The Bored Ape Yacht Club (BAYC) has voted to take $2 million from its treasury reserves to fund the NFT’s marketplace efforts. Ape Drops is the official marketplace of the Bored Ape Yacht Club (BAYC), which is now run by Manifold Studio. The proposal, according to the Ape Drops marketplace, is a documented strategy for the present and future that attempts to develop a stable marketplace funded by treasury funds.
Could BAYC leave a mark in the realm of NFT?
The goal of AIP 29 is to leave a legacy as early major actors in the NFT globe. Ape Drops intends to develop a first-of-its-kind $APE ecosystem, as disclosed in a tweet on May 12th.
After the AIP went online on Friday, there was a call to vote in favor of the plan, as well as Ape Drops’ eagerness to “start constructing some awesome shit for $APE.” The plan (AIP 29) is intended to assure a weekly release of several handpicked NFT drops from its AIP by supporting the Ape Drops marketplace with $2 million from its treasury reserves.
“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 addressed future considerations, as future drops are expected to include a mix of new and known artists. Current NFT drops have featured industry heavyweights such as Snoop Dogg and Wiz Khalifa. The Ape Drops platform is the result of extensive artistic expression by the $APE community.
BAYC’s role in the world of NFT
Bored Ape Yacht Club (BAYC), often known as Bored Ape, is an NFT collection based on algorithmically generated cartoon ape profile images. The project was launched in a live presale on April 23, 2021, and has already generated over $1 billion in purchases.