Animoca Brands Proposes ApeCoin Investment Fund
Yat Siu, founder of Animoca Brands, has proposed AIP-297 to establish a new community treasury called Sister DAO, aiming to expand the use cases of ApeCoin (APE).
Animoca Brands Proposes Establishing a Community Fund for ApeCoin (APE)
According to AIP-297, Sister DAO will operate alongside the main ApeCoin DAO. The goal is to position APE as a Web3 token with broader applications beyond just governance.
The proposal suggests allocating a total of $750,000 in APE to Sister DAO’s treasury. This includes $500,000 for purchasing NFTs across various sectors such as art, metaverse, and gaming, and $250,000 for NFT-related transactions and treasury maintenance.
The NFTs initially proposed for purchase include:
- Bored Ape Yacht Club: Floor Apes
- Mutant Ape Yacht Club: Floor Mutants
- Bored Ape Kennel Club: Floor Dogs
- Mocaverse: Floor Mocas
- Cool Cats: Floor Cats
- World of Women: Floor NFTs
- Pudgy Penguins: Floor Penguins
- KODA’s: Floor KODA’s
Sister DAO will vote on decisions ranging from NFT acquisitions to developing NFT IP products. Members holding 1 APE will have voting rights and governance over these decisions.
As of the writing, the proposal from Animoca Brands has received 76% approval, supporting the new development plan for ApeCoin. The voting is set to conclude on September 21.
APE is currently priced at $1.10, up 5% in the last 24 hours.
APE/USDT 1D Chart as of 9:40 AM on September 18, 2023 on Binance
Animoca Brands, an investment fund closely linked with Yuga Labs, the creators of the popular NFT collection Bored Ape Yacht Club (BAYC), has previously collaborated with BAYC to launch ApeCoin (APE) and is involved in developing the metaverse game Otherside.
