APEcoin’s attempt to create an NFT platform fails

APEcoin DAO’s proposal to create their trading floor was rejected by fans of the project and the coin, based on its plans to spend “ridiculous amounts of money” on certain things related to the construction of said trading floor. These include salaries, which, according to one Twitter user (the social network is blocked in Russia, owned by Meta – the company is recognized as extremist in Russia), are “extremely inflated.

APEcoin DAO offering.

APEcoin DAO members were recently offered a potential market expansion with a proposal called AIP-29.

The proposal is to obtain financial support from the APECoin DAO for an “Ape Drops” marketplace. The goal of the project is to become a curated NFT platform for the Ape community. The company claims that at full production capacity, Ape Drops will produce many NFT drops per week from the world’s best designers and musicians. Apparently, funds from this proposal will go toward building a larger team and funding NFT drops and events with well-known artists.

They hope to market a platform for the $APE community to encourage interaction in the form of artistic expression.

Community vs. AIP-29.

Unfortunately for APEcoin, part of the community is not too happy with the AIP-29 proposal. The vote is currently underway. However, some people are unhappy that money is being spent on “additional profits” for owners.

To clarify, this proposal was submitted by the Snoop Dogg team. It has nothing to do with Yuga Labs, the founders of BAYC, of which APEcoin is part of the brand. In addition, Snoop Dogg has already released NFT on the Ape Drops platform with Wiz Khalifa. “Ape Drops 03: An 8th,” minted on the Manifold Studio platform, was a major part of the offering.

Also, for the proposal, they hoped to complete all the tasks within 6-8 weeks. The tasks included hiring a large number of employees and setting up a treasury.

The problem with the APEcoin DAO proposal is the cost. A bar of $2 million for their current tasks has generally been proposed. In this case, the total team salary and benefits of $860.00 and the treasury share of $1.14 million add up to $2 million that could be spent. Personnel to be hired include a full-time artist relations manager, operations manager, community manager and community project manager. In addition, a part-time designer and three part-time community moderators. The highest salary is $250,000 for an artist relations manager. With the lowest being $20,000 for each part-time community moderator.

ABOUT DAO.

APEcoin DAO was created in late March 2022, shortly after the launch of the highly anticipated $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, Yuga Labs accepts $APE as the primary token for all new products and services.