21 April, 2024

Animoca Brands Founder Yat Siu Proposes AIP-297 to Enhance ApeCoin

18 Sep, 2023

28 Nov, 2023

  • Yat Siu’s AIP-297 proposal aims to establish a Sister DAO and an NFT community treasury within the ApeCoin ecosystem.
  • The proposal outlines a five-step approach focusing on the adoption and usage of $APE tokens.
  • AIP-297 has received overwhelming community support, with an approval rate exceeding 76%.

Yat Siu, founder of Animoca Brands, a leading digital entertainment company specializing in blockchain and NFTs, has put forth a proposal aimed at expanding the scope and utility of the ApeCoin ecosystem. The core of this proposal, dubbed AIP-297, is the initiation of a Sister DAO, separate from the main ApeCoin DAO. This Sister DAO will oversee an NFT community treasury, allocated 750,000 APE tokens for the acquisition of intellectual property in the form of Non-Fungible Tokens (NFTs).

The NFTs to be acquired are intended to represent various cultures and have a level of influence in the web3 ecosystem. Once acquired, these NFTs will be stored in a community-governed vault. Governance of this vault and decisions related to the acquired NFTs will be the responsibility of Sister DAO members.

The intellectual property of these NFTs will be accessible to holders of $APE tokens, with the potential for these holders to receive grants in $APE for utilizing this IP in future projects. The initial allocation and deployment of $APE tokens for the acquisition of these NFTs will be managed by a designated Committee.

Participation in the Sister DAO is designed to be inclusive, requiring only the ownership of a single $APE token. This low entry barrier aims to encourage wide participation from the existing ApeCoin DAO membership.

The proposal outlines a structured five-step approach to achieve its objectives, each designed to prioritize the usage and adoption of $APE tokens. These steps include the purchase of selected NFTs using a grant in $APE, governance rights for ApeCoin holders over the acquired NFTs, leasing of these NFT IPs to $APE holders or proposers, funding the development of IP utilizations with $APE, and adopting $APE in the resultant products.

As for the budget, AIP-297 proposes an initial allocation of 750,000 ApeCoin tokens from the DAO treasury. Of this, 500,000 $APE tokens are earmarked for the purchase of NFTs across various platforms and projects that align with ApeCoin’s vision. The remaining 250,000 $APE tokens are set aside as a buffer for additional NFT purchases and for the development of any services that may assist in the initial maintenance of the vault.

The AIP-297 proposal has received substantial support from the community, with a current approval rate exceeding 75% at press time. The Ape Foundation is responsible for administering the implementation of AIP-297. The foundation has stated that it may make adjustments to the proposal to optimize for factors such as security and usability, and any such material changes will be disclosed to the $APE holder community.



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