Proposal by Big Brother Ma Ji passed! Allocating funds to purchase 11 million APE NFTs to promote digital art.

The NFT purchase proposal put forward by Big Brother Ma has been successfully approved today. In the future, the ApeCoin Foundation will spend a large amount of APE tokens to purchase well-known NFTs. Additionally, to decide on the NFT targets for purchase, a new governance token DAM will be introduced to enable the community to participate in the decision-making process.

Proposal Introduction by Brother Ma: ApeCoin DAO to Acquire Prominent NFTs for Gallery Exhibition

Brother Ma, a well-known enthusiast of Bored Ape Yacht Club, conceived a proposal for ApeCoin DAO back in June of this year. The goal is to acquire thousands of NFTs under Yuga Labs and donate them to museums worldwide.

News Report: Brother Ma Aims to Be a Hero for Monkey Market! Proposal to Acquire Thousands of Bored Apes for Donation to Museums

Shortly after, Brother Ma submitted a formal proposal on the ApeCoin forum titled "AIP-304," detailing his plan. Brother Ma expressed that digital art still holds a small percentage in the art world and he hopes to change that by making digital art more ubiquitous.

The specific plan involves using 11 million APE tokens to purchase NFTs under Yuga Labs and other notable NFTs, with a ratio of approximately 7:3, to establish a series called "The DAM Collection - Digital Art Movement Collection." These NFTs will then be exhibited in museums, galleries, or schools.

How Will NFT Purchases be Determined? Governed by New Token DAM

As for the selection of which NFTs to purchase, Brother Ma stated that it will be decided by himself, selected team members, and the community through the governance token DAM. This means that the purchased NFTs will go through a certain screening process and will not be used to scavenge for the lowest-priced NFTs in the market.

The initial token distribution of DAM will allocate 30% to ApeCoin stakers and the remaining 70% will be held in a treasury for token holders to decide on its usage.

Moreover, to avoid conflicts of interest, NFTs held by Brother Ma and his team will not be purchased, including those transferred or sold within a month.

Brother Ma's Proposal Successfully Passed

After a period of discussion, this proposal was open for voting on the 15th of this month and concluded today with a 64.92% approval rate.

A total of 781 voters participated in this vote, with Brother Ma alone casting 4.1 million APE tokens, accounting for 16% of the total vote. Additionally, the NFT project "Mocaverse" by Animoca opposed the proposal with 1.8 million APE tokens.