ApeCoin DAO Eyes Cultural Dominance in NFT Ecosystem

• ApeCoin DAO’s recent proposal leans heavily towards acquiring influential NFTs.
• Over 70% of the votes favor the establishment of a sister DAO and an NFT community treasury.
• Animoca Brands co-founder, Yat Siu, co-authors the game-changing proposal.

ApeCoin DAO’s ambitious proposal can reshape its role in the web3 ecosystem, making it a major cultural token. Stay tuned to see if the community approves.

The AIP-297 Proposal Explained

A proposal labeled AIP-297 is now under consideration within the ApeCoin DAO community. Co-authored by Yat Siu, the co-founder of Animoca Brands, this proposal recommends the establishment of a sister DAO. Its primary goal is to earmark 750,000 APE for acquiring specific influential NFTs, thus redefining ApeCoin’s position within the wider web3 culture. Early votes show strong support, with over 70% of voters endorsing the idea.

Breaking Down the NFT List

The list of desired NFTs is extensive and includes eight units from the Bored Ape Yacht Club, twelve from the Mutant Ape Yacht Club, fifteen from both the Bored Ape Kennel Club and Cool Cats, another fifteen from World of Women, and a dozen Pudgy Penguins. These NFTs will find a home in a community-managed vault. Decision-making power for this vault will be granted to sister DAO members owning a minimum of 1 APE token, which is valued at $1.16 currently.

Prospects for the ApeCoin Ecosystem

The potential benefits for the ApeCoin ecosystem are vast. A successful proposal will mean APE holders can lease the NFT IPs. Further benefits are hinted at, with APE grants possibly becoming available soon. This strategy will offer a dual advantage — widening the adoption and use of ApeCoin and enabling community members to tap into the NFTs without directly purchasing or owning them. Acting autonomously from the main ApeCoin DAO, the sister DAO will hold the reins on NFT IP rentals for upcoming projects. They will also decide on future NFT sales and purchases for the vault.

Budgetary Insights

The proposed budget stands at 750,000 APE from the ApeCoin DAO treasury. Of this, 500,000 APE will go towards buying NFTs that reflect the ethos of ApeCoin. The remaining 250,000 APE will be set aside for imminent NFT acquisitions and preliminary vault upkeep.

What’s on the Horizon?

Voting procedures commenced on the Snapshot decentralized voting platform at 9 p.m. ET on September 14. It is set to conclude at the same time on Wednesday. Current statistics are promising, with 4.3 million APE (or 72.8%) in favor, while 1.6 million APE (27.2%) oppose. If the proposal gets the nod, several actions will follow, including creating a multi-signature wallet, securing the APE grant for NFT acquisitions, launching the inaugural governance proposal via the sister DAO, and unveiling a website to showcase the vault’s NFT collection.

Conclusion

ApeCoin DAO stands on the brink of a transformative decision. With the majority currently in favor of AIP-297, there’s a strong possibility of witnessing ApeCoin’s ascent as a cultural powerhouse in the web3 domain. This pivotal move could ensure broader adoption and offer unparalleled utility, setting a precedent for DAOs globally.