Apecoin DAO to Acquire YugaLabs for $12.5M

The APE Foundation invests $12.5M in Digital Art Movement, acquiring NFTs from YugaLabs and donating to art institutions.

Sep 23, 2023 - 13:38
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Apecoin DAO to Acquire YugaLabs for $12.5M
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The APE Foundation has committed to allocating a significant 11 million ApeCoins, equivalent to $12.5 million, to the Digital Art Movement (DAM) organization. This investment decision stems from Apecoin DAO's AIP-304 proposal, championed by Machi Big Brother Jeffrey Huang. The proposal garnered overwhelming support from the ApeCoin community, reflecting the collective vision of its members.

Of the total investment, 70% of the ApeCoins will be directed towards acquiring NFTs from the esteemed YugaLabs. The remaining 30% is earmarked for other distinguished projects within the digital art domain. 

This strategic move aims to procure Non-Fungible Token (NFT) assets. These assets will serve two primary purposes:

  1. Enriching Exhibitions: The acquired NFTs will play a pivotal role in enhancing exhibitions, positioning digital art at the forefront of global artistic appreciation.
  2. Donations to Art Institutions: The assets will also be donated to art institutions, acting as a catalyst for the widespread promotion and appreciation of digital art on a global scale.

The DAO's vision extends beyond mere investment. It aims to create the Digital Art Movement Collection, a curated array of NFTs. This collection will encompass Yuga assets, including renowned NFTs like Bored Ape Yacht Club (BAYC), Mutant Ape Yacht Club (MAYC), and Bored Ape Kennel Club (BAKC), along with other significant NFTs from the art world.

A cornerstone of this initiative is the opportunity for ApeCoin holders to stake their tokens, thereby participating in the governance of the Digital Art Movement Collection. The funds raised through this mechanism will be allocated to activities directly associated with the creation, curation, and management of the collection.

In addition to this, the project heralds the introduction of a new governance token, named DAM. In a move reflecting its commitment to fairness, DAM will be launched without any allocation to the development team. The initial distribution of DAM tokens will be directed towards users who commit to locking their ApeCoin holdings for up to five years. This approach ensures that governance decisions remain in the hands of the ApeCoin community.

Philip Bohmer Philip is a seasoned journalist that brings clarity to the complex world of cryptocurrencies through his articulate and insightful articles. His passion for blockchain technology fuels his writing, making him a trusted voice in the rapidly evolving digital currency landscape.