{"id":59482,"date":"2023-09-18T06:32:25","date_gmt":"2023-09-18T10:32:25","guid":{"rendered":"https:\/\/coinscreed.com\/staging\/?p=59482"},"modified":"2023-09-18T06:32:27","modified_gmt":"2023-09-18T10:32:27","slug":"sius-proposal-for-apecoin-sister-dao-nft-treasury","status":"publish","type":"post","link":"https:\/\/coinscreed.com\/staging\/sius-proposal-for-apecoin-sister-dao-nft-treasury\/","title":{"rendered":"Siu\u2019s Proposal for ApeCoin: Sister DAO, NFT Treasury"},"content":{"rendered":"\n

Yat Siu,<\/a> 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.<\/p>\n\n\n\n

\"Siu\u2019s<\/figure>\n\n\n\n

AIP-297 Explained<\/h2>\n\n\n\n

AIP-297 is a proposal submitted by Yat Siu\r\n \r\n \r\n \r\n <\/g>\r\n \r\n \r\n \r\n <\/clipPath>\r\n <\/defs><\/svg><\/span><\/a> on October 15, 2023, to the ApeCoin DAO, the decentralized governance framework that controls the APE Ecosystem. <\/p>\n\n\n\n

The APE Ecosystem is a web3 platform that includes various products and services, such as the Bored Ape Yacht Club (BAYC)<\/a> NFT collection, the <\/p>\n\n\n\n

Otherside metaverse, a decentralized exchange (DEX) called ApeSwap, and a gaming platform called Benji Bananas.<\/p>\n\n\n\n

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. <\/strong><\/p>\n\n\n\n

Importantly, this Sister DAO will oversee the allocation of 750,000 APE tokens <\/strong>to an NFT treasury for the acquisition of intellectual property (IP) represented by NFTs.<\/p>\n\n\n\n

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. <\/p>\n\n\n\n

The IP will be accessible to $APE holders, potentially leading to grants in $APE for its utilization in the near future. <\/p>\n\n\n\n

A Committee will determine the initial deployment of $APE<\/use><\/svg><\/span><\/a> for NFT acquisition.<\/p>\n\n\n\n

Why AIP-297 Matters<\/h3>\n\n\n\n

According to Yat Siu, AIP-297 is a strategic move to position ApeCoin<\/a> as a leader in the web3 economy and the open metaverse. <\/p>\n\n\n\n

By creating a Sister DAO and an NFT treasury, ApeCoin aims to foster collaboration and innovation among its community members and other web3 projects. <\/p>\n\n\n\n

Yat Siu believes that web3 is about empowering users with true digital property rights and enabling them to create value from their own assets.<\/p>\n\n\n\n

The Sister DAO will be accessible to all ApeCoin DAO members, with ownership of just 1 $APE token as the sole requirement. <\/p>\n\n\n\n

This will allow more participation and engagement from the community, as well as attract new users who are interested in web3 and NFTs. <\/p>\n\n\n\n

The community-run vault created under this proposal will acquire and empower the use of NFTs from various collections within the web3 landscape. <\/p>\n\n\n\n

This initiative offers several benefits for both ApeCoin and other web3 projects:<\/p>\n\n\n\n