non-fungible token (NFT) and blockchain company Yuga Labs have announced that Bored Ape Yacht Club (BAYC) and Mutant Ape Yacht Club ( MAYC) NFT collection representatives to the Community Council; Yuga Labs has selected seven “proven” community members to represent the NFT clubs at large.
Yuga Labs elects seven Community Council members
On Wednesday,Yuga Labs announced that it has created a Community Council of seven Apes to represent the entire BAYC and MAYC ecosystem. According to the announcement, the Community Council will be able to nominate three community projects each month, and the BAYC and MAYC community will vote on which projects will receive grants from Yuga Labs.
Projects can be worth 10 ether or roughly $15,000 in the second largest crypto asset by market capitalization.The seven new Community Council members are Josh Ong, Sera, Laura Rod, 0xEthan, 0xWave Negi, and Peter Fang.” The Council will work with Yuga and the BAYC/MAYC community to elevate community-driven initiatives, including commercial projects, meetups, philanthropy, and other community-driven ideas.” Read more about Yuga Labs’announcement
According to Yuga Labs, the Council members were selected based on their prior track record of community-driven initiatives and building. This news follows the official release of intellectual property (IP) rights by Yuga Labs to the owners of Cryptopunks and Meebits. The company has already released the BAYC/MAYC IP to the owners of certain NFT collections. In addition, Yuga Labs recently released a white paper on the Otherside metaverse and released a new teaser video about the upcoming project.
Regarding the autonomy of the two projects, Yuga Labs states that the newly launched community council will maintain a strong degree of independence. They said, “The BAYC/MAYC community is an autonomous group, and this council represents that. They bring different skill sets with ideas to the table and we will work with them to bring the best ideas to life,” concludes the blog post published by Yuga Labs.
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