UP IN SMOKE AROUND THE SWAMP: ApeCoin Funded Digital Art Movement Buys A Bored Ape From TokenWorks’ $APESTR, Triggering A $45,400 Token Burn!

Something’s burning around the swamp! TokenWorks’ Bored Ape Yacht Club Strategy contract sold its first ever primate this afternoon, resulting in $45,400 worth of the coin going up in smoke!

 

Sunday was fire around the swamp after TokenWorks’ $APESTR sold Bored Ape #3835 to MachiBigBrother’s ApeCoin DAO-funded Digital Art Movement for 11.26 Eth or $45,400 USD.

Remember, TokenWorks’ NFT Strategy coins, like $APESTR, are onchain, autonomous, and powered by a smart contract with a 10% trading fee. 8% goes to its NFT accumulation pool, 1% to the collection owner as a royalty, and 1% to buying and burning $PNKSTR. Once the contract collects enough fees, it purchases the corresponding NFT and lists it at 1.2x the floor. When it sells, the contract uses the earnings to buy back and burn the token supply.

This means today’s sale to the DAM DAO resulted in 6,692,000 $APESTR coins being burned, according to Etherscan.

 

With today’s historic purchase, DAM now holds 102 Bored Apes  and you can own a piece of that collection by staking your $Ape for DAM on ApeChain!

 

As the Bored Ape Gazette previously reported, the ApeCoin DAO voted to allocate 11 million $Ape to MachiBigBrother’s Digital Art Movement in September 2023. The goal of this AIP was threefold. First, to purchase NFTs, second, to create a staking mechanism that gives the community the chance to own and control the collection, and third, to work with museums, galleries, and schools to get Bored Apes and other digital assets placed in exhibits around the world.

“Digital art remains underrepresented in the art world, I want to change this,” MachiBigBrother wrote in his DAM proposal back in 2023. “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 all things NFT Strategy and DAM. Stay tuned for more updates from the swamp!