The ApeCoin community is currently voting on an exciting proposal to construct an APE-themed hotel in Bangkok, Thailand. This initiative seeks 410,000 APE tokens, approximately $3.6 million, to bring the project to life.
Expanding the APE Ecosystem
This proposal is part of a series of efforts within the Bored Ape Yacht Club (BAYC) community aimed at expanding the APE ecosystem. On July 19, the ApeCoin DAO began voting on ApeCoin Improvement Proposal #448 (AIP-448), known as the ApeCoin Hotel. The goal is to enhance BAYC IP exposure, increase ApeCoin’s visibility and utility, and generate revenue for the ApeCoin DAO.
According to the proposal, “50% of the revenues from themed rooms will be received by ApeCoin DAO for one year once these rooms are completed. DAO will receive revenue from all themed rooms, including APE, BAYC, Otherside, Apechain, and Mocaverse. Funds will be returned to the DAO Treasury on a quarterly basis.”
Community Reactions and Voting
The proposal has sparked mixed reactions within the crypto community. While many in the APE community support the idea, notable figures like Zach Burks, founder of the NFT marketplace Mintable, have expressed skepticism. Burks, who has lived in Bangkok, pointed out the city’s oversaturated hotel market and the challenges in boosting tourism.
Despite these concerns, the proposal has received significant support. Approximately 5 million APE tokens have been cast as votes, with 92% in favor. A single address, 0xC602, has played a pivotal role by contributing 3.1 million APE tokens, accounting for 67% of the yes votes.
ApeChain and Future Developments
This proposal follows the July 16 launch of the ApeChain testnet by the ApeCoin DAO. Earlier this year, the community approved the creation of a layer-2 network on the Arbitrum network, which will use the APE token for gas and governance. Greg Solano, one of the founders of Yuga Labs, acknowledged the limited activity on the testnet but assured that various decentralized apps will run on ApeChain once the mainnet launches.
Additionally, the ApeCoin DAO recently approved a proposal to register “.APE” as a new top-level domain (TLD) with the Internet Corporation for Assigned Names and Numbers (ICANN).
Stay tuned for more updates on the APE-themed hotel and other exciting developments in the ApeCoin ecosystem.