The ApeCoin Decentralized Autonomous Organization (DAO) is now conducting a vote on a plan to construct a hotel in Bangkok, Thailand, with a concept centered upon apes.
The project is requesting a total of 410,000 APE tokens, which have an estimated value of $3.6 million. The objective of the project is to enhance the level of BAYC IP exposure and augment the visibility and utilization of ApeCoin.
The endeavor is a component of the Bored Ape Yacht Club (BAYC) community’s endeavors to expand the APE ecosystem. The idea entails allocating 50% of the earnings generated by themed rooms such as APE, BAYC, Otherside, Apechain, and Mocaverse, and depositing them into the DAO Treasury every quarter.
The plan has elicited a variety of responses among the cryptocurrency community, with some individuals expressing criticism due to concerns about excessive hotel occupancy in Bangkok and potential difficulties in the local tourism sector.
Nevertheless, the plan has garnered substantial backing, with about 5 million APE tokens being cast in the vote. Out of the total, 4.6 million tokens (equivalent to 92%) are in favor of the proposal. One specific address, 0xC602, has accounted for 67% of the affirmative votes, resulting in a contribution of 3.1 million APE tokens.
The ApeCoin DAO launched the ApeChain testnet on July 16, and this proposal is a direct result of that. The APE community has given their approval for the establishment of a layer-2 network on the Arbitrum network, utilizing the APE token for both gas fees and governance purposes.
Greg Solano, one of the founders of Yuga Labs, provided consumers with the assurance that once the mainnet of ApeChain is published, numerous decentralized applications developed by Yuga Labs will be compatible and operational on the platform.
The hotel project centered around the APE subject emphasizes the developing APE ecosystem and its potential influence extending beyond digital finance. The result of the vote will have substantial ramifications for the ApeCoin community and its forthcoming initiatives, as the hotel has the potential to function as a tangible manifestation of the APE ecosystem, drawing in both cryptocurrency aficionados and tourists.
