How the ApeCoin token Airdrop turned NFT bored ape holders into millionaires
The last year has seen many crypto millionaires made. NFT projects such as BoredApes sold for millions of dollars.
For those who have been wondering if crypto can make you rich? Yes, ApeCoin broke the internet with its amazing rag-to-rich stories when many people who earned airdrop tokens earned hundreds of thousands or millions. ApeCoin is a new crypto project, born out of the Bored Ape Yacht Club NFT Community. The coin has lived up to the hype and is rewarding Bored Ape holders with airdrops. Built on Ethereum has turned many crypto millionaires in the last weeks.
On the day of the ApeCoin airdrop, some NFT collectors were reported to have earned tens or hundreds of thousands in a matter of hours. ApeCoin was released through ApeCoin DAO, which had adopted ApeCoin as its primary token for the BAYC ecosystem, as well as future Yuga products. As one of the top NFT collections, individual Bored Ape NFTs have been sold for millions of dollars.
To reward its NFT holders, ApeCoin was airdropped to Ape holders for free, with owners able to sell the coin for profit or keep it. Holding ApeCoin grants the holders the necessary influence over DAO, which gives them a hand in the shaping of the future of the project. The Bored Ape DAO will use the blockchain to enable and record votes on decisions related to how the community is run. In other words, holders have governance rights over the DAO by being its decision-making organ in addition to other packs. In this arrangement, the typical approach is to have more token holders have more influence in the decision-making council.
Benefits of airdrops
While crypto airdrops could be a way of boosting your portfolio as a token holder without spending money to purchase the assets, it helps creators build the token through free marketing for the crypto community. Shortly after a few airdrops of ApeCoin were given to token holders, word went out and the price went shot up 600% creating new crypto millionaires.
The free token has had a massive impact on holders of Bored Ape NFTs since the airdrop. After claiming the tokens, investors had the freedom to either sell them for a profit or hold them for future speculation. Like many other airdropped tokens, the price of ApeCoin has been fluctuating all since its launch. For those who got lucky, they reaped huge profits.
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