Fans of the project and currency voted against an APEcoin DAO proposal to build on their marketplace because it planned to spend astronomically large amounts of money on different products connected to the construction of such a marketplace. One Twitter user, for example, characterized salaries as “wildly, wildly overvalued”
DAO proposal for APEcoin
APEcoin DAO members were just issued AIP-29, a potential marketplace expansion.
The concept attempts to secure funding through the APECoin DAO for the ‘Ape Drops’ marketplace. The purpose of the project is to grow into a curated NFT platform for the Ape community. When fully operational, Ape Drops says that it would release many NFT drops each week from the industry’s leading designers and artists. The money would be used to hire more people and support NFT drops and events with high-profile musicians, according to the idea.
The marketplace’s purpose is to create a platform for the $APE community to express themselves creatively.
Anti-AIP-29 Supporters
Unfortunately for APEcoin, several community members are unhappy with AIP-29’s strategy. The voting process has begun. Certain people, on the other hand, are unsatisfied with the money spent to “further benefit” the holders.
To be clear, this recommendation was submitted by Snoop Dogg’s crew. It has nothing to do with BAYC’s developers, Yuga Labs, or APEcoin, which is a part of their brand. Snoop Dogg and Wiz Khalifa have also previously released NFTs using the Ape Drops program. The Manifold Studio platform was used to construct “Ape Drops 03: An 8th,” which was an important part of the project.
Furthermore, they expected to accomplish all obligations in 6-8 weeks for the proposal. The responsibilities include mass recruitment and the establishment of a treasury.
Many people are worried about the costs related to the APEcoin DAO’s proposal, including Twitter user @mattborchert. The total cost of finishing their present efforts has been estimated to be $2 million. A combined team salary and benefits of $860,00 plus a treasury share of $1.14 million equals the $2 million available for spending in this scenario. There will be full-time Artist Relationship Leads, Operations Leads, Community Managers, and Community Project Managers on staff. In addition, three part-time Community Moderators and a part-time designer are hired. The Artists Relation Lead makes the most money, with a yearly salary of $250,000. For each part-time Community Mod, the lowest salary is $20,000.
About DAO
The APEcoin DAO was founded at the end of March 2022, soon after Yuga Labs’ most successful brand, BAYC launched the long-awaited $APE coin. To be clear, ApeCoin DAO is a decentralized organization. It allows all APE holders to vote on token governance choices. Yuga Labs has also decided to use $APE as the principal token for all future products and services.
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