ApeCoin DAO Funds Bored Ape News Site for $150,000

While the rest of the NFT market can be Slow downa Bored Ape-focused news channel is getting a big boost thanks to ApeCoin DAO’s treasury.

ApeCoin DAO-one decentralized organization who use the cryptocurrency ApeCoin as the governance token – has voted for financing the news site The Bored Ape Gazette.

The proposal, also known as AIP-70, passed with flying colours. Over 1.1 million ApeCoin tokens voted for and 149,000 ApeCoin tokens voted against Gazetteits proposal to allocate $150,000 to fund the website, which covers news about Bored Ape Yacht Club (BAYC) NFTs as well as Mutant Apes (MAYC), Kennel Club (BAKC) and Otherside, Yuga Labs’ upcoming metaverse game.

The funds are expected to last for one year.

The money will go towards paying sole writer and editor Kyle Swenson $7,000 a month to create more written content, with an increased focus on ApeCoin DAO news and the creation of a bi-weekly. Boring Ape Gazette newsletter.

NFTs– Unique blockchain tokens that signify ownership – have seen massive investment since Bored Ape Yacht Club NFTs were first minted in April 2021. The BAYC collection alone has seen $2.3 billion in total traded volume, according to CryptoSlam data. And its creators, Yuga Labs, achieved a massive valuation of 4 billion dollars back in March.

The proposal also details plans to add price trackers for ApeCoin as well as trackers for activity on BAYC, MAYC, BAKC and Otherdeed Ethereum NFT Collections. Remaining funds will go towards paying freelancers $100 per story, with the aim of hiring writers from the ApeCoin DAO community.

“This is a community article that should be written by members of the $Ape community!” reads the proposal.

The small side has plenty of room to grow. According to SimilarWeb data, The Bored Ape Gazette has only seen 52,400 total visits since its launch over a year ago in June 2021.

A website written by BAYC supporters and funded by the ApeCoin DAO raises questions about an obvious risk of biased reporting, given that Swenson himself is a longtime BAYC holder.

“Objective reporting is important to me,” Swenson said Decrypt via Twitter DM. “The Gazette will always be a voice for the community and I work hard to be balanced when covering a story.”

“The Gazette doesn’t promote, it reports the news that Apes need to know,” he added.

Swenson, based in Orlando, Fla., was a two-time Dow Jones News Fund intern at Orlando Business Journaland was editor-in-chief of the Independent Knight News covering the University of Central Florida. Before launch The Bored Ape Gazettehe was known for Thrifting With Kyle, a clothing retailer and online community.

As for his goals, Swenson wants to filter through the “noise” that can spread on social media.

“My goal is never to tell people what to think,” Swenson said. “My goal has been and always will be to provide the community with the important information they need to make their own decisions.”

ApeCoin DAO has not yet responded Decryptits request for comment.