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  • Writer's pictureKyle

$DAM DECISION: $Ape Holders Can Start Staking Their Coins For The Digital Art Movements $DAM Tokens Soon! Here's What You Need To Know:

It’s almost time to make a ‘$DAM’ decision in the ApeCoin ecosystem as the Digital Art Movement gets ready to launch its $DAM token, which will represent fractionalized ownership of an NFT collection that would make any Web3 enthusiast say "damn!"


Eight months after the ApeCoin DAO allocated 11 million $Ape to MachiBigBrother’s Digital Art Movement proposal, the initiative has purchased 153 Bored Apes, 19 Mutant Apes, a Fidenza by Tyler Hobbs, and a Twelvefold Ordinal, putting together one of the most impressive NFT collections in all of Web3.





Now that the Digital Art Movement has acquired a plethora of primates and pictures, the project is moving into its next phase: inviting $Ape holders, Apes, and Web3 enthusiasts to stake their ApeCoin in exchange for $DAM tokens, which represent fractionalized ownership and control of this insane collection.



“DAM tokens will be a fair-launch project, with zero team token allocation,” Machi wrote in his DAM Ape Improvement Proposal in September 2023. “Initial token distribution will go to users that timelock ApeCoin for up to 5 years, decentralizing governance to the ApeCoin community. 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. This means 100 ApeCoins locked for 5 years is equal to 500 ApeCoins locked for 1 year.”


At the time of this article’s publication, $Ape staking in exchange for $DAM has not yet begun. However, $Ape holders can check out the initiative’s website to find out how much $DAM they can get in exchange for their $Ape based on lock timeshere: https://app.damdao.org



As the Bored Ape Gazette previously reported, along with launching $DAM token, the mission of the Digital Art Movement is to get NFTs put on display at 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’s $DAM token launch and will let you know when the iniaitve begins getting NFTs put on display. Stay tuned for updates!

 

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