According to a Twitter statement, Time Magazine will begin accepting ApeCoin, an Ethereum-based token launched by the founders of the Bored Ape Yacht Club collection of non-fungible tokens, in the coming weeks.
The iconic Time magazine is expanding its cryptocurrency payment methods and will soon begin accepting ApeCoin (APE), the token from NFT’s popular Bored Apes Yacht Club (BAYC) project.
This was announced by the magazine’s web3 community initiative, TIMEPieces, via its official Twitter account on Sunday. Founded in the United States in 1923 and key to the development of journalistic genres such as the feature, chronicle and profile, the publication will begin accepting ApeCoin as a form of payment for its digital subscriptions soon.
Congrats to the ApeCoin DAO on the rollout of @ApeCoin & thrilled we can announce that @TIME will be accepting $APE for digital subscriptions in the coming weeks on https://t.co/tiBU5fsE5B ⏰❤️🍌🦍
— TIMEPiecesᵍᵐ ⏰ (@timepieces) March 20, 2022
The magazine with nearly 100 years of history began accepting cryptocurrencies in April last year in partnership with the Crypto.com platform. Since then, it has allowed its digital subscribers to pay with various digital currencies, including Bitcoin, XRP, Ether and Dogecoin.
At the time, the news came shortly after Time made its first foray into the crypto space. In March 2021, the iconic publication announced the auction of three covers as non-fungible tokens (NFT). Then the magazine also said it would add cryptocurrencies to its balance sheet as part of a deal with crypto investment firm Galaxy Digital.
Time recently took another big step into the ecosystem when it launched its first full-fledged NFT release on Friday. The issue, titled “The Prince of Crypto Has Concerns,” is dedicated to Ethereum founder Vitalik Buterin, who is featured large on the cover.
Now the magazine is preparing to embrace the newly released APE cryptocurrency. Launched last week, ApeCoin is the native token of the famous ‘Bored Apes,’ a collection of NFTs that has attracted famous celebrities and has positioned itself as one of the most valuable digital collectibles projects in terms of market capitalization.
The token is actually a startup of ApeCoin DAO, a new decentralized autonomous organization (DAO) that is in charge of operating and overseeing the cryptocurrency. As part of the launch, the group conducted an airdrop that distributed 15% of the total APE supply among BAYC NFT holders.
ApeCoin, an ERC-20 token, has attracted a lot of interest from investors in the market since its launch. As DiarioBitcoin reported, on Friday the coin soared more than 70% as some users made ploys to become eligible for airdrop.
Citing information shared by Twitter account that tracks whale trading, WhaleStats, the report indicated that APE ranked fourth among the top 10 most purchased tokens in the last 24 hours.
Meanwhile, other businesses, including Miami nightclub E11EVEN and SaltWater Brewery have also announced their own intentions to accept APE as payment for their products, DailyCoin reviewed.
It has also begun trading on major cryptocurrency exchanges such as Binance and Coinbase. During the first few hours of trading, the token went crazy, rising to $39.40 before plummeting to $8.90.
The bitcoin market remains quite volatile. According to CoinMarketCap data, it is down 25.23 percent in the last 24 hours and currently trades at $10.42.
The Ethereum-based token is currently worth $2.9 billion, making it the 46th most valuable cryptocurrency by market capitalization.
WARNING: This is an informational article. Geek Metaverse is a media outlet, it does not promote, endorse or recommend any particular investment. It is worth noting that cryptoasset investments are not regulated in some countries. They may not be appropriate for retail investors, as the full amount invested could be lost. Check your country’s laws before investing.
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