ApeCoin DAO Proposal Voted Down For Its Lavish Spending Plans

An ApeCcoin DAO proposal for building on their marketplace has been voted down by DAO members of the project. The rejection was based on its plans to spend ludicrous amounts of money on certain things to do with the building of said marketplace. These include salaries, which one Twitter user stated to be “wildly, wildly overvalued”.

The APEcoin DAO Proposal

A potential marketplace expansion was recently proposed to ApeCoin DAO members, with the proposal titled AIP-29.

The proposal is for getting financial support from the ApeCoin DAO for the ‘Ape Drops’ marketplace. The project’s goal is to become a curated NFT platform for the APE community.

At full operational capacity, the company claim that Ape Drops will release many NFT drops a week from the best designers and musicians in the space. Apparently, funds from this proposal will go towards building a larger team and financing NFT drops and events with high-profile artists.

Their hope with the marketplace was to have a platform for the $APE community to drive engagement in the form of artistic expression. A link to the full proposal can be found here.

The Community Against AIP-29

Unfortunately for APEcoin, some of the community isn’t too happy with the proposal of AIP-29. Currently, voting is ongoing. However, certain people are unhappy with the money being spent that is to “further profit” off the holders.

To clarify, this proposal was submitted by Snoop Dogg’s team. It doesn’t have anything to do with Yuga Labs, the founders of BAYC, of whom the APEcoin is a part of their brand. Also, Snoop Dogg has already released NFTs on the Ape Drops platform alongside Wiz Khalifa. “Ape Drops 03: An 8th” minted through the Manifold Studio platform, which was a major part of the proposal.

Further, for the proposal, they hoped to do all of the tasks in a time of 6-8 weeks. The tasks include the hiring of many staff and the set up of a treasury.

Where the issue comes with many people around the APEcoin DAO’s proposal, including Twitter user @mattborchert, is the costs. Overall, it has been proposed that there would be a price tag of $2 million to complete their ongoing tasks.

In this case, a combined team salary and benefits of $860,00 and a treasury share of $1.14 million total up to the $2 million which may be spent. Staff set to be hired include full-time Artists Relation Lead, Operations Lead, Community Manager, and Community Project Manager. As well as this, a part-time designer and three part-time Community Moderators.

The highest salary is $250,000 for the Artists Relation Lead. With the lowest at $20,000 for each of the part-time Community Mods.

About the DAO

The APEcoin DAO was created at the end of March 2022, soon after the launch of the long-awaited $APE coin from Yuga Labs’ most successful brand, BAYC. To clarify, ApeCoin DAO is a decentralized organization. It allows all APE holders to vote on governance decisions related to the token. In addition, $APE is adopted by Yuga Labs as the main token for all new products and services.