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ApeCoin’s Sister DAO & NFT Treasury Proposal Surpasses 70% Support

source-logo  news.coincu.com 18 September 2023 04:43, UTC

Animoca Brands founder Yat Siu has recently launched an ambitious proposal, AIP-297, aimed at expanding the horizons of ApeCoin. This proposal introduces the concept of a Sister DAO and an NFT community treasury, which has garnered overwhelming support, with 76% in favor as of now

The crux of AIP-297 is to establish a Sister DAO, separate from the main ApeCoin DAO, with the membership requirement of owning at least 1 APE token. This Sister DAO will oversee the allocation of 750,000 APE tokens to an NFT treasury for the acquisition of intellectual property (IP) represented by NFTs.

The acquired NFTs, representing diverse cultures and influential web3 entities, will be stored in a community-governed vault, with decisions made by Sister DAO members. The IP will be accessible to $APE holders, potentially leading to grants in $APE for its utilization in the near future. The initial deployment of $APE for NFT acquisition will be determined by a Committee.

Importantly, the Sister DAO will be accessible to all ApeCoin DAO members, with ownership of just 1 $APE token as the sole requirement.

The community-run vault created under this proposal will acquire and empower the use of NFTs from various collections within the web3 landscape. This initiative offers several benefits:

  • Sets an example of $APE support for web3 projects.
  • Enables ApeCoin community members to utilize NFT IP for their preferred projects.
  • Enhances cross-community dialogue and educates ApeCoin DAO participants.

AIP-297 proposes an initial budget of 750,000 ApeCoin tokens from the DAO treasury for NFT acquisition and related services. This includes 500,000 $APE for NFT purchases and 250,000 $APE as a buffer for unforeseen needs.

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