The industry’s largest NFT marketplace announced this week that it was adding a new currency to the exclusive list of official payment options. ApeCoin- the primary utility token of Yuga Labs and Bored Apes Yacht Club- made the cut and is now in action and available to all of Opensea’s million+ users.
How does this addition impact the market for both Opensea and ApeCoin, and what significance does the decision hold? Here is more information about the marketplace, the cryptocurrency, and why all this even matters.
Anyone who has been involved in NFTs for even a short time is sure to have heard of Opensea. Even if you haven’t, the name has likely popped up once or twice. Opensea is the leading NFT marketplace for the global community of digital artists, collectors, investors, and window shoppers.
There are now more than 1.5 million active user accounts on the platform, trading at a volume of up to $5 billion per month. The marketplace is home to almost 11,000 collections ranging from the digital art scene to interactive gaming NFTs, making it the biggest and most varied platform of all.
It launched on the Ethereum blockchain in December 2017, making it the first of its kind. Until now, the platform operated predominantly with the Ether or Wrapped Ether cryptocurrencies, but it also accepts a few others, including Solana, Dai, and USD Coin.
What Is ApeCoin?
Enter ApeCoin- the newest addition to that short and coveted list. It is not exactly a surprise that this would be the next coin to make the cut, considering how rapidly it has climbed the ladder to become one of the most successful cryptocurrencies of 2022.
Since it launched in the middle of March this year (yep- just over a month ago!), it has rocketed through the ranks to grab a spot on the list of the top 30 cryptocurrencies by market cap. Although it only just managed to sneak in and is currently sitting at spot number 30 at the time of writing- it is unlikely to stop there. The current ApeCoin market cap figure is a little under $4.5 billion- not bad for seven weeks of work!
ApeCoin is predominantly associated with Bored Apes Yacht Club- one of the most iconic and successful blue-chip NFT collections. It was created by ApeCoin DAO- not Yuga Labs. There is a debate about the level of involvement by Yuga Labs, which is now one of the most powerful organizations in the NFT world, but whatever way you look at it, ApeCoin has done a lot to boost the brand.
The Collaboration and What It Means for the Future
Adding ApeCoin to the roster of accepted cryptocurrencies is a big move- but not wholly unexpected. The BAYC utility token has a huge following- as does the collection itself. By bringing it into the fold, Opensea is likely to see a surge of Bored Apes Yacht Club interest and ultimately a significant boost in revenue.
From ApeCoin’s point of view, there is no doubt that this means big things for the future. Already in the last week, the crypto coin’s value climbed by 33%. As it continues to grow in value, there is real potential for us to see it become an industry leader. Yuga Labs (although not directly involved with ApeCoin) is already storming towards market monopolization, so this move could see things move even faster.
Another thought for the future following this collaboration is the strong community following that comes with ApeCoin. It is known for empowering users to get creative, become a part of the development, and build brand loyalty. If the Ape Army brings that passion and dedication over to Opensea, the sky is the limit.
If Opensea wants to maintain its position and keep the NFT throne, it needs to move with the times. Yuga Labs is a powerful player, and ApeCoin is an exciting young addition to the scene. Joining forces is a smart move to avoid becoming out of touch, and we believe the collaboration means big things for both parties.