ApeCoin DAO, the organization governed by the native token of the Yuga Labs ecosystem, is set to launch a sister DAO with the goal of acquiring influential NFTs. This move comes after a narrow-margin governance proposal, AIP-297, was passed on September 21st, garnering 53.6% support.
The proposal, put forth by Animoca Brands co-founder Yat Siu, outlines plans to secure 750,000 APE tokens from the ApeCoin treasury to establish a community-governed NFT vault. The NFTs acquired will span various niches, including art, music, virtual worlds, and gaming. The sister DAO, which will operate independently from the main ApeCoin DAO, will be governed by APE holders.
According to the proposal, the acquired NFTs will be managed through the community-governed vault, allowing APE holders to utilize the intellectual property (IP) with potential grants in APE tokens in the near future. APE will serve as the token powering the operations and execution of every stage, from the initial acquisition of NFTs to the development of products leveraging these NFT IPs.
Siu’s proposal aims to rejuvenate the ailing ApeCoin community, which has been affected by the ongoing downtrend in the NFT market. DappRadar reports that monthly NFT trading volume has dropped by 70% to $559 million since March, with sales count also down 45% to 3.2 million.
The decline in the NFT market has impacted APE as well, with the token plummeting over 95% from its all-time high in April 2022. Similarly, most Yuga collections have witnessed a significant drop in value, losing over 90% since reaching their respective peaks. However, there was a slight 3% rally in APE’s price following the passage of the proposal.
The launch of the sister DAO and the acquisition of influential NFTs aim to breathe new life into the ApeCoin community and provide APE holders with opportunities to leverage the acquired IPs. By diversifying the ecosystem with valuable NFT assets, the community hopes to attract renewed interest and engagement.
To find out more about this development, you can read the original post on The Defiant.
