Cryptocurrencies
Bored Ape’s New ApeCoin Puts NFTs’ Power Problem on Display
The story of ApeCoin’s launch also highlights a trouble spot at the cutting edge of crypto, where venture capital firms like Andreessen Horowitz often end up among the biggest beneficiaries.
The Bored Apes now have a new currency, ApeCoin.
Credit: Courtesy of Steve Kaczynski
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Bored Ape Yacht Club is a wildly popular collection of nonfungible tokens, or NFTs, a status symbol coveted by celebrities, athletes and venture capitalists alike.
Bored Apes are already the third-most valuable collection of NFTs, with $1.5 billion in all-time sales, according to blockchain data tracker CryptoSlam. They also unlocked early access to a new digital currency — ApeCoin.