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- 1 A new DAO of ApeCoin will be soon launched, tasked with acquiring powerful NFTs.
- 2 Co-creator Yat Siu Proposed AIP-297, an ApeCoin Improvement Proposal aiming to establish a community-run NFT vault.
On September 21, the proposal was put forward by Animoca Brands Co-creator Yat Siu with 53.6% support. The proposal suggests that ApeCOIN DAO should assign 750,000 APE to the vault as an initial budget to purchase the vital NFT collections.
The important collection includes Mutant Ape Yacht Club (MAYC), Bored Ape Yacht Club (BAYC), Cool Cats, The Sandbox virtual land, Pudgy Penguins, World of Women NFT, Mocaverse Mocas and Otherdeeds.
The sister DAO will conduct the NFT vault within the ApeCoin DAO ecosystem. The NFT vault will assist the cross-community collaboration and exhibit support for different NFT communities.
APE-297 has started a voting process. Moreover, the recent support has reached 73.87% as of September 21. It is regarded that the proposal will develop the ApeCoin DAO ecosystem.
Other Details of the Proposal
This proposal aims to place ApeCoin as the Web3 culture token to strengthen the Web3 ecosystem. The acquired NFTs will be managed through a community-governed vault, voted by the sister DAO members.
It is open for $APE holders to use the IP with potential grants in $APE shortly. The starting distribution of $APE for NFT purchases will be controlled by the committee.
The perspective to execute this proposal has benefits like buying the selected NFTs using the grant in $APE. The ApeCoin holders own the governance rights of the usage or mobilization of the acquired NFTs. The ApeCoin DAO will lease these NFT IPs to $APE holders. One can use $APE to fund the development of these IP utilizations.
$APE will be the token that powers the management and implementation of every stage. It operates from the initial NFT acquisition to the development of products manipulating these NFT IPs. This will bring important benefits to the ApeCoin ecosystem because it will enhance the adoption and usage of $APE beyond its current applications.
The Sister DAO is governed by $APE holders. It can decide the particular NFT IPs. Whether these NFT IPs should be rented to other particular proposers based on the suggested projects or not.
It can also provide the $APE funding for the development of the suggested project using the vault’s NFT IPs. This DAO can make the decision that which NFT collection to buy or sell in the vault’s future NFT acquisitions after the initial acquisition based on the proposal.
This Sister DAO would function outside of the main ApeCoin DAO but still has the same membership base with the only need of owning 1$APE. Siu’s proposal looks to rejuvenate the ApeCoin community. As per DappRadar, the APE is down more than 95% from its April 2022 all-time high. After reaching an all-time high, most of the Yuga Labs collections have similarly declined by more than 90%. APE recovered 3% after the proposal was passed.
Summary
Soon, the launch of Sister DAO was announced by Yat Siu which is focused on acquiring influential NFTs. These NFTs would be managed through a community-governed vault voted by the sister DAO members.
Andrew is a blockchain developer who developed his interest in cryptocurrencies while pursuing his post-graduation major in blockchain development. He is a keen observer of details and shares his passion for writing, along with coding. His backend knowledge about blockchain helps him give a unique perspective to his writing skills, and a reliable craft at explaining the concepts such as blockchain programming, languages and token minting. He also frequently shares technical details and performance indicators of ICOs and IDOs.
