The Bored Yacht Ape Club (BAYC) is one of the most popular NFT collections available today. With a floor price of 70-145+ ETH, (roughly 400k today) has been the worth of just a single Bored Ape.
Recently, BAYC shined again with the release of their APECOIN ($APE) which currently has about a 5 Billion dollar market cap.
The ApeCoin is the governance and utility token for the entire ape ecosystem. In April of 2021, BAYC released their 10k ape collection. Following the success of Bored Apes, Mutant Ape Yacht Club (MAYC) and Bored Ape Kennel Club followed suit–All selling out.
Yuga Labs, which is the creator of the Bored Ape Yacht Club collection, had a big month in March. They acquired CryptoPunks and Meebits and released the ERC-20 $APE token. $Ape will be the token of the Metaverse they are creating.
See you on the Otherside they say. A metaverse powered by $APECoin.
Investing in $APECoin could be a diamond in the rough. Let’s go over how you can purchase $APECoin.
Let’s begin by opening the Coinbase App on your mobile phone. If you do not have a Coinbase account, simply sign-up.
Tap Buy.
Type ApeCoin
Enter a Purchase Amount
Tap Preview Buy
Tap Buy Now.
In this post, I successfully purchased 1.249 or $25.00 worth of $APE. I can choose to store it on Coinbase (Hot Wallet) or I can move it to my Cold Wallet.
Since $APECoin is an ERC-20 coin, I can simply send it to my Ethereum address on my Cold Wallet and store the funds. Let’s walk through this.
Tap Send.
Tap Amount you want to send. Remember to leave some room for gas fees.
You now are storing your $APECoin successfully on your hardware wallet. From a tax perspective, here is what this purchase looks like.
NOTE: Gas fees ate some of my purchase, but this was just an example. When moving funds from Coinbase to your hardware wallet, you would want to send a larger amount or wait until gas fees are cheaper.
See you on the otherside :-)