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What is Apes crypto and the APE price prediction 2023?

apecoin logo on image of ape climbing in a tree
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Apes crypto, aka ApeCoin (APE), is "for the Web3 economy". Web3 unlocks a plethora of opportunities for different user classes. Of course, decentralised finance (DeFi) is at the heart of Web3, and so is culture. Yes, you read that right. The NFT space (art) is projected to generate revenue of roughly $3.50B in 2023 alone.

Gaming finance (GameFi), entertainment, and events are on the rise as well. Culture has indeed "found new expression in Web3" and the possibilities are endless. Let us explore these cultural facets further.

NFTs unlock a whole new mode of artistic expression, with authentic ownership attached to your pieces of art and the genuine possibility of attaching creative layers to your artwork (such as music and stunning visual effects) through NFT and blockchain technology.

The GameFi market is expected to reach $38B in 2028 and is a genuine game-changer for the gaming industry. The Play-to-Earn (P2E) gaming model has made earning money while playing games a realistic possibility.

Of course, as a professional gamer, you can stream your gameplay, participate in gaming contests, and potentially acquire sponsors to make a career in gaming - GameFi makes it possible for ANYONE to earn while playing games - you need not be a professional gamer to partake and win rewards in GameFi.

Entertainment and events, too, have been on the rise and are well-represented by the NFT community in particular. Dozens of entertainment-laced events have taken place in 2023 already, with several more set to place by the end of the year.

Web3 is for the culture.

ApeCoin is a decentralised protocol layer that is on a mission to support the present and next wave of "community-led initiatives that drive culture forward into the Metaverse". Apes crypto (APE) is a token that is supporting this initiative.

apecoin website screenshot with APE logo

What is the APE Foundation?

The APE Foundation looks after the ApeCoin decentralised protocol layer. It serves as the base layer upon which Apes crypto holders in the ApeCoin DAO can BUIDL. APE Foundation enables community-led governance and administers the decisions of the DAO.

Responsibilities of the foundation include project management, bookkeeping, day-to-day administration, and all other tasks that ascertain the ApeCoin DAO community’s ideas are supported.

In a nutshell, the APE Foundation stewards the growth and development of the Apes crypto ecosystem inclusively and fairly. It makes use of the Ecosystem Fund (controlled by a multisig wallet) as directed by the ApeCoin DAO to pay all relevant expenses.

It also provides a nurturing infrastructure for Apes crypto holders to collaborate through permissionless and open governance procedures.

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What is the ApeCoin DAO?

By now, I am sure you have a pretty good idea about the functioning of the ApeCoin DAO. Decentralised governance is crucial to the healthy functioning of a globally dispersed community. The functionality of the ApeCoin DAO is instrumental to the ecosystem's success.

At the time of writing, DAO membership is open to all Apes crypto holders. As a member of the DAO, you can make decisions related to partnerships, projects, governance rules, Ecosystem Fund allocations, and much more! For an in-depth understanding of the ApeCoin DAO, visit the ApeCoin DAO Governance section.

What is the Apes crypto board?

The ApeCoin Board is a special council on the foundation that administers DAO proposals at the behest of DAO members and serves the community's vision. Mind you, not all DAO proposals require administrative review. Only those proposals that require review as per ApeCoin DAO rules are looked at by the board.

The initial Board member term is six months, after which DAO members vote annually on board members. At the time of writing, below are the members of the board.

apecoin website showing boredape nfts

Apes crypto price prediction 2023

Apes crypto is an ERC-20 utility and governance token that holds a crucial role in the ApeCoin ecosystem. The total token supply of the cryptocurrency is fixed at 1B tokens. Here are some of its utilities:

  • ApeCoin is the governance token of the ecosystem. It allows APE holders to participate in DAO activities.
  • APE is the ecosystem’s utility token as well. It is a shared currency that can be used by all ecosystem members in a decentralised manner.
  • Apes crypto provides exclusive access to services, events, merchandise, and games.
  • APE also serves as a tool to incentivise participation in projects, games, and services.

It is clear that APE is multi-faceted and an integral part of the ApeCoin ecosystem.

As per CoinGecko statistics, the current price at the time of writing of APE is $1.49. The cryptocurrency has a market cap of well over $500M, a 24-hour trading volume of more than $77M, and a circulating supply of over 1/3rd of its total supply.

ApeCoin is a fascinating, community-led project with a lot of potential. In fact, the crypto’s potential is sky-high if we are talking about its 2023 price prediction. The crypto asset achieved an ATH of $26.70 on 28 April, 2022, and it could end the year in the $2-3 region.

You must DYOR research at all times. This is NOT financial advice. Happy APE'ing!

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surajdeep singh

Author: Surajdeep Singh

Surajdeep Singh has been working in the tech sphere as a marketing guru and journalist for over 6 years, with his speciality laying in blockchain and Web3. He has donned several hats in marketing and journalism over the years and worked with many reputable brands. Feel free to reach out to him on LinkedIn!

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