NFT Evening NFT Evening
    Facebook Twitter Instagram Reddit
    NFT Evening NFT Evening
    • News
      • Collectibles
      • Crypto Art
      • Blockchain games
      • Metaverse
      • Music
      • Interviews
    • Guides
      • Top NFT Projects
      • Top Blockchain Games
      • NFT Marketplaces and Tools
    • Learn here!
      • What is an NFT?
      • How to keep your NFTs safe
      • NFT Glossary
    • NFT Calendar
      • NFT Drops
      • NFT Conferences
    NFT Evening NFT Evening
    News

    Home » News » ApeCoin DAO Proposal Voted Down For Its Lavish Spending Plans

    ApeCoin DAO Proposal Voted Down For Its Lavish Spending Plans

    By Ross WardropMay 14, 2022Updated:September 20, 20223 Mins Read
    Contents hide
    The APEcoin DAO Proposal
    The Community Against AIP-29
    About the DAO

    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”.

    apecoin dao
    The APEcoin, and its DAO, were launched in March 2022.

    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.

    Join Our New "To The Moon" daily Newsletter

    Get our free, 5 minutes daily newsletter. Join 25,000+ NFT enthusiasts & stay on top 👊🌚

    Thank you!

    You have successfully joined our subscriber list.

    .

     


    All investment/financial opinions expressed by NFTevening.com are not recommendations.

    This article is educational material.

    As always, make your own research prior to making any kind of investment.

    ApeCoinblue chip nftsBored Ape Yacht ClubdaoSnoop DoggYuga Labs
    Previous ArticleSeth Green x Heavy Metal Join Forces To Release PizzaBot NFTs
    Next Article Trevor Jones’ Scottish Castle Party Is Aready Fully Booked!
    Ross Wardrop
    • Twitter
    • Instagram

    A multimedia journalist and social media manager based out of Glasgow, Scotland. Massive interest in sports, specifically basketball and football.

    More great NFT Evening content:

    Pudgy Penguins Lil Pudgys Can Now Travel Across Chains!

    January 25, 2023

    Queer Museum of Digital Art Drops First Artist Grant Program NFT

    January 25, 2023

    Floor Acquires WGMI.io To Help Achieve Its Mission

    January 25, 2023

    Art Blocks Announces an Official Partnership With Bright Moments

    January 25, 2023

    Ex-Konami Team To Launch an MMORPG On ImmutableX

    January 25, 2023

    Porsche NFT Collection Flops Post Drop, Called a “Cash Grab”

    January 25, 2023

    House of Blueberry Raises $6Million to Bring Fashion into the Metaverse

    January 24, 2023

    Web3 Film Calladita Receives Award and $100k in Post-Production Funds

    January 24, 2023
    Latest NFT News

    Pudgy Penguins Lil Pudgys Can Now Travel Across Chains!

    January 25, 2023

    Queer Museum of Digital Art Drops First Artist Grant Program NFT

    January 25, 2023

    Floor Acquires WGMI.io To Help Achieve Its Mission

    January 25, 2023

    PEDIGREE® Enters The Metaverse To Combat Pet Homelessness

    January 25, 2023

    Art Blocks Announces an Official Partnership With Bright Moments

    January 25, 2023

    Ex-Konami Team To Launch an MMORPG On ImmutableX

    January 25, 2023

    Porsche NFT Collection Flops Post Drop, Called a “Cash Grab”

    January 25, 2023

    House of Blueberry Raises $6Million to Bring Fashion into the Metaverse

    January 24, 2023
    Get The FREE Exclusive Report
    CLICK HERE

    NFTevening is the biggest website for NFT news. We cover; breaking news, upcoming mints, plus, interviews with top NFT artists and projects. Put simply, we are the best place for new and experienced non-fungible token fans — making content fun & accessible

    Privacy policy
    Terms and conditions

    Article Categories
    • Blockchain games
    • Collectibles
    • Crypto Art
    • Guides
    • Interviews
    • Metaverse
    • Music
    • News
    • NFT Marketplaces and Tools
    • Sponsored Content
    • Top Blockchain Games
    • Top NFT Projects
    NFT Calendar
    • Today’s NFT Drops
    • Upcoming NFT Drops
    • Solana NFT Drops
    • NFT Calendar
    • NFT Calendar : Add Your NFT Event
    Get In Touch
    • Advertise (Media Kit)
    • Collaboration and Press Releases
    • Job Opportunities
    • About Us
    • Contact Us
    NFT Beginners Guides
    • How to Sell NFT Art
    • How to Create NFT Art
    • How to Display NFT Art
    • How To Make Passive Income With NFTs
    • Best Crypto Wallet
    • Best NFT Coins
    • Best NFT Rarity Tools
    • What is a DAO ?
    • What Are Crypto Gas Fees ?

    Type above and press Enter to search. Press Esc to cancel.