The ApeCoin community has engaged in nearly two months of discussions regarding the AIP-304 proposal initiated by Huang Licheng, also known as “machibigbrother.eth.” The proposal suggests spending 11 million APE tokens, equivalent to approximately $12.1 million, to create a collection of digital art NFTs.
This NFT collection would consist of various NFT assets, including the Yuga series, 1,000 Bored Ape Yacht Club (BAYC) NFTs, 2,000 Mutant Ape Yacht Club NFTs, TBD Doggies, Punks, and other artwork. These digital art pieces would be used as rewards for users who lock their APE tokens for five years to participate in the governance of the protocol.
However, AIP-304 has encountered opposition within the ApeCoin community, with 66.17% of holders opposing the proposal. The voting process is scheduled to conclude on September 21. It’s worth noting that Licheng, the individual who proposed AIP-304, holds a total of 4.24 million APE tokens, valued at approximately $4.67 million.
At the time of writing, the price of ApeCoin (APE) is $1.105, and the token has been on a downward trend since April 14. Over the past week, APE’s price has experienced an 18.9% loss. The outcome of the AIP-304 proposal vote may have an impact on APE’s price movement.
