ApeCoin, a decentralized autonomous organization (DAO) that represents the community of meme coin holders, has proposed to acquire a collection of non-fungible tokens (NFTs) that reflect the culture and values of web3.
The Proposal is a Huge Step Forward for the Company
The proposal, known as AIP-297, was co-authored by Yat Siu, the co-founder of Animoca Brands, a leading gaming and NFT company, in July 2021. The proposal’s goal is to “position ApeCoin as the culture token to power the broader web3 ecosystem,” according to the voting page.
The proposal suggests buying a minimum number of NFTs from various popular and diverse projects, such as Bored Ape Yacht Club, Mutant Ape Yacht Club, Bored Ape Kennel Club, Cool Cats, World of Women, and Pudgy Penguins.
The NFTs are unique digital assets that represent various forms of art, collectibles, games, and more. The proposal specifies the floor price of each NFT to be acquired, which ranges from 0.5 ETH to 4 ETH.
The NFTs will be stored and managed by a community-governed vault, which will be controlled by a sister DAO of ApeCoin. The sister DAO will have its own governance token, ANFT, which will be distributed to ApeCoin holders. The sister DAO members will be able to make decisions regarding the NFT collection, such as buying, selling, lending, or displaying them.
The voting process for the proposal started on Sept. 14 at 9 p.m. ET and will end on Sept. 20 at 9 p.m. ET on the Snapshot platform, which is a decentralized voting system. The majority of the ApeCoin holders, 4.3 million APE (72.8%), support the proposal, while 1.6 million APE (27.2%) oppose it.
The proposal will go through the following steps if it passes the voting: creating a multi-signature wallet, using the APE grant to buy the NFTs, proposing the first governance action via the sister DAO to enable NFT rental, and launching a web page to showcase the NFTs in the vault.