The leading news and current affair magazine, TIME, has revealed its digital subscription through ApeCoin in upcoming weeks, which is launched by the creator of the prominent NFT collection Bored Ape Yacht Club.
Ethereum-based ApeCoin adoption by TIME magazine will definitely expand and grow the Ape ecosystem and ApeCoin DAO. The coin is also used for gaming access, merchandise, events, and services across Bored Ape-oriented operations.
The integration of crypto with TIME, on the other hand, is not new. For the first time last year, the magazine accepted crypto payments in Bitcoin, Ether, DogeCoin, and XRP for its digital subscription.
Recently, Time Magazine has published its entire magazine issue as an NFT with the front cover of Vitalik Buterin, the co-founder of Ethereum.
Apecoin was rolled-out on Thursday with a finite 1 billion token supply. A day after the launch, ApeCoin’s price skyrocketed and doubled in just 24-hours. At the time of writing, the market cap of the coin is more than $1.5 billion and trading at $10.91.
The reason behind the drastic hike in Apecoin is its strong connection with the community and investors.
“The community involved with the Bored Ape Yacht Club and Mutant Ape Yacht Club is strong,” Alexandre Lores, the director of blockchain research at Quantum Economics, said in an interview.
“They [ApeCoins] are a status symbol like a Rolex or a Lamborghini. If you’ve made it, you’ve got an Ape.”