ApeCoin community backs $12m allocation for new NFT collection

Holders of the ApeCoin (APE) token voted in favour of the AIP-304 proposal to create a series of non-fungible tokens (NFT) for 11 million APE (about $12 million at the time of writing).

The voting began on September 15 and will run until September 21. As of writing, 53.87% of APE holders had supported the proposal, but the result could change. According to FX Street, on the first day of the vote 66.17% were opposed.

“Create a Digital Art Movement Collection that will curate an NFT collection consisting of assets from Yuga Labs (BAYC, MAYC, BAKC and CryptoPunks) alongside other well-known NFTs to accelerate the development of digital art worldwide”, the proposal states.

The author of AIP-304 is Taiwanese entrepreneur Jeffrey Huang, known by the pseudonym Machi Big Brother. He argues the initiative will benefit the ecosystem “by raising awareness of ApeCoin’s cultural influence in the digital art space.”

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

As of writing, APE is trading around $1.10. Launched in March 2022, the token lost about 95% of its all-time high in April of the same year.

In July, a rare BAYC NFT #3953 sold for 200 ETH (~$372,000 at the time of the deal), well below peak levels.

In August, a rare BAYC NFT #8585 was purchased for a record-low 153 ETH (about $254,000). The asset has fallen 80% in value over 11 months.

Earlier in June, a representative of the DAO ApeCoin published a detailed description of the leadership salaries. Five members of the “special council” earn a combined $104,000 per month.