ON THE BALLOT: Yat Siu Wants To Set Up An ApeCoin 'Sister DAO'& Purchase NFTs With It. Find Out More

Former ApeCoin DAO Special Council member and Animoca Brands’ Chairman, Yat Siu, has an Ape Improvement Proposal on the ballot this week that aims to create a community controlled NFT vault inside the ApeCoin DAO ecosystem that will be filled to the brim with Apes, Mocas, Pudgy Penguins, and more!

AIP-297 titled ‘An NFT Community Vault Operating as an ApeCoin Sister DAO with a Goal to Advance the Mission and Influence of ApeCoin’ is an ecosystem fund allocation proposal written by Yat Siu.

“By showcasing a diverse collection of NFTs from other web3 ecosystems, this vault will foster cross-community collaboration, inspire creativity, demonstrate support to diverse NFT communities, and attract new participants to the ApeCoin ecosystem," Siu wrote. "This proposal represents an opportunity to leverage the power of NFTs to amplify ApeCoin’s presence beyond its traditional space. This serves as an experiment and also an important step to grow ApeCoin influence and empowerment in the web3 ecosystem.”

To make this community NFT vault a reality, Siu has asked the ApeCoin DAO to allocate 750,000 $Ape or $825,000 USD to the fund. This money will be used to purchase 8 Bored Apes, 12 Mutant Apes, 15 BAKC Dogs, 15 Mocaverse Mocas, 15 Cool Cats, 15 World of Women, 12 Pudgy Penguins, 12 Kodas, 15 Otherdeeds, and 20 Sandbox land plots.

Purchasing NFTs with $Ape isn't the only thing that Siu's proposed sister DAO will do. Following the NFTs purchase, the $Ape community will have the chance to vote on how the NFTs IP will be utilized and what they would like to see from the ApeCoin DAO’s sister vault going forward.

“These NFTs shall be acquired and managed via the vault via multi-signature features,” Siu wrote. “The usage of the NFT IPs contained in this vault shall be voted on and governed by the APE community via the sister DAO. $APE granted from the ApeCoin DAO and any other fungible tokens shall also be managed following the same principle.”

The window to vote on AIP-297 is currently open and ApeCoin DAO Contributors will have until Wednesday, September 20th, to cast their coins and vote on this proposal.

$Apes can read Siu’s full AIP here: https://forum.apecoin.com/t/aip-297-an-nft-community-vault-operating-as-an-apecoin-sister-dao-with-a-goal-to-advance-the-mission-and-influence-of-apecoin/16167

The Bored Ape Gazette is working to find out more about this fund and will bring you an interview with Siu about his AIP this weekend. Stay tuned for updates!