ApeCoin holders supported the creation of a new NFT collection

What is ApeCoin (APE)?  ForkLog explains
What is ApeCoin (APE)?  ForkLog explains

ApeCoin (APE) token holders voted in favor of AIP-304’s proposal to create a series of non-fungible tokens (NFTs) for 11 million APE (about $12 million at the time of writing).

Voting on AIP-304. Data: Snapshot.

Voting started on September 15 and will last until September 21. At the time of writing, 53.87% of APE holders were in favor of the proposal, but the result could change. On the first day of voting, 66.17% were against it, according to FX Street.

“Create a Digital Art Movement Collection that will curate an NFT collection consisting of Yuga Labs assets (BAYC, MAYC, BAKC and CryptoPunks) along with other famous NFTs to accelerate the development of digital art around the world,” the proposal reads.

The author of AIP-304 is Taiwanese entrepreneur Jeffrey Huang, known under the pseudonym Machi Big Brother. He believes the initiative will benefit the ecosystem “through awareness of ApeCoin’s cultural impact in the digital arts space.”

According to the proposal, Digital Art Movement (DAM) tokens will be a reward for users who lock up APE for five years to manage the protocol.

At the time of writing, APE is trading at $1.1. Launched in March 2022, the token has lost about 95% from its all-time high in April of that year.

Binance exchange APE/USDT hourly chart. Data: TradingView.

In July, the rare NFT BAYC #3953 was sold for 200 ETH (~$372,000 at the time of the transaction), which is much less than its peak.

In August, the rare NFT BAYC #8585 was purchased for a record low of 153 ETH (about $254,000). The asset lost 80% in price in 11 months.

Let us recall that in June, a representative of the ApeCoin DAO published a detailed description of the salaries of the organization’s management. The five members of the “special council” receive a total of $104,000 per month.

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