What is Council of Apes (COAPE): unknowns cloud NFT project

Scant information or community engagement could be red flags for 'first NFT survival game'

Cartoon of monkey taking lady's purse – Photo: Shutterstock                                 
Council of Apes – too much monkey business to get involved with? Photo: Shutterstock
                                

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Council of Apes (COAPE), one of an exceedingly growing number of NFT projects vying for attention among crypto enthusiasts, which claims to be the first NFT-based survival game, is currently offering 7,776 ape-themed NFTs in a presale. 

What patrons of the NFT arts hope to receive for their investments is unclear, however, since COAPE's website contains a total of just four low-resolution images supposedly chosen from the wider collection. Furthermore, no information regarding the artist(s) behind this NFT project is provided.

Details on current presale volumes are not disclosed, but a total of 344 inbound transactions on COAPE’s Binance Smart Chain address gives a rough estimate of the uptake.

With the presale theoretically ending in eight days (5 December), the Council of Apes token ($COAPE) will, hypothetically, power transactions on all future COAPE projects.

Exactly how does Council of Apes work and what is Council of Apes used for? According to its website, Council of Apes (COAPE), "the first NFT-based survival game", plans future NFT projects including “Apetopia”.

What does COAPE claim to be?

Council of Apes is a decentralised meme token developed by… no one really knows.

The scant amount of information provided on the project’s website implies that the project is created by blockchain developers with an interest in building “more open, fair, and transparent digital currencies with useful applications related to community and DEFI.”

For the trivia buffs, Ceasar’s Council of Apes was formed to create the laws that all ape citizens in the Planet of the Apes universe must abide by. 

Is COAPE a legitimate project?

The fact that scams are abundant in the NFT community needs no mentioning, which is not to say any and all projects are a rug pull. But here are some things to consider before taking part in COAPE’s presale:

Having recently frozen its Telegram portal, a pinned message from Council of Apes explained that an inundation of queries relating to the project was straining resources. COAPE’s Telegram portal was opened on 10 November 2021 and within 16 days managed to amass 35,529 members. How many of these members are bots cannot be determined.

Although a Twitter account was created as far back as July 2020, a total of three tweets comprises the entirety of community engagement.

COAPE’s website states that it was audited by Techrate, the highly trusted blockchain auditors. Techrate publicly discloses all audits on its website, yet COAPE is missing from its list.

Furthermore, a comprehensive list of smart-contract audits is published on Techrate’s daily updated Github account. Once again, no mention of COAPE can be found. COAPE has not made its code public, therefore independent scrutiny is impossible.

COAPE’s domain name was registered on 17 November 2021. All names were withheld and the provided mailing address is a PO box in the Cayman Islands.

An email address is provided on COAPE’s official website but at time of writing, no reply to a request for project information has been given.

One billion units of $COAPE are currently held by one address on the Binance Smart Chain (BSC). Josh Sandhu, co-founder of the Quantus NFT gallery, says that BSC is the blockchain of choice for insincere crypto projects. “It’s easier and quicker to deploy contracts (on BSC) and a lot are copy-and-paste jobs; they just change a couple of parameters.”

Sandhu suggests that the project’s very short turnaround time, anonymity of the project founders and most of all the missing Techrate audit could be construed as red flags.

Currency.com does not provide investment advice and any NFT acquisitions are a personal choice, but please take all factors into account before putting your money on the line.

$COAPE: Key token details

The Council of Apes token ($COAPE) is the self-confessed meme-token powering all things COAPE. Running on the BSC, total supply equals one billion. According to the website, a 15% liquidity pool is locked up in a presale allocation and 2.5% is locked into COAPE’s founders' wallets.

So what is Council of Apes (COAPE) worth potentially? Since the token has yet to launch, $COAPE cannot be purchased and a market capitalisation cannot be established. With a presale drop scheduled for 5 December, we will soon find out whether COAPE is the real deal or too much monkey business.

FAQs

COAPE claims to have a total supply of one billion $COAPE tokens.

The NFT space is highly unregulated and the laws surrounding it are not clear. Numerous NFT “rug pulls” have occurred recently with little to no accountability. COAPE claims to have been audited by the trusted company Techrate. However, official documentation cannot be found. Regardless of your decision, always invest with caution and comprehensive research.

Meme coins can certainly have value. The likes of Shiba Inu (SHIB) and Dogecoin (DOGE) originated as meme coins yet have gone on to rise in value. Of course, meme coins are extremely volatile and are prone to wild price fluctuations. Invest with caution.

Further reading

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