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Apecoin DAO to Acquire Yuga Assets Worth $12.5M and Issue $DAM Token

by BSC News

September 22, 2023

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The AIP-304 proposal, which secured majority approval in a community vote, entails allocating 11 million ApeCoins to the Digital Art Movement (DAM) organization.

Recent Apecoin DAO Proposal Passed

The APE Foundation will allocate a substantial 11,000,000 ApeCoins worth $12.5 million to the Digital Art Movement (DAM) organization. APE Foundation's pledge involves DAM utilizing a significant 70% of these ApeCoins to acquire NFTs from the esteemed YugaLabs, with the remaining 30% allocated towards other distinguished projects in the field. 

This development resulted from Apecoin DAO's AIP-304 proposal led by Machi Big Brother Jeffrey Huang, which received overwhelming support from the ApeCoin community.

The primary objective behind this strategic move is to procure Non-Fungible Token (NFT) assets, which will subsequently serve a dual purpose. First, they will enrich exhibitions, bringing digital art to the forefront of global artistic appreciation. Second, these acquired assets will be generously donated to art institutions, catalyzing the widespread dissemination of digital art globally.

As the voting dust settled, the proposal secured an impressive 16 million $APE tokens in favor, with the prominent Machi Big Brother contributing a substantial 4.1 million $APE votes. However, it's worth noting that there was opposition, with 8.6 million $APE tokens cast against the proposal.

Essentially, the DAO aims to create the Digital Art Movement Collection, an array of meticulously curated NFTs that include Yuga assets such as Bored Ape Yacht Club (BAYC), Mutant Ape Yacht Club (MAYC), Bored Ape Kennel Club (BAKC) along with notable NFTs from the art world. 

Source: ApeCoin Twitter

Staking ApeCoin and Launch of DAM

A critical aspect of this endeavor is the ability to stake ApeCoin to participate in the governance of the Digital Art Movement Collection. Funds procured through this mechanism will be reportedly allocated to activities directly linked to the creation, curation, and administration of the collection. This includes but is not limited to expenses related to IP licensing, exhibitions, staking, and all other pertinent operational costs.

Additionally, the project introduces a novel governance token aptly named DAM. As part of its commitment to fairness, DAM will launch without allocating team tokens. The initial distribution of DAM tokens will be channeled towards users who timelock their ApeCoin holdings for up to 5 years, effectively placing governance decisions squarely in the hands of the ApeCoin community.

Regarding the distribution of DAM tokens, 30% will be initially disbursed to ApeCoin stakers over a 5-year period. This distribution model will be frontloaded, meaning the distribution rate will decrease every six months. The remaining 70% will be allocated to the Treasury, with the specific allocation details determined by a tokenholder vote.

Disclaimer

Disclaimer: The views expressed in this article do not necessarily represent the views of BSCNews. The information provided in this article is for educational and informational purposes only and should not be construed as investment advice. BSCNews assumes no responsibility for any investment decisions made based on the information provided in this article

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