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While the NFT market may be weakening, the ApeCoin DAO's treasury is providing a significant boost to a Bored Ape-focused news source.
ApeCoin DAO, a decentralized organization whose governance token is the cryptocurrency ApeCoin, voted to sponsor the news website The Bored Ape Gazette.
The proposal, commonly referred to as AIP-70, was approved with flying colors. Over 1.1 million ApeCoin tokens voted in favor of allocating $150,000 to finance the Gazette's site, which includes news on the Bored Ape Yacht Club (BAYC) NFTs and Mutant Apes (MAYC), Kennel Club (BAKC), and Otherside, Yuga Labs' metaverse game.
The monies are anticipated to last a year. The funds will pay its only writer and editor, Kyle Swenson, $7,000 a month to provide more written content, with a greater emphasis on ApeCoin DAO news and the creation of a bi-weekly Bored Ape Gazette newsletter.
Since the Bored Ape Yacht Club NFTs were issued for the first time in April 2021, NFTs—unique blockchain tokens representing ownership—have attracted tremendous investment. According to data from CryptoSlam, the BAYC collection has witnessed a total trading volume of $2.3 billion. In March, its developers, Yuga Labs, were valued at a staggering $4 billion.
In addition, the proposal describes intentions to include price trackers for ApeCoin and activity trackers for the BAYC, MAYC, BAKC, and Otherdeed Ethereum NFT collections. The remaining money will be used to pay $100 for each tale to freelancers, with the intention of engaging authors within the ApeCoin DAO community.
This is a community newspaper that $Ape community members should write! The suggestion reads as follows.
The modest location offers many opportunities for expansion. Since its introduction in June 2021, more than a year ago, The Bored Ape Gazette has only had 52,400 visitors, according to statistics from SimilarWeb.
Given that Swenson is a longstanding BAYC holder, a website authored by BAYC supporters and supported by ApeCoin DAO raises concerns regarding the danger of biased reporting.
“I value objective reporting,” Swenson told Decrypt through Twitter DM. “The Gazette will always serve as a voice for the community, and I strive to remain objective when reporting on any topic.”
“The Gazette does not advertise; it reports the news that Apes need to know,” he continued.
Swenson, located in Orlando, Florida, was a two-time Dow Jones News Fund intern at the Orlando Business Journal and the University of Central Florida-focused Knight News editor-in-chief. Before starting The Bored Ape Gazette, he was recognized for his online apparel reseller and community, “Thrifting With Kyle.”
Swenson’s future objectives include sifting through the social media “noise” that may become pervasive.
“My objective is never to tell others what to think, “Swenson declared. “My objective has always been to provide the people with the vital knowledge they need to make judgments.
Decrypt has yet to get a response to their request for comment from ApeCoin DAO.