Apecoin Proposes ‘Sister DAO’ Community Vault For Buying NFTs

Created by Animoca Brand official Yat Siu, the proposal aims to form a NFT Community Vault to purchase cultural NFTs using APE token.
ApeCoin Allows Proposals For Value-Adding AIPs

Apecoin DAO has introduced a proposal to create a NFT Community Vault as a sub-DAO to acquire culturally significant and influential NFTs from the Web3 ecosystem. 

The proposal (AIP-297) seeks an initial budget of 750,000 APE from the Apecoin DAO Treasury for a community operating vault. This ‘Sister DAO’ will purchase potential NFTs from the ecosystem with a goal to advance the credibility of the native APE token. 

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“The acquired NFTs will be held in a community-run vault with clear reporting and transparency, provided by the Committee with key decisions being made by Apecoin holders through a vote,” states the forum post published in July. 

With the proposal, The Apecoin community aims to foster the adoption of APE as the community-run vault will serve as a catalyst for the token’s growth into the NFT ecosystem. 

The proposal is co-authored by officials from Animoca Brand, including Chairman Yat Siu and Head of Projects Tyler Durden “with obvious intention to grow ApeCoin influence in web3.”

The proposal currently has 73% votes in favor and 27% votes against and voting is live until September 21. 

Also read: Yuga Labs & NFT Now Unveil CryptoPunks Docuseries

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