- ApeCoin DAO initiates a sister DAO to acquire influential NFTs.
- AIP-297, led by Yat Siu, secured 53.6% support for the proposal.
- APE tokens will power the entire process, from acquisition to product development.
New DAO to Commence with an Initial Allocation of 750,000 APE Tokens
ApeCoin DAO, the governing body associated with the beleaguered native token within the Yuga Labs ecosystem, is on the verge of introducing a sibling DAO dedicated to procuring influential NFTs. This initiative follows the approval of a governance proposal that narrowly passed.
AIP-297, a proposal presented by Yat Siu, co-founder of Animoca Brands, gained approval on September 21 with a 53.6% majority vote. The proposal outlines the allocation of 750,000 APE tokens from the ApeCoin treasury to establish a community-led NFT vault. The acquired NFTs will encompass various domains, including art, music, virtual realms, and gaming, among others.
“The acquired NFTs will be managed through a community-governed vault, subject to votes by members of the sister DAO. Furthermore, APE token holders will have the opportunity to utilize these NFT intellectual properties, potentially receiving grants in $APE in the near future,” as stated in the proposal. “APE will serve as the primary token fueling all aspects of operations, from the initial acquisition of NFTs to the development of products built upon these NFT IPs.”
The sister DAO will operate independently from the primary ApeCoin DAO but will still be under the governance of APE token holders.
Siu’s proposal aims to rejuvenate the struggling ApeCoin community in the midst of the NFT market downturn. According to DappRadar, monthly NFT trading volume has plummeted by 70% to $559 million since March, with sales dropping by 45% to 3.2 million.
APE token values have declined by over 95% from their all-time high in April 2022, mirroring the substantial drops seen in most Yuga collections since their respective peaks. Following the approval of the proposal, APE saw a 3% increase in its value.”
Disclaimer: The views and opinions expressed by the author, or any people mentioned in this article, are for informational purposes only, and they do not constitute financial, investment, or other advice. Investing in or trading cryptoassets comes with a risk of financial loss.