NiftyNoon: Machi’s $APE DAO Plan to Spend Millions on NFTs
Machi’s polarizing $APE DAO proposal begins to pick up steam (September 15, 2023)
Nifty Thought
Machi’s $APE DAO proposal has many people within the NFT space deeply excited. He is proposing the DAO spend 11 million apecoins (currently worth $1.10 each) to purchase various NFTs. This is being done to promote the digital art movement where Machi will also eventually launch a Digital Art Movement token to govern these purchases. Notably, the proposal specifies a 70% allocation for Yuga assets. As Machi is a large holder of Bored Ape Yacht Club NFTs, many critics have speculated that this is an attempt to inject millions of dollars of liquidity into the collection.
It is not clear how this would directly benefit $APE holders, who ultimately run the DAO. This creates millions of dollar of sell pressure that may, in the short term, harm price action. However, it is clear this proposal could be good for the NFT space in the short and long run. In the short term, this will inject millions of dollars of liquidity into the NFT ecosystem that could flow into non-Yuga projects as well. In the long run, the success of the digital art movement has the potential to unlock a new class of NFT buyers. It will be deeply interesting to watch this play out.
Highlighted News
ApeCoin DAO - AIP-304: Create the Digital Art Movement Collection to acquire Yuga Assets(BAYC, MAYC, BAKC, and Punks and other notable NFTs:
https://twitter.com/machibigbrother/status/1701815453427851697
On @machibigbrother’s 11m $ape proposal:
Project and Community News
With less than a day remaining to choose, half of all Nouns have opted in to redeeming their Nouns for 35-36 ETH:
HV-MTL Forge The Hunt is now live and HV's with at least 50k energy can enter the Rift:
Ahead of the Rift opening , dive through The Hunt and Crafting explainer videos:
Nakamigos peer pressured into making Cloaks a free mint:
Long term Nakamigos holder exits at a loss:
Sugartown shares alpha:
https://twitter.com/visitsugartown/status/1702396815943840199
David Dobrik just posted about Pudgy Penguins on his snapchat story:
Cool Cats official @Macys Thanksgiving Day Parade balloon:
Friendtech is a mirror held up to the NFT space:
We just setup a @friendtech account for Rektguy:
Will @friendtech explode in the next 2-3 weeks in terms of both TVL and number of users:
Magic Eden releasing support for cNFTs:
https://twitter.com/magiceden/status/1702430156642492472?s=46&t=Hb-nBT0zonE82bFfQEj7Cg
Magic Eden adding sol domains:
https://twitter.com/magiceden/status/1702364206220058910?s=46&t=Hb-nBT0zonE82bFfQEj7Cg
@frankdegods shares thoughts:
Quick Stats:
Blur ETH Daily Volume: 4,302 ETH (▼ 0.62%)
OpenSea ETH Daily Volume: 1,112 ETH (▼ 19.42%)
BTC: $26,560.55 (▲ 1.08%)
ETH: $1,627.75 (▲ 0.57%)
Solana: $19.09 (▲ 2.00%)
Polygon: $0.52 (▲ 1.10%)
NFT Daily Winners:
🦧 Bored Ape Yacht Club: 23.79 ETH (▲ 2.54%)
🐈⬛ VeeFriends: 1.80 ETH (▲ 1.93%)
👩🏻 Milady Maker: 2.30 ETH (▲ 1.46%)
🚬 CryptoPunks: 47.00 ETH (▲ 1.10%)
🏳️🌈 Chromie Squiggles: 10.00 ETH (► 0.00%)
NFT Daily Losers:
⛩️ Azuki: 3.71 ETH (▼ 0.56%)
🐧 Pudgy Penguins: 3.90 ETH (▼ 1.54%)
🧟 Mutant Ape Yacht Club: 4.71 ETH (▼ 1.79%)
⛰️ Otherdeeds: 0.55 ETH (▼ 2.01%)
🌈 Doodles: 1.23 ETH (▼ 2.31%)
🧬 Clone X: 1.26 ETH (▼ 2.85%)
🦉 Moonbirds: 1.12 ETH (▼ 3.77%)
🏴☠️ Captainz: 3.35 ETH (▼ 4.26%)
Notes:
If you find quick daily NFT updates helpful, please feel free to subscribe:
The content on this site is for informational purposes only. You should not construe any such information or other material as legal, tax, investment, financial, or other advice.
Managed by @AxuETH, @NPapaellinas, @SpeedyGonzale87, @SSPxLEO and @xhuewa