ApeCoin holders have begun voting on proposal AIP-304 to create a series of non-fungible tokens (NFTs) for 11 million APE. 66% of users opposed this proposal.

The ApeCoin community has been discussing the AIP-304 proposal put forward by Huang Licheng, known as “machibigbrother.eth,” for almost two months. He holds 4.24 million APE worth approximately $4.67 million.

Licheng’s idea is to spend 11 million APE tokens ($12.1 million) to create a collection dedicated to the development of digital art. The NFT collection will consist of 1,000 tokens from the Bored Ape Yacht Club (BAYC) collection, 2,000 Mutants, TBD Doggies and Punks, as well as other digital artwork.

These tokens will be used as rewards for users who lock up their APE tokens for five years to govern the protocol. Voting on proposal AIP-304 will close on September 21. However, 66.17% of APE owners have already voted against this initiative. Currently, the APE rate is in a downward trend – the token is trading at $1,105. Over the past week, APE has declined by approximately 18.9%.

Let us recall that at the end of last year, the company Yuga Labs, which created the BAYC collection, blocked access to ApeCoin staking for users from the USA and Canada in order to comply with the regulatory requirements of these countries. In February, Yuga Labs announced the launch of a new TwelveFold collection of 300 digital tokens on the Bitcoin network.