ApeCoin Community Gives Green Light to $12M Allocation for New NFT Collection

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AIP-304, a proposal put forth by Taiwanese entrepreneur Jeffrey Huang (known under the pseudonym Machi Big Brother), was voted in favor of by token holders of ApeCoin (APE) on September 15-21.

The Digital Art Movement Collection outlined in the proposal would create a series of non-fungible tokens (NFTs) worth 11 million APE (about $12 million).

The tokens would be used to curate a collection of Yuga Labs assets (BAYC, MAYC, BAKC and CryptoPunks) as well as other famous NFTs in order to promote the development of digital art worldwide.

As a reward to users who lock up APE for a 5-year period to manage the protocol, Digital Art Movement (DAM) tokens would also be distributed. At the time of writing, APE is trading at $1.1, having lost 95% of its all-time high from April 2022.