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  • Writer's pictureKyle

Q&A: Former SC Member Yat Siu's AIP Aims To Create An $Ape Controlled NFT Vault. Find Out More:

Former ApeCoin DAO Special Council Member and Chairman of Animoca Brands, Yat Siu, has an Ape Improvement Proposal on the ballot this week that aims to create an NFT Vault that the $Ape community controls and fill it with various NFTs from across the Web3 ecosystem.

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 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.”

To find out more about AIP-297 and where Siu sees this ‘sister DAO’ going in the future, the Bored Ape Gazette reached out to him for an interview. Check it out below:

1. In a sentence or two what is your AIP about?

“The goal for ApeCoin is to become the culture token for the metaverse, this means ApeCoin DAO should be representative of different NFT ecosystems. While it should be clear that ApeCoin is not just about BAYC and MAYC it sometimes get conflated and so we the aim is to demonstrate that through this AIP.”

2. Do any other DAOs have sister DAOs? Has something like this been done before?

“A sister-DAO is a newly coined term when it became clear in the conversation that people were confused with sub-dao as being a subsidiary to the foundation. What I mean by sister DAO is that it runs adjacent and is completely run by $APE holders but is *not* part of the foundation directly.”

3. Why did you chose the NFTs that you did for this proposal and what are your thoughts on other NFTs getting added to this vault in the future?

“More NFTs might be added to the vault, we added these as an initial proposal to the kind of NFTs we knew already had cross communities of APE holders. Any new additions would be subject to a vote by APE holders.”

4. Where do you see this NFT Vault a year from now?

“The idea of the vault is that there could be a community owned vault guided through APE holders that could then use it in multiple ways, be it rental or utility or otherwise. There are over 130k APE holders but significantly less BAYC holders for instance or other NFT collections. By holding APECOIN you now have some control and quasi-ownership over a selection of NFTs that are meaningful in the open metaverse.”

5. Do you have anything else you’d like to add or say?

“This proposal has really at its root a few different models one can consider the first is that it would be the first proposal I can think of that provides a form of ownership i.e. control over a set of assets to the community through $APECOIN and operating it as a sister DAO makes it sit adjacent to the DAO but giving APE holders all the necessarily control over it. In a nutshell I am hoping that future proposals will consider a similar model where APE holders have a say in the project that they are funding which is not the case most of the time.”

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.

The Bored Ape Gazette will continue to follow AIP-297 and will let you know how the DAO votes on this proposal later this week. Stay tuned for updates!

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