ApeCoin

<ul><li>The ApeCoin community is deeply divided over the AIP-304 proposal, which aims to acquire a range of NFT art for 11 million APE tokens.</li><li>Huang Licheng, the initiator of the proposal, holds 4.24 million APE tokens and aims to use the acquired NFTs as rewards for long-term token holders.</li><li>ApeCoin&#39;s market condition is currently unstable, with the token price at $1.10 and most investors holding below their cost basis.</li></ul>The ApeCoin community is currently embroiled in a contentious voting process over a proposal to acquire a diverse range of Non-Fungible Token (NFT) art. The proposal, known as <a href="https://snapshot.org/#/apecoin.eth/proposal/0x7e5655a9cba84609f079685ac8ebb033d419a795b4053d30f2ccb1788c3da032" rel="noopener noreferrer nofollow">AIP-304</a>, was initiated by Huang Licheng, who goes by the alias &#34;machibigbrother.eth&#34;.The proposal aims to spend 11 million APE tokens, equivalent to approximately $12.1 million, to establish a digital art movement collection. Despite nearly two months of discussions, the proposal is facing significant opposition, with 61.46% of the community&#39;s token holders currently voting against it.The AIP-304 proposal outlines the acquisition of Yuga series NFT assets, 1,000 <a href="https://cryptotale.org/what-does-the-apecoin-staking-launch-mean-for-ape-investors/" rel="noopener noreferrer nofollow">Bored Ape Yacht Club</a> (BAYC), 2,000 Mutants, TBD Doggies, and Punks, among other artworks. These digital assets serve as rewards for users who lock their APE tokens for five years to participate in the governance of the protocol. Huang Licheng, the individual behind the proposal, holds 4.24 million APE tokens, valued at roughly $4.67 million.The community&#39;s resistance to the proposal is palpable. The voting process is slated to conclude on September 21, and as it stands, the opposition is in the majority. The proposal has been a subject of <a href="https://x.com/CirrusNFT/status/1702001885249700038?s&#61;20" rel="noopener noreferrer nofollow">debate and drama</a> for months, and its acceptance could have far-reaching implications for the NFT space, including the potential for these digital assets to be displayed in physical spaces like museums.Read full article at<a href="https://cryptotale.org/apecoin-community-divided-over-high-stakes-nft-acquisition-proposal/" rel="noopener noreferrer nofollow"> CryptoTale.</a>

ApeCoin Community Divided Over High-Stakes NFT Acquisition Proposal

CryptoTale

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