ApeCoin Gets More Use Cases: Bored Ape & Mutant Ape Merch Only Sold For APE, Sportsbook Adds ApeCoin

Zinger Key Points
  • Yuga Labs announced its latest merchandise drop would only be payable with the ApeCoin cryptocurrency.
  • ApeCoin has gained in value over the past week and is once again trading near the $14 level.

Live for less than two weeks, ApeCoin is already seeing several use cases and is available to buy and sell across major cryptocurrency platforms. Here’s the latest on ApeCoin APE/USD, a cryptocurrency that was launched by ApeDAO.

What Happened: Yuga Labs, the parent company of Bored Ape Yacht Club and Mutant Ape Yacht Club, announced its latest merchandise drop would be available to holders only with the ApeCoin cryptocurrency.

The Bored Ape store will open Monday, March 28 at 12 p.m. EDT and close Wednesday, March 30 at 11:59 p.m. EDT. The store will feature merch based on both Bored Ape Yacht Club and Mutant Ape Yacht Club.

All items will be exclusive to NFT holders of the respective collections. The transactions will only be payable by using ApeCoin, a first for Yuga Labs merchandise. No prices have been announced for items at the time of writing.

Yuga Labs said the items will all be limited time drops and several items including Bored Ape Yacht Club blankets and Mutant Ape Yacht Club soccer jerseys will be limited to one per holder and first come, first served in limited quantities.

Transactions of the merch store with ApeCoin will be done using the Coinbase Commerce checkout, a unit of Coinbase Global Inc COIN.

BetOnline announced it would accept ApeCoin for use for its sportsbook and online casino. The company is a popular online sports betting and casino brand, but not currently legal in the U.S.

BetOnline purchased Bored Ape #320 for 120 Ethereum ETH/USD on Feb. 4, 2022. The Ape is a seven trait Bored Ape and among the 2500 most rare in the 10,000 collection. The Ape has the following traits:

  • Purple Background: 13% of Apes
  • Hawaiian Clothes: 3%
  • Silver Stud Earring: 8%
  • Scumbag Eyes: 2%
  • Golden Brown Fur: 8%
  • Halo Hat: 3%
  • Small Grin Mouth: 3%

BetOnline is using the Ape in its promotional materials and is also offering a 10 APE match to anyone who makes their first deposit.

“Banana betting begins now,” BetOnline said.

Related Link: ApeCoin Launched: Here's The Details And How To Get It 

Why It’s Important: ApeDAO launched ApeCoin on March 17 with a free claim of 10,094 APE and 2,042 APE to Bored Ape Yacht Club and Mutant Ape Yacht Club NFT holders respectively.

There will be a supply of one billion APE with the majority represented by NFT holders and the ApeDAO treasury. Additional ApeCoin went to Yuga Labs, launch contributors, Yuga Labs founders and the Jane Goodall Legacy Foundation.

In a rare move for a utility token and cryptocurrency, ApeCoin was available for trading on major cryptocurrency platforms including Coinbase, eToro, Gemini and Voyager Digital VYGVF on its launch day.

ApeCoin has gained in value over the past week and is once again trading near the $14 level. APE is up 1% to $13.92 over the last 24-hours at the time of writing.

The coin is currently ranked #41 by market cap at $3.9 billion and has a fully diluted market capitalization of $13.9 billion.

The floor price for Bored Ape Yacht Club is 107.17 ETH, or around $340,000 at the time of writing. 

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Posted In: CryptocurrencyNewsSports BettingSmall CapMarketsGeneralApeCoinBetonlineBored Ape Yacht ClubEthereumeToroMutant Ape Yacht ClubNFTNFTsnon-fungible tokensYuga Labs
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