ApeCoin's $12.1M NFT Proposal Sparks Division

The ApeCoin community finds itself at a crossroads, as a contentious proposal, AIP-304, aims to allocate 11 million APE tokens, equivalent to a staggering $12.1 million, towards the development of an NFT assets series.

This proposal, initiated by Huang Licheng, also known as "machibigbrother.eth," has sparked intense discussions among ApeCoin holders over the past two months.

The heated debate centers around the creation of a digital art movement collection, featuring coveted NFTs from the Bored Ape Yacht Club (BAYC), Mutants, TBD Doggies, and Punks series.

As the voting process draws to a close on September 21, the community remains sharply divided, with 66.17% of holders currently opposing the proposal.

Controversial AIP-304 Proposal

AIP-304 seeks to allocate 11 million APE tokens, valued at approximately $12.1 million, for the creation of a digital art movement collection.

The proposed NFT collection would comprise Yuga series NFT assets, 1,000 BAYC, 2,000 Mutants, TBD Doggies and Punks, along with other digital artworks.

These NFTs would serve as rewards for users who commit to locking their APE tokens for a five-year period to support protocol governance.

Despite extensive deliberations, a significant portion of the ApeCoin community remains firmly opposed to AIP-304.

As of now, 66.17% of holders are voting against the proposal. 

The diverse viewpoints within the community reflect the weighty decision facing ApeCoin stakeholders.

Influence on APE Price

APE tokens are currently valued at $1.105, yet they have experienced a pronounced downtrend since April 14.

Over the past week, APE price has witnessed a substantial decline of 18.9%, marking a period of significant volatility.

The unfolding of proposal AIP-304 could potentially exert a further influence on APE price, creating an environment of uncertainty for investors.

Wrapping Up