Apecoin DAO Passed Proposal to Purchase Yuga Assets with 11M $APE and to Issue $DAM Token

Apecoin DAO Passed Proposal to Purchase Yuga Assets with 11M $APE and to Issue $DAM Token
Source: Apecoin

The AIP-304 proposal initiated by Machi Big Brother, Jeffrey Huang in the ApeCoin community has received majority support in the vote. The proposal garnered a total of 16 million $APE tokens in favor, with Machi Big Brother himself contributing 4.1 million $APE votes. There were 8.6 million $APE tokens voted against the proposal.

According to the proposal, the APE Foundation will allocate 11,000,000 ApeCoin to the DAM (Digital Art Movement) organization. DAM will use at least 70% of these ApeCoins to purchase NFTs from YugaLabs and 30% from other notable projects.

The acquired NFT assets will be used for exhibitions and donated to art institutions to enhance the global dissemination of digital art. A new governance token, DAM, will be launched to select and manage the NFT collections.

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