What is Elrond Apes? A Guide to the MultiversX NFT…

KEY TAKEAWAYS

1. Elrond Apes is a 10,000-unit NFT collection built on the MultiversX blockchain, formerly known as Elrond, featuring unique 3D ape artwork.
2. The collection sold out in 45 minutes during its initial mint at 0.8 EGLD per unit, raising roughly $1.7 million, or 8,000 EGLD, from the initial sale.
3. Holders have access to the project's EAPES token on xExchange, decentralized governance voting rights, and community membership benefits within the ecosystem.
4. Morningstar Ventures, a Dubai-based blockchain investment firm behind projects including Holoride and Itheum, provided investment and strategic support for Elrond Apes after the initial mint through an open-market purchase of EAPES and a capital injection.
5. Secondary market royalties total 10% per sale, split across the DAO treasury, team operations, marketing initiatives, and charitable donations each month.

Elrond Apes emerged as one of the most recognizable NFT projects on the MultiversX blockchain. The collection features 10,000 unique 3D ape characters with randomized traits and accessories. Each token grants holders governance voting power, staking access, and community membership within the broader ecosystem.The mint sold out within 45 minutes despite server strain during launch, according to Crypto Mercy. The project attracted over 25,000 followers on Twitter and 14,000 Discord members in its first month alone. This article covers the collection's structure, utility, marketplace presence, and role within the MultiversX NFT ecosystem.

Collection Design and Technical Framework

Elrond Apes consists of 10,000 algorithmically generated 3D apes stored on the MultiversX blockchain. Each ape features randomly assigned traits, including robots, zombies, 3D glasses, samurai clothing, and gold crowns. The collection uses the ESDT token standard native to MultiversX, which supports low-cost minting and seamless transfers across the network. MultiversX is capable of roughly 15,000 transactions per second through its Adaptive State Sharding architecture, according to the project's technical documentation.That throughput reduces gas fees significantly compared to Ethereum-based NFT collections. Minting an Elrond Ape cost 0.8 EGLD, approximately $168 at the time of launch, which positioned the project as accessible relative to comparable collections on other chains.The NFT metadata and artwork are stored through decentralized storage solutions linked to the MultiversX Explorer. Over 223,000 NFTs had been minted across the broader MultiversX ecosystem by mid 2022, with approximately 200 active projects spanning art, gaming, and governance applications. The Elrond Apes project reports more than 43,000 EGLD in lifetime secondary-market trading volume.

Utility, Governance, and Staking Rewards

The project operates a decentralized autonomous organization where each ape token equals one governance vote. Holders participate in decisions about treasury allocations, reward distributions, and future project direction, according to the MultiversX Wiki. The DAO model was outlined in the project's Q1 2022 roadmap and launched alongside the staking mechanism. The project's current ecosystem utility includes its EAPES token on xExchange and an EAPES validator. LKMEX, which refers to locked MEX from xExchange, was superseded by XMEX during the MEX 2.0 upgrade and is no longer the project's current staking reward token. The project's ecosystem utility has evolved beyond its earlier LKMEX staking model. Its current ecosystem includes the EAPES token on xExchange and an EAPES validator, while secondary sales carry a 10% royalty split across four categories, as detailed on the project wiki.The DAO treasury receives 6%, the core team receives 3%, and marketing and charity each receive 0.5%. During the first month after launch, the split allocated 8% to the DAO and 2% to charity before transitioning to the standard breakdown.

Marketplace Presence and Community Growth

Elrond Apes are currently listed across marketplaces including XOXNO, OOX, Magic Eden, Tensor, and the project's native marketplace at eapes.com. The community grew to over 25,000 Twitter subscribers and 14,000 Discord members within the first month of launch, according to Crypto Mercy.That rapid growth attracted interest from Bored Ape Yacht Club members and several NFT-focused investment funds. Morningstar Ventures, the investment firm behind Holoride and Itheum, became an investor after the mint through an open-market purchase of several hundred EAPES and a capital injection.The project's roadmap included plans for a dedicated NFT launchpad, branded merchandise, and augmented reality features. The launchpad aimed to give Elrond Ape holders early access to vetted projects launching on MultiversX. Cantina Royale, a mobile gaming title, partnered with Elrond Apes to integrate NFTs into its in-game item system, extending the collection's utility beyond static ownership.

Regulatory Considerations for NFT Collections

NFT collections with governance rights and staking yields face increasing regulatory scrutiny from agencies like the Securities and Exchange Commission. The SEC has signaled that tokens offering profit expectations through third-party efforts may qualify as securities under the Howey test.  OpenSea filed comments in 2023 advocating for a distinct regulatory framework that separates NFT platforms from traditional securities exchanges.Elrond Apes has not faced direct regulatory action, but its combination of DAO governance, staking rewards, and royalty distributions places it in a category that regulators continue to evaluate. Investors should monitor evolving guidance from the SEC and international regulators regarding NFT classification and compliance obligations.

What's Next?

MultiversX continues to expand its NFT infrastructure with improved marketplace tools and cross-chain bridges. The xPortal super app integrates digital finance features alongside chat and NFT management in a single mobile interface. Elrond Apes holders stand to benefit from broader ecosystem adoption if MultiversX attracts new users through these product launches and ongoing developer partnerships.

FAQs

What is Elrond Apes? Elrond Apes is a collection of 10,000 unique 3D ape NFTs built on MultiversX, with ecosystem utility that includes governance participation and the EAPES token on xExchange.What blockchain does Elrond Apes use? The collection operates on MultiversX, formerly known as Elrond, a blockchain capable of roughly 15,000 transactions per second through its Adaptive State Sharding technology design.How much did an Elrond Ape cost to mint? Each Elrond Ape was minted at 0.8 EGLD, approximately $168 at launch time, and the entire 10,000-unit collection sold out within just 45 minutes.Where can you buy Elrond Apes on secondary markets? Elrond Apes are currently listed on XOXNO, OOX, Magic Eden, Tensor, and the project's native marketplace at eapes.com.What utility do Elrond Apes holders receive? Holders can participate in DAO governance and access the project's current ecosystem utility, including the EAPES token on xExchange and the EAPES validator. The earlier LKMEX staking model has been superseded by the MEX 2.0 upgrade.Who backed the Elrond Apes project? Morningstar Ventures, a Dubai-based blockchain investment firm behind projects including Holoride and Itheum, invested in Elrond Apes after the mint through an open-market purchase of several hundred EAPES and a capital injection.How are secondary sale royalties distributed for Elrond Apes? A 10% royalty applies to every secondary sale, with the standard allocation divided among the DAO treasury, team operations, marketing, and charity.

References

1. MultiversX Explorer: ElrondApes NFT Collection
2. MultiversX Wiki: ElrondApes Project Profile
3. MultiversX Blog: Internet-Scale Creativity in the Elrond NFT Ecosystem
4. Crypto Mercy: Best MultiversX NFT Project - Elrond Apes