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ApeCoin DAO Backs Proposal to Boost Bored Ape NFT Ecosystem

ApeCoin DAO has approved a proposal to launch an Accelerator, aiming to support projects that leverage ApeCoin tokens and enhance the Bored Ape NFT and APE ecosystem.

The ApeCoin DAO has greenlit a proposal aimed at driving growth in the Bored Ape NFT and APE ecosystem. This proposition opens the gate for the launch of an Accelerator, designed to nurture and kickstart projects that utilize ApeCoin tokens (APE) to bolster the burgeoning ecosystem.

The proposal, known as AIP-209, was introduced and approved through the ApeCoin DAO’s Idea Proposal system. The key focus is to foster and propel community-endorsed projects aimed at boosting the value of the Bored Ape Yacht Club (BAYC) NFT collection and other initiatives that make use of ApeCoin.

Dubbed the "Ape Accelerator", this initiative seeks to empower the ApeCoin community as proposers, voters, and supporters. Proposers are encouraged to pitch project ideas for incubation, while voters can wield their APE tokens to vote on whether the proposed projects should take off. Supporters can contribute by purchasing NFTs and other tokens that are yet to be specified.

The proposal further clarifies that the projects which finally get their wheels rolling under the Accelerator will operate using ApeCoin. This may eventually enhance the token's value as they generate revenue and returns for their holders.

ApeCoin was initially released as a governance token by its creator, Yuga Labs, to the holders of the wildly popular BAYC NFT collection. This collection boasts 10,000 unique cartoon ape images, which currently trade at a whopping $83,000 each.

These tokens are also employed in other Yuga Labs initiatives such as Otherside, Mutant Ape Yacht Club (MAYC), CryptoPunks, MeeBits, and Bored Ape Kennel Club (BAKC) – all of which are influential and widely recognized NFT collections.