Apcoin DAO Launches 24-Hour Bored App News Website, Here’s Why
Yesterday, the Bored Ape Yacht Club (BAYC) community approved a proposal to use its native token APE to fund the 24-hour news site. The new portal, The Bored App Gazette, will cover news about the creators of the popular non-fungible token (NFT) collection Yuga Labs and the Apcoin DAO.
BAYC news site launched
The community of ApeCoin DAO, BAYC, approved a proposal called AIP-70, which will see a portion of the ecosystem funds used to grow and maintain the site. The total cost of undertaking this effort in the first year is estimated to be $150,000.
Accordingly, the Appcoin Foundation will now work on implementing the proposal in line with the Decentralized Autonomous Organization (DAO) governance protocol. A DAO is a web3 organization run by the community using native tokens. In the case of APEDA, members vote based on the number of APE tokens they hold.
Coincidentally, the APE DAO and APE Token were launched in March 2022, with Yuga Labs airdropping the tokens to its NFT holders. It was part of BAYC Creators’ plan to become a Web3 media company by leveraging the power of NFTs, which eventually became a $4 billion company.
As a result, the news outlet is part of Era Lab’s effort to become a mainstream media company. It will feature an Apcoin price chart, a DAO tracker that tracks governance votes, and an APE calendar. Additionally, a live sales ticker showing activity across all Yuga Labs projects will be provided.
In addition, the use of bored apes in the mainstream media continues to grow. It went from being used in music videos by rappers like Eminem and Snoop Dogg to making feature movies. Coinbase, which is currently under investigation by the Securities and Exchange Commission (SEC), released the first part of its BAYC featured film, the Daegan trilogy.
Exchange shared a release of the first chapter of their trilogy on Twitter. The five-minute film titled “Run the Chain” features several BAYC non-fungible tokens (NFTs) and ApeCoin. Coinbase further revealed that those who wish to showcase their NFTs in upcoming portions will need to create a profile on the exchange’s NFT marketplace.
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APE DAO moves ahead despite NFT drop
The general decline in the digital realm has left no prisoners. Like cryptocurrencies, NFT collections have also faced a huge drop in floor prices and volumes in view of the falling prices. Last month, reports showed that interest in NFTs peaked at 0 on Google searches.
Despite being one of the top collectibles and generally regarded as an NFT haven, BAYC has not been free from low interest. According to data from nftpricefloor.com, the stock price is down 44% from the high of 153.5ETH to 85.7ETH. Its lowest price is also down by 8% over the past 7 days, but up 3% on the monthly time frame.
However, the latest trend in domain names is gaining significant traction, raising questions about whether the NFT picture for proof and profile picture (PFP) projects is slowly dying out. Recently, the Ethereum Name Service (ENS) saw renewed interest, which saw it as the most traded collection on OpenSE.
Meanwhile, unstoppable domains specializing in streamlining the NFT ecosystem have emerged, from URL domains to wallet payment addresses. After recently completing a $65 million Series A funding round, Unstoppable Domains raised its valuation to $1 billion. Given the overwhelming support from venture capitalist firms, it seems likely that these domains will receive significant attention when interest in the space fully returns.
Accordingly, Coinmarketcap data shows that the APE token is up 5% in the last 24 hours. Its value increased from $6.75 to $7.01 at press time. However, it is still a long way from its all-time high price of $26.19 in April 2022.
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Do you think BAYC will help NFTs challenge the new trend of domain names in the digital asset space? Let us know your thoughts in the comments below.