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  • Writer's pictureKyle

$Ape Holders Can Lock Their Coins Next Week For Partial Ownership Of The Digital Art Movement's Insane NFT Collection!

It was $Dam time around the $Ape ecosystem on Friday after MachiBigBrother’s ApeCoin DAO-funded Digital Art Movement announced that time-locked $Ape staking in exchange for $Dam tokens will begin next week!


Nine months after the ApeCoin DAO allocated 11 million $Ape to the Digital Art Movement proposal, the project has curated an NFT collection that’s anything but boring, consisting of 153 Bored Apes, 19 Mutant Apes, a Fidenza by Tyler Hobbs, and a Twelvefold Ordinal.




Now that the Digital Art Movement has its NFTs, the project is inviting $Ape holders to lock their $Ape for up to 5 years in exchange for fractionalized ownership of this collection.


“The DAM governance token is launching next week on @Blast_L2,” the project tweeted. “You will soon be able to stake your $APE to begin earning your $DAM tokens. Deposits open soon at http://app.damdao.org."





Once $Dam staking begins, $Ape holders will be able to time lock as much or as little of their $Ape for as short a time as one year or as long a time as five years. The longer $Ape holders chose to lock their $Ape, the more for $Dam they will receive.


“One ApeCoin locked for 5 years creates an initial balance of one time locked APE (tlAPE), with the balance decaying linearly over time toward unlock,” Machi wrote in his DAM AIP last year. “This means 100 ApeCoins locked for 5 years is equal to 500 ApeCoins locked for 1 year.”

 

In total, the Digital Art Movement’s coin will have a total supply of 10 billion  tokens, 30% of which will go towards the time locked $Ape staking rewards. The other 70% of the $Dam tokens will go to the Digital Art Movement’s treasury, according to the project.


“Shortly after $DAM launch, those that want to buy $DAM can buy directly from  @ThrusterFi AMM or provide liquidity to market make $DAM,” Dam tweeted. “To ensure there’s initial liquidity for $DAM holders to work with, we’ve partnered with @ThrusterFi and hyperlockfi to offer incentives for liquidity providers. DAM/WETH liquidity providers will earn blast points, blast gold, thruster credits, and hyperlock points. Apes, hyperlock your thrusters. We’re blasting off.”

 

As the Bored Ape Gazette previously reported, along with launching the $DAM token and giving the community the chance to own a piece of the collection, the mission of the Digital Art Movement is to get NFTs displayed in museums, galleries, and schools around the world.


“Digital art remains underrepresented in the art world, I want to change this,” MachiBigBrother wrote in his proposal. “I want digital art to be omnipresent. By creating and curating the Digital Art Movement Collection (aka “The DAM Collection”), we can proliferate appreciation for digital art worldwide thus leading to education and adoption. There’s no better group of people than ApeCoin DAO members to cement our place in digital art history."


The Bored Ape Gazette will continue to follow the Digital Art Movement and will let you know when the time. Locked $Ape staking begins next week. Stay tuned for updates!

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