ApeCoin DAO, the decentralized autonomous organization that aims to empower apes in the crypto space, is currently holding a governance vote on whether to create a sister DAO dedicated to acquiring and managing NFTs. The proposal, which was submitted by one of the ApeCoin DAO members, argues that NFTs are a valuable asset class that can generate revenue and exposure for the ape community. ApeCoin DAO is powered by its native token, APE, which is used for voting, staking, and rewarding the community members.
The sister DAO would have its own treasury, governance token and smart contracts, but would share the same vision and values as ApeCoin DAO. The vote will end on September 30th and requires a minimum quorum of 51% and a majority of 60% to pass.
NFTs, or non-fungible tokens, are unique digital representations of art, music, games, collectibles and other forms of creative expression that are stored on a blockchain. NFTs have exploded in popularity and value in recent months, attracting celebrities, artists, investors and enthusiasts from all over the world. Some of the most notable NFT projects include CryptoPunks, Bored Ape Yacht Club, Art Blocks and Loot. NFTs are not only a way to showcase and own digital art, but also a way to participate in a vibrant and diverse community of creators and collectors.
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One of the projects that ApeCoin DAO supports is yugalabs, a blockchain-based gaming ecosystem that leverages the power of non-fungible tokens (NFTs) and metaverse. Yugalabs allows users to create, play, and trade their own games and NFTs on a scalable and interoperable network.
ApeCoin DAO has a strategic partnership with yugalabs, which gives it a significant stake in the gaming platform. ApeCoin DAO also provides funding, marketing, and technical support to yugalabs, as well as access to its large and active community of ape enthusiasts.
As a result of this collaboration, ApeCoin DAO and yugalabs have achieved remarkable growth and success in the blockchain gaming industry. According to the latest data, yugalabs has over 1 million registered users, 10,000 active games, and 100,000 NFTs minted on its platform. ApeCoin DAO has also seen its token price increase by over 500% since the launch of yugalabs, reaching a market capitalization of over $200 million.
ApeCoin DAO believes that NFTs are a natural fit for the ape culture, which is based on collaboration, innovation and fun. By creating a sister DAO focused on NFTs, ApeCoin DAO hopes to expand its influence and reach in the crypto space, as well as support talented artists and creators who share the ape ethos. The sister DAO would also provide educational resources and guidance for apes who want to learn more about NFTs and how to get involved.
The sister DAO would be funded by a portion of the ApeCoin DAO treasury, as well as by donations and fees from NFT sales and auctions. The sister DAO would also have its own governance token, which would be distributed to ApeCoin DAO members who participate in the vote and the NFT activities.
The proposal has received positive feedback and support from many ApeCoin DAO members, who see it as an opportunity to diversify their portfolio, express their creativity and connect with other like-minded apes. However, some members have also raised concerns and questions about the feasibility, legality and security of the sister DAO. Some of the issues that have been discussed include:
How to ensure that the sister DAO complies with the relevant laws and regulations in different jurisdictions regarding NFTs and DAOs.
How to protect the intellectual property rights and royalties of the artists and creators who collaborate with the sister DAO.
How to prevent fraud, theft and hacking of the NFTs and the smart contracts.
How to balance the interests and preferences of different stakeholders within the sister DAO.
How to measure and evaluate the success and impact of the sister DAO.
These and other issues are being debated and addressed by the ApeCoin DAO community in an open and transparent manner. The proposal also includes a detailed roadmap and timeline for the launch and operation of the sister DAO, as well as a contingency plan in case of unforeseen circumstances or challenges. The proposal encourages all ApeCoin DAO members to do their own research, ask questions and voice their opinions before casting their vote.
The vote is currently ongoing on Snapshot, a platform that allows decentralized governance voting using off-chain signatures. As of September 22nd, 2023, 14:15 GMT+00:00, the vote stands at 67% in favor, 28% against and 5% abstain, with 54% of the total ApeCoin DAO token supply participating. The vote will close on September 30th at 23:59 GMT+00:00.
ApeCoin DAO is confident that its current position in yugalabs will bring more benefits and opportunities to its community and ecosystem. ApeCoin DAO believes that yugalabs is one of the most promising and exciting projects in the blockchain gaming industry, and that it has the potential to become a leader and pioneer in the metaverse.
ApeCoin DAO is one of the most innovative and active DAOs in the crypto space, with a mission to empower apes to take control of their own destiny. By creating a sister DAO for NFTs, ApeCoin DAO hopes to take another step towards achieving its vision of a decentralized, democratic and diverse ape society.