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HomeImmutableXAs GameStop’s NFT Push Appears To Be Floundering, ApeCoin (APE) Staking Has...

As GameStop’s NFT Push Appears To Be Floundering, ApeCoin (APE) Staking Has Attracted Over $20 Million in Just the Past 20 Hours

This is not investment advice. The author has no positions in any of the stocks mentioned. has Disclosure and Ethics Policy.

GameStop entered the still obscure Web3 domain at a time when the hype around cryptocurrencies, NFTs, and the Metaverse had eased ahead of the current long winter that encapsulates much of this nascent realm. rice field. While GameStop’s approach to NFTs appears increasingly shaky, ApeCoin (APE) and its affiliate Bored Ape Yacht Club (BAYC) have announced that the coin’s staking deal has been staking over the past few hours. It is still soaring, as evidenced by the fact that it is attracting significant inflows.

in short, Axios citing internal sources and multiple LinkedIn posts suggesting that GameStop has recently laid off at least six software engineers. Remember that GameStop started a wave of layoffs in July when he put his CFO on the cutting board too.

As a refresher, GameStop’s dedicated NFT Marketplace built on loop ring technology It also leverages the capabilities of Immutable X, an Ethereum Layer 2 (L2) solution, to enable the issuance and trading of NFTs in a “carbon-neutral” and zero-fee environment. To attract NFT creators, GameStop has created his $100 million fund designated with his IMX token in Immutable X. Additionally, GameStop has also launched a browser extension-based digital wallet that allows users to conveniently send, receive and store cryptocurrencies (ERC 20 tokens and Ethereum) as well as his NFTs.

Declining interest in NFTs, but also GameStop partnership At the virtual currency exchange FTX, which went bankrupt in September. According to the company’s press release, the partnership “was aimed at introducing more GameStop customers to FTX’s community and its digital asset marketplace. In addition to working with FTX on new e-commerce and online marketing initiatives, and GameStop will begin accepting FTX gift cards at select stores.”

GameStop seems to be on a more shaky Web3 foundation, but that’s not the case for ApeCoin and BAYC.For starters, ApeCoin is Powering the Bored Ape Yacht Club, a collection of 10,000 profile photos created as NFTs on the Ethereum blockchain. Developed by Yuga Labs, BAYC is an exclusive organization dedicated to NFTs and is open only to individuals in physical possession of qualified NFTs. As a refresher, a Non-Fungible Token (NFT) is a kind of title deed to a digital item, thereby turning it into an asset. Please note that Yuga Labs did not create ApeCoin. Instead, it is the brainchild of his ApeCoin DAO, a decentralized autonomous organization (DAO) created to manage the token and its future development. Apart from serving as BAYC’s governance token, ApeCoin is also intended to be the payment medium of choice for dApps and Metaverse services.

apecoin staking started

ape coin Staking contract We started live about 20 hours ago. Since then, the deal has raised over $23 million.To qualify for staking rewards that go live at 12th of December, ApeCoin holders are required to lock up a certain number of coins in their staking contracts depending on the specific pools such holders are targeting. You can also participate in this staking activity by “committing” the required NFT and the required amount of APE. They all map to pair pools.

GameStop ultimately aims to host billions of low-cost in-game digital assets and NFTs, including digital properties and in-game skins, thereby creating a substantial new source for revenue generation. However, ApeCoin staking is designed to reward early participants more than those. Compensation he decreases in three years. This activity essentially locks up a certain percentage of his ApeCoin supply, thereby creating a theoretical case for price spikes. In the short term, however, concerns continue to grow that a “buy the rumor, sell the news” type of move is on the horizon. So far, the coin is down just over 1% in the last 24 hours.

Do you think GameStop’s latest layoff will affect the wider Web3 realm? Let us know your thoughts in the comments section below.

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