Animoca Brands founder Yat Siu recently launched an ambitious proposal, AIP-297, aimed at broadening ApeCoin’s horizons. This proposal introduces the concept of a Sister DAO and NFT Community Fund, which has received overwhelming support, with 76% currently in favor
The crux of AIP-297 is to set up a Sister DAO, separate from the main ApeCoin DAO, with a 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-run vault, with decisions made by sister DAO members. The IP will be accessible to $APE holders, potentially leading to subsidies in $APE for its use in the near future. The initial stake of $APE for NFT acquisition will be determined by a committee.
Importantly, the Sister DAO will be open to all ApeCoin DAO members, with the only requirement being to own just 1 $APE token.
The community-managed vault created under this proposal will acquire and enable NFTs from various collections across the web3 landscape. This initiative offers several benefits:
- Sets an example of $APE support for web3 projects.
- Allows members of the ApeCoin community to use NFT IP for their favorite projects.
- Improves community dialogue and trains 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 for NFT purchases and $250,000 as a cushion for unforeseen needs.
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