The ApeCoin Community has voted on a proposal that suggested the creation of a new NFT series, rejecting the idea. ApeCoin Armory Club and Ape Coin Pet Club were the two NFT collections.

The ApeCoin DAO has rejected a proposal that would have introduced two new NFT collections. The two collections are Ape Coin Armory Club and Ape Coin Pet Club, which were designed to have 20,000 NFTs each. 83.95% of the voters rejected the proposal, with 10.01% of the community in favor of it. The NFTs would have been handed out to the crypto community for free, with the overall cost estimated at $168,000.

ApeCoin Community Voting Against New NFT Collections: Snapshot

The multi-link nature of the NFT collections meant that it could have been linked to other NFT and metaverse projects, like Otherside, Decentraland, and The Sandbox. One such possibility, which the proposal hints at, is that the NFTs could have appeared in the 3D worlds of other metaverse projects.

Images from Ape Coin Pet Club: AIP-206

The full proposal showcased images of the NFTs, with the ape logo appearing on a shield. There were also images of the pets that would have formed the Ape Coin Pet Club. The proposal claims that all of the NFTs from both collections “are unique in their own way some with more rare features.”

ApeCoin Team’s Otherside Second Trip Looked Like a Hit

Meanwhile, Yuga Labs, the company behind the Bored Ape Yacht Club, recently announced the Otherside Second Trip event captains. These captains are Jimmy Wong, Brycent, Lowbellie, and Cordell Broadus, and they led four separate teams.

Second Trip is a virtual event where 10,000 hodlers of its Otherdeeds NFTs will test the Otherside metaverse experience. The event seemed to have been successful, with over 7,200 concurrent players at one point.

Yuga Labs’ Bitcoin NFTs a Success

NFTs still seem to have a strong pull on investors, with Bitcoin NFTs especially taking off. Yuga Labs recently auctioned its first Bitcoin-based NFT collection, raking in $16.5 million in just 24 hours. The highest bidder paid over 7 BTC for one of the assets in the Bitcoin Ordinal collection called TwelveFold.

NFTs are also growing in the mainstream world, with Amazon potentially releasing its own NFTs. Amazon Web Services has hinted at its foray into the space by announcing a collaboration with Ava Labs.

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Token unlocks, such as the impending unlocking of $125 million in SAND and APE tokens, can intensify market supply pressure, prompting anticipation regarding potential changes in SAND and APE’s circulating supply.
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When tokens are unlocked, it can add more selling pressure to the market if there isn’t enough demand to absorb the newly available tokens. Currently, data shows that there’s a scheduled unlocking of $125 million worth of tokens from popular gaming and NFT projects The Sandbox (SAND) and ApeCoin (APE).

Token Unlock Events: SAND and APE
Recent data indicates significant token unlock events for The Sandbox (SAND) and ApeCoin (APE). Today, approximately $100 million worth of 205.59 million SAND tokens are set to be unlocked, followed by $23.09 million worth of 15.6 million APE tokens on February 17th.
Following the SAND unlock, constituting 10% of The Sandbox’s total supply, the circulating supply is expected to rise to about 90%. With a current market value of $1 billion, SAND is utilized for activities within The Sandbox’s virtual worlds. The ApeCoin unlock will release just over 2.5% of its circulating supply, while approximately 35% of the token’s total supply remains allocated to creator Yuga Labs, ApeCoin DAO, and other network stakeholders.
Token unlocking involves releasing previously restricted tokens into the market once their vesting periods conclude. These tokens, originally allocated for early investors, treasuries, and public sale participants, become tradable upon unlocking, facilitating buying and selling activities.
These unlocks are significant events in the lifecycle of tokens, as they can impact market dynamics, circulating supply, and investor sentiment. As such, they are closely monitored by the cryptocurrency community and can influence short-term price movements and long-term market trends.
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Price Movement Ahead of Token Unlock: SAND and APE
As the token unlock event approaches, SAND’s price has observed a 2.3% decrease over the last 24 hours, with the altcoin trading at $0.4667. Despite this recent decline, data indicates an 8.49% increase in SAND’s price over the past 7 days, although it has fallen by 7.94% over the last 30 days.

On the contrary, APE’s price has experienced a 1.15% increase, reaching $1.51 before the token unlock event. Over the last 7 days, APE’s price has risen by 11.65%, with a 5.31% increase recorded over the past 30 days.

Important: Please note that this article is only meant to provide information and should not be taken as legal, tax, investment, financial, or any other type of advice.

#APECOIN #Bitcoin #Altcoin #Cryptocurrency