ApeCoin DAO to allocate $150,000 for NFT news site The Bored Ape Gazette

The ApeCoin DAO, a decentralized autonomous organization, supported a proposal to allocate $150,000 to fund The Bored Ape Gazette, a site about non-fungible tokens (NFTs).

Voting has now ended on Snapshot and AIP-70. The AIP, which provides $APE to transform @BoredApeGazette into a 24-hour style news site, has been approved by the community. Thank you to everyone who voted!

— ApeCoin (@apecoin) July 28, 2022

AIP-70 was supported by more than 1.1 million ApeCoin (APE), with 149,000 tokens opposed.

The Bored Ape Gazette covers the news for NFT collections owned by Yuga Labs: Bored Ape Yacht Club (BAYC), Mutant Apes Yacht Club (MAYC), Bored Ape Kennel Club (BAKC), Meebits and CryptoPunks.

The funding will be allocated toward a salary of $7,000 per month for the sole editor Kyle Svenson, the launch of a newsletter, payment of freelancers, and updating the site.

The proposal also mentions adding price charts for ApeCoin, BAYC, MAYC, BAKC, a community events calendar, and a bulletin board.

The funds are expected to cover about a year of the publication’s operations.

Earlier, Yuga Labs were accused of pumping their NFT collections and ApeCoin. The law firm Scott+Scott is preparing to file a class action and urges those affected to join it.

In early May, ApeCoin fell by 30% amid the launch of the Otherside metaverse. On the same day, NFT marketplace OpenSea announced the addition of APE as a method of payment.

Earlier, Yuga Labs raised $450 million in an investment round valuing it at $4 billion.

In August, jewelry brand Tiffany & Co. unveiled a series of pendants based on the CryptoPunks NFT collection.

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