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 AIP-304, was initiated by Huang Licheng, who goes by the alias “machibigbrother.eth”.
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’s token holders currently voting against it.
The AIP-304 proposal outlines the acquisition of Yuga series NFT assets, 1,000 Bored Ape Yacht Club (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’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 debate and drama 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.
The ApeCoin community is also considering other proposals, including the creation of Delegate Communities within its ecosystem and a feature-length documentary. However, the focus remains squarely on the fate of AIP-304, which could either redefine the NFT space or serve as a cautionary tale for ambitious, high-stakes community proposals.
In terms of market impact, ApeCoin was trading at $1.10 at press time. The token has been on a downward trend since April 14, resulting in an 18.9% loss for holders over the past week. Market data reveals that most APE investors are holding the token below their cost basis, with only 71 addresses currently “in the money”.
