What is ApeCoin (APE)?
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🟢 The simple version
Plain English — no jargon. Start here.
ApeCoin (APE) is the governance and ecosystem token of the Bored Ape Yacht Club (BAYC) universe — airdropped to BAYC and MAYC NFT holders in March 2022 and governed by ApeCoin DAO, it serves as the currency for the Yuga Labs metaverse project Otherside and connects the larger BAYC intellectual property ecosystem.
What is the Bored Ape Yacht Club?
Bored Ape Yacht Club (BAYC) is a collection of 10,000 unique cartoon ape NFTs on Ethereum, created by Yuga Labs in April 2021. It became the defining "blue-chip" NFT collection of the 2021-2022 NFT boom — individual apes sold for hundreds of thousands to millions of dollars, and ownership conveyed membership in an exclusive community with celebrity cachet. Holders included Eminem, Snoop Dogg, Stephen Curry, Justin Bieber, and many prominent crypto figures. The floor price (minimum price of any ape) peaked around 150 ETH (~30,000) in April 2022.
MAYC (Mutant Ape Yacht Club) is the derivative collection — 20,000 "mutant" apes, initially airdropped to BAYC holders and then sold publicly. BAKC (Bored Ape Kennel Club) added dog companions. Yuga Labs built an IP empire around these characters and licensed them to holders — a BAYC holder can use their ape's image for commercial purposes, which led to branded restaurants, clothing lines, and media projects using ape images.
The ApeCoin airdrop and DAO
In March 2022, Yuga Labs announced ApeCoin — airdropped to BAYC and MAYC holders (proportional to their holdings). The airdrop was substantial: BAYC holders received ~10,094 APE per ape, worth ~00,000 at launch price. The airdrop made BAYC holders significantly wealthier on paper and was widely seen as one of crypto's most generous airdrops by dollar value. ApeCoin DAO was established to govern APE — though Yuga Labs retains significant influence over the ecosystem's direction despite nominal DAO governance.
Is APE legal in India?
Yes. APE qualifies as a Virtual Digital Asset (VDA) under Indian law. 30% tax on gains and 1% TDS applies. Always consult a tax professional.
🟡 A bit more detail
For when you want to go a little deeper.
Otherside — the BAYC metaverse
Yuga Labs announced Otherside — an ambitious MMORPG metaverse game where Otherdeed land parcels (NFTs) would be the core virtual real estate. The Otherdeed land sale in April 2022 was one of Ethereum's most chaotic events: 55,000 parcels sold for approximately 61 million in a few hours, generating such network congestion that Ethereum gas fees spiked to extraordinary levels — many buyers paid more in gas than in APE for their land. The sale raised more money than any NFT project sale before it.
Otherside development has been slow relative to the ambition and capital raised. Yuga Labs has released several "Trips" (tech demos) showing the game world, but a full playable game remains in development. The broader BAYC ecosystem decline (NFT bear market, BAYC floor price falling 90%+ from peak) has reduced community momentum and attention on Otherside. APE's price followed BAYC's decline — from a peak around 6 to significantly lower.
APE's value is deeply tied to the BAYC brand and Yuga Labs' execution on Otherside. Both the NFT market and the BAYC brand specifically have declined significantly from 2021-22 peaks. Yuga Labs also faced internal challenges (co-founder departures, executive changes) in 2023-24. APE fell from ~6 peak to significantly lower. Live data: CoinGecko
ApeChain
In 2024, Yuga Labs launched ApeChain — an Arbitrum-based L3 blockchain specifically for the APE ecosystem. ApeChain uses APE as its native gas token, creating real utility demand for APE beyond speculation. Games, NFT collections, and applications built on ApeChain require APE for transactions, providing a sustainable utility sink that the token previously lacked. This was a significant architectural upgrade for the APE ecosystem — moving from a pure governance/speculative token to one with fundamental transaction demand.
🟣 The full technical picture
For the technically curious.
Key facts
- Token: APE (governance + ApeChain gas token)
- Origin: Airdropped March 2022 to BAYC/MAYC holders; BAYC holders received ~10,094 APE each
- Governance: ApeCoin DAO (Yuga Labs retains significant ecosystem influence)
- BAYC: 10,000 ape NFTs; peak floor ~150 ETH (~30k); 2024 floor 90%+ lower
- MAYC: 20,000 mutant apes — airdropped to BAYC holders + public sale
- Celebrity holders (peak): Eminem, Snoop Dogg, Stephen Curry, Justin Bieber+
- Otherside: BAYC metaverse MMORPG — Otherdeed land sale raised ~61M; game in development
- ApeChain: Arbitrum L3 launched 2024; APE is native gas token — adds real utility
- APE peak: ~6 (April 2022) → 90%+ decline
- Yuga Labs: Also owns CryptoPunks and Meebits collections
- IP model: BAYC holders get commercial rights to their ape image
- India tax: VDA — 30% gains tax + 1% TDS