Quick take:
Yuga Labs highly advertised 24-hour news site the BAYC Gazette will receive funding from the Apecoin community after APE DAO approved the proposal. The news site will focus on all Yuga Labs projects and market data on NFTs.
The BAYC Gazette is estimated to cost the organisation $150,000 in the first year. Some of the expenses covered include operating and updating the news site with data.
A DAO (decentralised autonomous organisation) is a web3 organisation governed by the community using a governance token. In the case of APE DAO, members vote based on the amount of Apecoins they hold.
The ApeCoin foundation has been tasked with implementing proposals that have been approved by the community in accordance with the governance protocols.
The Bored Ape Gazette will feature among other live data, “ApeCoin price chart, a DAO tracker that monitors governance votes, an APE calendar and a live sales ticker showing activity across all Yuga Labs projects.”
ApeCoin is the native token of Yuga Labs’ web3 ecosystem. It launched in March, spiking to hit a high of $27, before plummeting along with the rest of the market amid the crypto winter.
Over the last two days, the $APE token surged more than 30% from its Tuesday lows, with traders swooping in to trade the news.
As of this writing, $APE was trading just below the $7.00 mark in the US evening session. It currently has a market cap of about $2.1 billion, which puts it 31st on the list of the largest cryptocurrencies by market value.
It ranks first in the metaverse tokens category ahead of Decentraland’s $MANA and The Sandbox’s $SAND tokens. It also heads the NFTs and collectables segment, beating Flow $FLOW, which is second, ahead of MANA with a market cap of $1.9 billion.
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