The NFT community is buzzing with anticipation as Machi’s audacious Apecoin proposal, which has been shrouded in drama for months, is finally reaching the voting stage today. The proposal, if accepted, could redefine the way we look at NFTs, bringing them out of digital wallets and into tangible, physical spaces – museums.
Breaking Down the Apecoin Proposal
Machi’s proposal is centered around the use of a staggering 11,000,000 $APE to acquire a selection of Apes, Mutants, and Punks. The end goal? To showcase these digital assets in museums, elevating their status from mere collectibles to recognized pieces of art.
A new governance token, aptly named $DAM, will be introduced post the proposal’s acceptance. This token’s primary function will be for “the selection and curation of the NFTs.” To foster a sense of ownership and community participation, individuals will be allowed to secure their $DAM allocation by time-locking their $APE. This move appears to be a strategy to offset the potential selling pressure induced by the deployment of 11,000,000 $APE.
The proposal assures that at least 50% of the capital will be put to use within the first year, ensuring swift execution and realization of this ambitious project.
Additionally, a clause ensuring no direct NFT purchases from Machi has been integrated into the proposal, fostering transparency and keeping conflict of interest at bay.
The Market’s Response
The potential of an 8-figure capital inflow into the market is being hailed positively by many, including the original poster, who seems enthusiastic about introducing this new buying entity to their collection.
However, CirrusNFT’s comment sheds light on the humorous undertone of the situation. As the proposal is discussed and analyzed, it seems Machi is continually placing them into bids, reflecting the volatile and ever-entertaining nature of the NFT space.
Hilarious part about this is that he continues nuking them into bids as you read this pic.twitter.com/nnePKZF7eg
— Cirrus (@CirrusNFT) September 13, 2023
TL;DR: Machi’s Apecoin proposal, involving the use of 11,000,000 $APE to buy and place NFTs in museums, is up for voting. If accepted, a new governance token $DAM will be introduced. Users can obtain $DAM by time-locking $APE. The proposal aims for swift execution, with 50% of the funds being used in the first year. While the proposal is seen as a significant move, some find humor in Machi’s continued bids.
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