Animoca Brands Founder Yat Siu Launches Ambitious ApeCoin Proposal AIP-297 For Sister DAO and NFT Community Treasury

By 0xGorki 09/18/23 4:06 AM

Yat Siu, the founder of Animoca Brands, has unveiled a groundbreaking proposal, AIP-297, aimed at launching a Sister DAO (Decentralized Autonomous Organization) and establishing an NFT community treasury for ApeCoin. This proposal is already generating significant buzz within the blockchain and crypto communities, with its support rate currently exceeding a remarkable 70%. The proposal’s deadline is set for September 21 at 8 AM. As of now, the current results indicate that 76.21% are in favor (For), while 23.79% are against (Against).

ApeCoin’s Web3 Culture Token Aspiration

At the heart of AIP-297 lies the vision to position ApeCoin as the premier web3 culture token, powering the broader web3 ecosystem. The proposal seeks to secure a substantial 750,000 ApeCoin (APE) allocation to acquire NFTs representing diverse cultures and influencers in the web3 space. These NFTs will be managed through a community-governed vault, subject to the votes of Sister DAO members and open for APE holders to utilize the intellectual property (IP) with potential grants in APE currency in the near future. The initial deployment of APE for NFT acquisition will be governed by a Committee.

Benefits to the ApeCoin Ecosystem

The proponents of AIP-297 have outlined a comprehensive 5-step approach to execute this ambitious proposal, all geared towards fostering the use and adoption of APE:

Purchase NFTs with $APE Grants: The proposal envisions the acquisition of select NFTs using grants in APE currency.
Governance Rights for ApeCoin Holders: ApeCoin holders will have governance rights over the usage and mobilization of the acquired NFTs, with voting conducted through the Sister DAO.
Leasing NFT IPs: The acquired NFT IPs will be leased to APE holders and proposers for the development of various projects.
Funding Development with APE: APE will be used to fund the development of these IP utilizations.
APE Adoption in Products: APE will be adopted within these products, ensuring its pivotal role in the entire process.

This strategic approach highlights the central role of APE in powering every stage, from initial NFT acquisition to product development, creating a vital synergy that could significantly expand the adoption of $APE beyond its current applications.

Sister DAO Empowered by APE Holders

The governance of the Sister DAO will be entrusted to $APE holders, who will make key decisions regarding:

Whether specific NFT IPs should be rented to proposers for suggested products or projects.
Allocating $APE funding for the development of these products or projects using the vault’s NFT IPs.
Identifying which NFT collections to buy or sell from in the vault’s future NFT acquisitions after the initial acquisition based on the proposal.

Crucially, the Sister DAO will operate independently of the main ApeCoin DAO but will comprise the same membership base, with the sole requirement being ownership of at least 1 APE token.

Supercharging IP Utilization within and Beyond the APE Ecosystem

The community-run vault established through this proposal will acquire, hold, and enable the utilization of a diverse array of NFTs from prominent collections across the web3 landscape. The benefits of this endeavor are multifaceted:

The initial application of acquired NFT IP to create products and services will set a groundbreaking precedent by receiving $APE support, thereby bolstering the broader web3 ecosystem and other innovative projects.
ApeCoin community members will be able to utilize the NFTs held in the vault without having to personally own the NFTs, offering them flexibility to engage in projects of their choosing.
The establishment of the Sister DAO and the accompanying vault will foster cross-community dialogue and enhance the educational process surrounding ApeCoin DAO involvement.

One of the most attractive aspects of this initiative is its inclusivity, with the Sister DAO setting a low-barrier entry requirement of owning at least 1 APE token to participate in governance and usage decisions within the vault.

Overall Cost and Budget Allocation

The proposal calls for an initial budget allocation of 750,000 ApeCoin tokens from the DAO treasury to acquire NFTs. This budget is intended for:

500,000 $APE to acquire NFTs from various platforms and projects aligning with ApeCoin’s vision, encompassing diverse areas such as art, music, virtual worlds, gaming, and other web3 domains.
250,000 $APE to serve as a buffer for potential additional NFT purchases and to support the development of services needed for the initial maintenance of the vault.

In conclusion, Yat Siu’s AIP-297 presents an exciting vision for the future of ApeCoin, web3 culture tokens, and the broader web3 ecosystem. With strong support and a clear roadmap, this proposal has the potential to not only enhance the value of APE but also revolutionize the way NFTs are utilized and governed within the crypto community.

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