Ape Yacht Club Ethereum NFT Sales Increase as ApeCoin Price Rises, Then Falls! Explained

ApeCoin was created for the Bored Ape Yacht Club NFT ecosystem. It debuted this morning and quickly soared in value before losing most of its initial momentum. The token first peaked at $39.40 per token, but has since dropped to about $7.50. An NFT is a transfer of ownership of a one-of-a-kind digital item. Yuga Labs, the developers of the Bored Ape Yacht Club, created ApeCoin to fuel an ecosystem of apps and services. The NFT industry is expected to reach $25 billion in trade volume in 2021.