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  • Writer's pictureKyle

The Digital Art Movement Purchased A Twelvefold Earlier This Week! Here's What You Need To Know:

MachiBigBrother’s ApeCoin DAO funded Digital Art Movement is now a cross chain NFT collection after the initiative purchased its first ordinal, Twelvefold #196, for one Bitcoin or $66,000 USD.



The Web3 world let out a collective damn on Friday, after the Digital Art Movement, DAM, announced that it had acquired a Twelvefold from Yuga Labs’ Bitcoin art collection.


“DAM, we picked up the very first generative art collection on the bitcoin blockchain, Twelvefold #196/300 - Inscription # 445901,” the project tweeted.




So far DAM has purchased 52 Bored Apes, 7 Mutant Apes, and one Twelvefold piece.





As the Bored Ape Gazette previously reported, the ApeCoin DAO approved of the creation of DAM last year, allocating 11,000,000 $Ape to the initiative.


“Digital art remains underrepresented in the art world, I want to change this,” MachiBigBrother wrote at the time. “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."


As DAM continues to purchase Yuga Labs NFTs and works to get them showcased in museums and galleries around the world, every $Ape holder should start thinking about whether they will lock their $Ape to receive 'DAM' tokens that represent fractionalized ownership and control of the DAM initiative’s NFT collection.

 

“DAM tokens will be a fair-launch project, with zero team token allocation,” Machi wrote in his DAM Ape Improvement Proposal. “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.”


The Bored Ape Gazette will continue to follow DAM and will keep you posted on the initiative's upcoming token and its purchases. Stay tuned for updates!

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