A new proposal aimed at developing ApeCoin is steadily gaining the support of multiple members of the ApeCoin community. Yat Siu, the founder of the gaming company Animoca Brands, proposed the introduction of a sister DAO and NFT treasury for the ApeCoin community.
So far, the proposal (AIP-297) has garnered the interest of over 73% of the voters, representing 4.4 million APE tokens. Those against the proposal represent more than 26% of voters.
What is the Sister DAO?
Siu’s proposal entails that the ApeCoin DAO treasury release an initial quantity of 750,000 APE tokens, which will be used to purchase non-fungible tokens (NFTs) representing “various cultures and also with a certain level of influence in web3.”
The proposal goes further to mention that 500,000 units of the APE token will be used to purchase NFTs that line up with ApeCoin’s visions, while 250,000 APE tokens will be used as a “buffer for additional NFT purchases.”
The Animoca Brands boss describes the sister DAO as a separate decentralized autonomous organization that will “operate outside of the main ApeCoin DAO.” The sister DAO will be responsible for the affairs involving a vault where the acquired NFTs will be stored. To become a member of the sister DAO, participants need to own at least 1 APE.
Impact on APE Token
With the APE cryptocurrency in mind, the proposal mentioned that the NFT acquisition process will be conducted using APE as the native currency. Such continued engagement with the cryptocurrency could potentially increase its value.
ApeCoin is a governance cryptocurrency created in March 2022 for the Yuga Labs community. Yuga Labs is the parent company of the leading NFT projects – Bored Ape Yacht Club (BAYC), Mutant Yacht Club (MAYC), Otherdeeds NFTs, and more.
A month after its launch, the asset saw an all-time high (ATH) of $22.59. Currently, the token has dropped drastically to $1.15, amid a broader market decline.
