, ApeCoin could see more success than many other tokens, having many uses in Otherside. The success of Bored Ape Yacht Club NFTs is also helping to stir up a lot of desire for the coin. Yuga Labs hopes to incorporate APE as the main token for their forthcoming ventures, Otherside key among them.
The first mint's early effects
The launch of the Otherside metaverse is highly anticipated, and is causing much excitement in the community. The mint offers a chance to acquire new NFTs from the makers of the Bored Ape Yacht Club. What exactly these NFTs will be is unconfirmed, with many speculating that the mint will focus on land within the Otherside metaverse. News has surfaced that those who participate in the mint will have to pay using ApeCoin, as well as ETH for gas fees. With so many people eager to acquire these new NFTs, ApeCoin is having a heyday. Will the value drop after the mint? Or is this auction only the beginning for APE?
The bottom line
As the Otherside metaverse prepares to drop, the value of digital assets from Yuga Labs are soaring. ApeCoin has just become the highest valued metaverse token in the world, as investors stock up for the upcoming Otherside mint. The auction begins on April 30 at 5 p.m. UTC (1 p.m. EDT). Will you be synchronizing your watch? Or will you be watching from the sidelines?
Interested in NFTs, and need somewhere to start? Check out our guide to investing in NFTs for the tutorial you need.
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Our Research Expert
Katie Clinebell is a freelance content creator and digital marketing strategist for FinTech, blockchain, and crypto brands. She has created award-winning campaigns for Snapple and Tai Pei Frozen Asian Food and received an Adobe Academic Achievement Award for content about Olympic athletes.
We're firm believers in the Golden Rule, which is why editorial opinions are ours alone and have not been previously reviewed, approved, or endorsed by included advertisers. The Ascent, a Motley Fool service, does not cover all offers on the market. The Ascent has a dedicated team of editors and analysts focused on personal finance, and they follow the same set of publishing standards and editorial integrity while maintaining professional separation from the analysts and editors on other Motley Fool brands.
Katie Clinebell owns Ethereum.
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