The Bored Ape Gazette, a 24-hour news site covering BAYC creator Yuga Labs and the APE DAO, will be paid for using ApeCoin (APE) – the native token of the Bored Ape Yacht Club (BAYC) ecosystem.
The ApeDAO is a Decentralized Autonomous Organization (DAO) that funds and governs the BAYC (Bored Ape Yacht Club) ecosystem. The DAO comprises APE token holders who vote on proposals to allocate funds from the Ape Treasury. The club will use the treasury to buy and burn APE tokens and finance the Bored Ape gazette.
The Gazette, which is run by a team of experienced journalists and editors, led by Yuga Labs founder pseudonyms, provides news, analysis, and opinions on the ApeDAO, BAYC, and the APE token.
AIP-70 is the name given to a proposal that was passed by the community on Thursday, this proposal would give a portion of the project’s ecosystem fund to improve the news site. For the first year, the overall cost of updating and running the Bored Ape Gazette website is expected to be $150,000. Due to this, the ApeCoin Foundation will now focus on the proposal’s implementation following decentralized autonomous organization (DAO) governance procedures.
The ApeDAO has been in the news recently for many reasons. In addition to being featured in magazines and online publications, the ApeDAO was also mentioned on popular podcasts, such as the Joe Rogan Experience and What Bitcoin Did. The DAO’s primary focus is on providing funding and governance to the Bored Ape Yacht Club (BAYC) ecosystem, which includes the Bored Ape Gazette.
In other concerns, The NFT market has declined in the recent crypto downturn, with BAYC being one of the most significant projects in the mix. As the price of major crypto pairs experienced a slump, the value of non-fungible tokens (NFTs) also took a nosedive.
The BAYC, which is an ecosystem that includes an NFT marketplace and a decentralized exchange (DEX), was one of the projects hit the hardest.
The ApeDAO, which governs the BAYC ecosystem, has been working on several initiatives to mitigate the downturn in the markets. One such initiative is the proposal to buy and burn APE tokens. If the ApeDAO community approves the proposal, it would mean that a portion of the ecosystem’s reserves would be used to buy APE tokens from exchanges and then burned.
Bored Apes Adapt A Coinbase-Created Movie Trilogy
The Bored Ape Yacht Club is being made into a film trilogy, with Coinbase (COIN) behind the camera. It’s the latest addition to a six-week stretch that many see as the face of the non-fungible token (NFT) industry. This includes the introduction of ApeCoin (APE) on March 18 and BAYC’s parent company, Yuga Labs, buying rival blue-chip project CryptoPunks over the weekend.
The Coinbase-produced movie will focus on the ApeDAO, which governs the BAYC ecosystem. The film will trace the DAO’s origins from its launch to its present-day status as one of the most active and well-funded organizations in the NFT space.
The NFT Market Trend
Non-fungible token (NFT) investors have entered what appears to be a bear market due to the recent upheaval, which is impacting the cryptocurrency community’s morale. The total value locked in NFTs has dropped by over 50% since mid-March, and the average price of an NFT has declined by 30%.
The Bored Ape Yacht Club (BAYC), an ecosystem that includes an NFT marketplace and a decentralized exchange (DEX), was one of the projects hit the hardest. The value of BAYC’s native token, ApeCoin (APE), fell by over 90% from over $20 in mid-May to a low of $6 recently.
Daily price chart of ApeCoin. Source: Tradingview
In conclusion, the ApeDAO has been working on several initiatives to mitigate the market downturn. One such initiative is the proposal to buy and burn APE tokens. If the ApeDAO community approves the proposal, it would mean that a portion of the ecosystem’s reserves would be used to buy APE tokens from exchanges.
Do you think ApeDAO will succeed in its efforts to revive the NFT market? Let us know your thoughts in the comments.
