Recently, Bored & Hungry, the first restaurant in the world to accept ApeCoin ($APE) for payment opened in Long Beach, California.

What Is Bored Ape Yacht Club (BAYC)?

Bored Ape Yacht Club (BAYC) is an NFT collection and ecosystem developed by Yuga Labs. Here is how they describe this collection:

“BAYC is a collection of 10,000 Bored Ape NFTs—unique digital collectibles living on the Ethereum blockchain. Your Bored Ape doubles as your Yacht Club membership card, and grants access to members-only benefits, the first of which is access to THE BATHROOM, a collaborative graffiti board. Future areas and perks can be unlocked by the community through roadmap activation...

“Each Bored Ape is unique and programmatically generated from over 170 possible traits, including expression, headwear, clothing, and more. All apes are dope, but some are rarer than others. The apes are stored as ERC-721 tokens on the Ethereum blockchain and hosted on IPFS. (See Record and Proof.) Purchasing an ape costs 0.08 ETH.“

What Is ApeCoin ($APE)?

ApeCoin ($APE) is “an ERC-20 governance and utility token used within the APE ecosystem to empower a decentralized community building at the forefront of web3.”

Here are the things that $APE is used for:

  • governance: “ApeCoin is the ecosystem’s governance token, allowing ApeCoin holders to participate in ApeCoin DAO.“
  • means of payment: “ApeCoin is the ecosystem’s utility token, giving all its participants a shared and open currency that can be used without centralized intermediaries.”
  • access: “ApeCoin provides access to certain parts of the ecosystem that are otherwise unavailable, such as exclusive games, merch, events, and services.“
  • incentivization: “ApeCoin is a tool for third-party developers to participate in the ecosystem by incorporating APE into services, games, and other projects.“

ApeCoin’s total supply is “permanently fixed at 1 billion tokens.” There is “no minting capability is exposed through the contract interface,” which means that “the total supply will never increase.” Also, “the contract interface does not expose any token burning capability, so the total supply will never decrease.”

World’s First BAYC-Themed Restaurant Opens in California

As HYPERBEAST reported on April 11, Bored & Hungry, which is located in Long Beach, California, had its grand opening on April 9. The “1,700-square-foot restaurant”, which was “conceived by Orange County-based food entrepreneur Andy Nguyen,” is going to be open “for 90 days as a pop-up, powered by Houston smashburger concept by Bun B, Trill Burgers, and SoCal vegan fast-food concept Beleaf Burgers.”

The report went on to say:

“It is interesting to note that Bored & Hungry implements “Token Gating.” Utilizing software developed by Irvine-based Campus Metaverse, a QR code is used to scan customers’ MetaMask wallets for $APE, Bored Ape and Mutant Ape or Bored Ape Kennel Club NFTs. Ownership of the cryptocurrency or NFTs unlocks perks at the restaurant, including free combos and more.“

Here is what Nguyen tweeted a day before the opening of the restaurant:

Then on April 9, Bored & Hungry announced that it would be accepting for payment $ETH as well as $APE:

And here are a couple of interesting tweets from the restaurant’s first customers:

Disclaimer

The views and opinions expressed by the author, or any people mentioned in this article, are for informational purposes only, and they do not constitute financial, investment, or other advice. Investing in or trading cryptoassets comes with a risk of financial loss.