ApeCoin DAO Will Fund BAYC Gazette With $150,000: Report

Apecoin DAO will fund the Bored Ape Gazette to create a newsletter and to pay the freelancers as we can see more today in our latest cryptocurrency news today.

While the NFT market might be slowing down, the Bored Ape Focused news outlet is getting a boost thanks to the ApeCoin DAO treasury. The decentralized organization that uses the ApeCoin cryptocurrency and its governance token voted in favor of funding the news site Bored Ape Gazette. The proposal known as AIP-70 passed with strong scores and over 1.1 million Apecoin tokens voted in favor with 149,000 Apecoin tokens voting against the proposal to allocate $150,000 to fund the site which covers the news about the Bored Ape Yacht Club NFTs but also Mutant Apes, Otherside, Kennel club and more.

Voting has now ended on Snapshot and AIP-70. The AIP, which provides $APE to transform @BoredApeGazette into a 24-hour style news site, has been approved by the community. Thank you to everyone who voted!

— ApeCoin (@apecoin) July 28, 2022

The money will go towards paying the writer and editor Kyle Swenson $7000 a month to create written content with an increased focus on the DAO news and the creation of the Bored Ape Gazette newsletter. NFTs are unique blockchain tokens that signify ownership and they saw huge investmetns since the Bored Ape NFT was minted in 2021. The BAYC collection saw $2.3 billion in total volume traded and the creators Yuga Labs, achieved a huge valuation of $4 billion back in March.

The proposal details a plan to add price trackers for ApeCoin as well as for the trackers for activity on the MAYC, BACK, and BAYC NFT collections. The rest of the funds will go towards paying freelancers $100 per story with the goal of hiring writers from the Apecoin DAO community. The proposal reads:

“This is a community paper that should be written by members of the $Ape community!”

THANK YOU » The Gazette’s AIP Passed With 88% Support!

I Look Forward To Transforming The Website And Covering This Community For Years To Come!

Check Out The Paper’s New Substack Below And Be Sure To Subscribe To The Paper’s Weekly Newsletter: https://t.co/yJmrN9guuN

— The Bored Ape Gazette🍌 (@BoredApeGazette) July 28, 2022

The small site has a lot of room to grow. According to similar Web data, the Bored Ape Gazette only saw 52,400 total visits since its launch a year ago. The site written but the BAYC supporters and funded by the ApeCoin DAO raises questions over the risks of biased reporting because Swenson is a longtime BAYC holder himself:

“Objective reporting is important to me. The Gazette will always be a voice for the community and I work hard to be balanced when covering any story.”

Swenson is based in Orlando, Florida and he was a two-time Dow Jones News Fund internet btu slot as the editor-in-chief of the independent Knight News that covered the University of Central Florida. Before the launch, Swenson was known for thrifting with Kyle as an online clothing reseller. As for what his goals were, Swenson wanted to filter the noise that can proliferate on social media spaces.