Thursday, December 8, 2022

Time Magazine Will Start Accepting ApeCoin: Report

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Time Magazine will start accepting ApeCoin according to the announcement on Twitter that we read more about in today’s latest cryptocurrency news.

Apecoin is an ETH-based token whcih was recently launched by Yuga Labs, the creators of the Bored ape Yacht Club. The magazine made it possible to pay for digital subscriptions with BTC and other cryptocurrencies like ETH, DOGE, XRP in April 2021. Time Magazine also got involved in NFTs after it auctioned some of the covers as NFTs and agreed to hold BTC on its balance sheet following a partnership with Grayscale.

Last week, the 980year old publication published the first issue of an NFT which had ETH co-founder Vitalik Buterin on the cover. In the publication, the programmer shared his concerns about the crypto sector and said it could turn into a dystopia that is governed by some power-hungry actors. The BAYC ecosystem has a native cryptocurrency Apecoin which was airdropped to the owners of Bored Ape Yacht Club and also started trading on major crypto exchanges as well. During the first few hours of trading, the coin saw a rise of $39.40 before crashing down to $8.90.

BAYC’s Yuga Labs , larva labs, cryptopunks
Bored Apes

The token was designed to function as a decentralized protocol layer for a wide range of initiatives which will be led by the Bored Ape Community and the ETH-based token is now valued at $2.9 billion which makes it the 46th biggest crypto by market cap. On the website, the token announced that the APE Improvement Proposal Process will allow Apecoin DAO members to make decisions about the Ecosystem fund Allocations and the governance rules, partnerships, and beyond.  Yuga Labs is also planning to sell virtual plots of land and raise millions. Yuga made $127 million in net revenue last year but is looking to raise more funds up to $5 billion. Yuga projects that the net revenue will hit $455 million in 2022 via proceeds from virtual land sales.

As recently reported, Yuga Labs teased a BAYC metaverse by showing a short trailer and including Cool Cats, Nouns, and CryptoPunks NFTs. The trailer posted to Social media suggests a 3D gaming experience powered by Animoca but it hasn’t been officially confirmed. Yuga Labs teased BAYC metaverse today with the trailer that opens up with a BAYC Ape fishing and he then feels a tug on his rod and sees that it is in fact a bottle that says “DRINK ME”. The ape does so and finds himself abducted by a flying visit. The video goes on to show other NFT collections like Cool Cats, CryptoPunks, CrypToadz, Meebits, Nouns, and more.

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