While the NFT market at large may be slowing down, a Bored Ape-focused news outlet is getting a big boost thanks to the ApeCoin DAO’s treasury.
ApeCoin DAO—a decentralized organization that uses the cryptocurrency ApeCoin as its governance token—has voted in favor of funding the news site The Bored Ape Gazette.
The proposal, also known as AIP-70, passed with flying colors. Over 1.1 million ApeCoin tokens voted in favor and 149,000 ApeCoin tokens voted against the Gazette’s proposal to allocate $150,000 to fund its site, which covers news about the Bored Ape Yacht Club (BAYC) NFTs as well as Mutant Apes (MAYC), Kennel Club (BAKC), and Otherside, Yuga Labs’ upcoming metaverse game.
The funds are expected to last for one year.
The money will go toward paying its sole writer and editor Kyle Swenson $7,000 a month to create more written content, with an increased focus on ApeCoin DAO news and the creation of a bi-weekly Bored Ape Gazette newsletter.
NFTs—unique blockchain tokens that signify ownership—have seen massive investment since the Bored Ape Yacht Club NFTs were first minted in April 2021. The BAYC collection alone has seen $2.3 billion in total volume traded, according to CryptoSlam data. And its creators, Yuga Labs, achieved a massive valuation of $4 billion back in March.
The proposal also details plans to add price trackers for ApeCoin as well as trackers for activity on the BAYC, MAYC, BAKC, and Otherdeed Ethereum NFT collections. Remaining funds will go toward paying freelancers $100 a story, with the aim of hiring writers from the ApeCoin DAO community.