BAYC Votes For “Ape Drops” NFT Marketplace; What’s Next?

Bored Ape Yacht Club (BAYC) has voted for $2 million to be taken out of its treasury funds in order to fund the NFT’s marketplace projects. Ape Drops is the official marketplace of Bored Ape Yacht Club (BAYC) which is presently managed by Manifold Studio. According to the Ape Drops marketplace, the proposal is a written plan for the present and future and aims to establish a stable marketplace funded by the treasury funds.

Could BAYC create a legacy in the NFT world?

The idea behind AIP 29 is to create a legacy as pioneer key players in the NFT world. As revealed in their tweet on May 12th, Ape Drops plan to establish a first of its kind $APE ecosystem. 

After the AIP went live on Friday, there was a plea to vote in favor of the proposal and a keen desire by Ape Drops to “start building some cool shit for $APE”, in their own words.  The reason for the proposal (AIP 29) is to ensure a weekly release of multiple curated NFT drops from its AIP by funding the Ape Drops marketplace with $2m, taken out of its treasury funds. 

The budgeted $2 million is clearly and transparently allocated to two groups; Treasury Allocation and Team Salary. $1.14 million of the $2 million is allotted to Treasury Allocation while the other $860k is budgeted for Team Salary.

The proposal also covered future consideration as future drops are intended to be a blend of new artists stepping into the scene and already established ones. Present NFT drops have featured big names in the industry such as rap icons, Snoop Dogg and Wiz Khalifa. The Ape Drops platform is after large involvement of the $APE community in artistic expression.

BAYC and their part in the NFT world

Bored Ape Yacht Club (BAYC), also called Bored Ape is an NFT collection based on algorithmical generated profile pictures of cartoon apes. Launched in April 23, 2021 in a live presale, the project has made sales worth over $1 billion.

Sunil is a serial entrepreneur and has been working in blockchain and cryptocurrency space for 2 years now. Previously he co-founded Govt. of India supported startup InThinks and is currently Chief Editor at Coingape and CEO at SquadX, a fintech startup. He has published more than 100 articles on cryptocurrency and blockchain and has assisted a number of ICO’s in their success. He has co-designed blockchain development industrial training and has hosted many interviews in past. Follow him on Twitter at @sharmasunil8114 and reach out to him at sunil (at) coingape.com

The presented content may include the personal opinion of the author and is subject to market condition. Do your market research before investing in cryptocurrencies. The author or the publication does not hold any responsibility for your personal financial loss.