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ApeCoin DAO, the entity overseeing the Ethereum-based cryptocurrency ApeCoin, has unveiled a long-term collaboration with the BWT Alpine F1 Team ahead of the Miami Grand Prix.
The partnership — the result of a community vote within the DAO — aims to connect fans globally through race events and Web3 integrations.
“Our organization encompasses the same pillars of technology and innovation that are at the heart of ApeCoin’s mission,” stated David Gendry, chief commercial officer for BWT Alpine F1 Team.
Though specific terms of the collaboration have not yet been disclosed, images shared on X (Twitter) on May 3 reveal that the racing cars of the BWT Alpine F1 Team will feature the ApeCoin logo.
ApeCoin made its debut in March 2022, positioning itself as “a token for culture, gaming, and commerce.” Shortly after its launch, the cryptocurrency gained traction as the main crypto within the popular Bored Ape Yacht Club (BAYC) ecosystem, with ApeCoin distributed to BAYC NFT holders for free.
In November 2022, ApeCoin DAO announced the introduction of its NFT marketplace, showcasing collections from BAYC, MAYC, and other NFTs owned by Yuga Labs.
According to CoinMarketCap data, ApeCoin is currently valued at $1.24, marking a 2.27% increase over the past 24 hours. With a market capitalization of $779.4 million, it holds the 118th position in the rankings, with a trading volume of $51.2 million over the same period.
The collaboration with the BWT Alpine F1 Team is expected to broaden the reach of ApeCoin, aligning with the growing trend of partnerships between Web3 projects and F1 teams.
In a similar vein, last year, cryptocurrency exchange Kraken partnered with the Williams Racing Formula One team to display winning non-fungible token (NFT) artworks from its contest on Formula 1 cars during the 2023 U.S. Grand Prix.
Likewise, in 2022, Oracle Red Bull Racing, an F1 team, announced a collaboration with Bybit and Azuki creator Chiru Labs to feature an NFT on the team’s cars for the season finale in Abu Dhabi.
