ApeCoin Community To Acquire Top NFTs Through New DAO
New DAO Will Be Seeded With 750,000 APE Tokens
By: Samuel Haig •NFT News
ApeCoin DAO, the organization governed by the embattled native token of the Yuga Labs ecosystem, will soon launch a sister DAO tasked with acquiring influential NFTs following a governance proposal that passed by a narrow margin.
AIP-297, a proposal put forth by Animoca Brands co-founder Yat Siu, passed on Sept. 21 with 53.6% support. It includes plans to secure 750,000 APE tokens from the ApeCoin treasury to fund a community-governed NFT vault. The NFTs would span the art, music, virtual worlds, and gaming niches, among others.
“The acquired NFTs will be managed via a community-governed vault, voted by the sister-DAO members, and open for APE holders to utilize the IP with potential grants in $APE in the near future,” the proposal said. “APE will be the token that powers the operations and execution of every stage, all the way from initial NFT acquisition to the development of products leveraging these NFT IPs.”
The sister DAO will operate independently from the main ApeCoin DAO, but still be governed by APE holders.
Siu’s proposal seeks to reinvigorate the ailing ApeCoin community amid the NFT downtrend. According to DappRadar, monthly NFT trading volume has crashed 70% to $559M since March, with sales count also down 45% to 3.2M.
APE is down more than 95% from its April 2022 all-time high, while most Yuga collections have similarly shed in excess of 90% of their value since hitting their respective highs. APE rallied 3% after the proposal was passed.