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ApeCoin DAO to allocate $150,000 to NFT news site

Decentralized Autonomous Organization ApeCoin DAO has backed a $150,000 proposal to fund non-fungible token (NFT) website The Bored Ape Gazette.

AIP-70 was supported by more than 1.1 million ApeCoins (APE), opposed by 149,000 tokens.

The Bored Ape Gazette highlights news from Yuga Labs’ NFT collections Bored Ape Yacht Club (BAYC), Mutant Apes Yacht Club (MAYC), Bored Ape Kennel Club (BAKC), Meebits and CryptoPunks.

Funding will be used to pay $7,000 a month to sole editor Kyle Swanson, launch a mailing list, pay freelancers, and update the site.

The proposal also mentions the addition of ApeCoin, BAYC, MAYC, BACS price charts, a community event calendar, and a bulletin board.

It is expected that the funds will be enough for the next year of the publication.

Earlier, Yuga Labs accused their NFT collection and ApeCoin of pumping. Law firm Scott+Scott is preparing to file a class action lawsuit and is calling on victims to join it.

In early May, ApeCoin fell by 30% amid the launch of the Otherside metaverse. On the same day, NFT marketplace OpenSea announced the addition of APE as a payment method.

Recall that in March, Yuga Labs raised $450 million during an investment round at a $4 billion valuation.

In August, jewelry brand Tiffany & Co. introduced a series of pendants based on the CryptoPunks NFT collection.

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About author

Oxford graduate with honors. He worked in large financial projects for well-known Wall Street corporations. After he earned his first capital and a reputation as a successful trader, he opened his own company. At the moment, the growth of the company's capital is 20% per year.
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