THE APECOIN COMMUNITY HAS AGREED TO SUPPORT BAYC GAZETTE, A 24-HOUR NEWS SITE DEDICATED TO TRACKING ALL YUGA LABS PROJECTS AND NFT MARKET DATA
The highly regarded 24-hour news source, the BAYC Gazette, of Yuga Labs will get funding from the Apecoin community after APE DAO accepts the concept. The news website will provide information on NFT market trends and all Yuga Labs initiatives.
The BAYC Gazette is anticipated to cost the company $150,000 in its first year. The costs incurred were those for running and maintaining the data-driven news portal.
A web3 organization, a DAO (decentralized autonomous organization), is run by the community using a governance token.
The number of Apecoins that APE DAO members own determines how they vote.
Implementing community recommendations following the governance processes has been given to the ApeCoin foundation.
The Bored Ape Gazette will have a live sales counter that displays activity across all Yuga Labs projects, an APE calendar, a DAO tracker that tracks governance votes, and other live statistics.
The native token of the web3 ecosystem is called ApeCoin. It debuted in March and spiked above $27 before plummeting with the rest of the market during the crypto winter.
As traders rushed to profit from the news, the $APE token has increased more than 30% from its Tuesday lows in the last two days.
As of the time of writing, $APE was trading in the US evening session at a little around $7.00.
It currently ranks 31st among the major cryptocurrencies in market value, with a market cap of almost $2.1 billion.
It is the earliest metaverse token, preceding The Sandbox’s $SAND and Decentraland’s $MANA.
With a market cap of $1.9 billion, it dominates the NFTs and collectibles sector, beating second-place Flow $FLOW.