ApeCoin Community Shows Strong Support for Innovative Sister DAO Proposal - NFT News Today

NFT News Today
NFT News Today

19 Sep 2023 12:51 AM

ApeCoin's community backs the Sister DAO proposal by Yat Siu, aiming to revitalize the token's market position and innovate the NFT and web3 space....

  • ApeCoin, the governance cryptocurrency for the Yuga Labs community, is undergoing a significant transformation with the introduction of AIP-297.
  • AIP-297 proposes the creation of a sister DAO and an NFT treasury exclusively for the ApeCoin ecosystem.
  • Over 73% of the community's voters, representing 4.4 million APE tokens, support the proposal.
  • 750,000 APE tokens from the ApeCoin DAO treasury will be allocated for the acquisition of influential NFTs.
  • The sister DAO will oversee a vault containing the acquired NFTs and requires members to hold at least 1 APE token.
  • The use of APE as the central currency for NFT transactions could potentially increase its market value.
  • ApeCoin's market value experienced a rise and subsequent drop, but the introduction of the sister DAO could revitalize its position.
  • The proposal signifies the evolving dynamics of the NFT and web3 space, fostering community engagement and inclusivity.

The overall sentiment of the article is positive, highlighting the potential benefits and positive impact of the introduction of the sister DAO and NFT treasury for ApeCoin and the broader NFT market.

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You May Ask

What is AIP-297 and what does it propose for ApeCoin?How much community support does the proposal have and what does it entail?How will the sister DAO operate and what is its role?What is the potential impact of using APE as the central currency for NFT transactions?How has ApeCoin's market value fluctuated and how could the sister DAO affect it?

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