Yat Siu, the founder of Animoca Brands, a leading blockchain gaming company, has recently launched an ambitious proposal, AIP-297, aimed at expanding the horizons of ApeCoin, the governance and utility token of the APE Ecosystem. 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.
AIP-297 is a proposal submitted by Yat Siu on October 15, 2023, to the ApeCoin DAO, the decentralized governance framework that controls the APE Ecosystem.
The APE Ecosystem is a web3 platform that includes various products and services, such as the Bored Ape Yacht Club (BAYC) NFT collection, the
Otherside metaverse, a decentralized exchange (DEX) called ApeSwap, and a gaming platform called Benji Bananas.
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.
Importantly, 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.
A Committee will determine the initial deployment of $APE for NFT acquisition.
Why AIP-297 Matters
According to Yat Siu, AIP-297 is a strategic move to position ApeCoin as a leader in the web3 economy and the open metaverse.
By creating a Sister DAO and an NFT treasury, ApeCoin aims to foster collaboration and innovation among its community members and other web3 projects.
Yat Siu believes that web3 is about empowering users with true digital property rights and enabling them to create value from their own assets.
The Sister DAO will be accessible to all ApeCoin DAO members, with ownership of just 1 $APE token as the sole requirement.
This will allow more participation and engagement from the community, as well as attract new users who are interested in web3 and NFTs.
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 for both ApeCoin and other web3 projects:
- It will increase the demand and utility of $APE tokens, as they will be used to purchase NFTs and access IP.
- It will enhance the value proposition of $APE tokens, as they will represent ownership and governance rights over a diverse and valuable portfolio of NFTs.
- It will create synergies and partnerships with other web3 projects, as they will benefit from exposure and support from the ApeCoin community.
- It will foster creativity and innovation among $APE holders, as they will have access to IP and resources to build new products and services.
How to Support or Oppose AIP-297
AIP-297 is currently under discussion on the ApeCoin Forum, where anyone can share their opinions and feedback.
The voting period for AIP-297 will start on October 25, 2023, and end on October 31, 2023.
To vote for or against AIP-297, you need to have at least 1 $APE token in your wallet. You can cast your vote on the ApeCoin Snapshot page.