ApeCoin DAO Votes on $3.6 Million APE-Themed Hotel in Bangkok

The ApeCoin DAO is voting on a proposal to build an APE-themed hotel in Bangkok, Thailand, seeking 410,000 APE tokens worth $3.6 million. This project aims to boost BAYC IP exposure and increase ApeCoin’s visibility and use.

This initiative is part of the broader efforts within the Bored Ape Yacht Club (BAYC) community to grow the APE ecosystem. On July 19, voting began for ApeCoin Improvement Proposal #448 (AIP-448), dubbed the ApeCoin Hotel. The plan is to create an APE-themed hotel, promoting BAYC IP and generating revenue for the ApeCoin DAO.

According to the proposal, 50% of the revenues from the themed rooms will go to the ApeCoin DAO for one year after these rooms are completed. This includes income from all themed rooms like APE, BAYC, Otherside, Apechain, and Mocaverse. Funds will be returned to the DAO Treasury quarterly.

The proposal has sparked mixed reactions within the crypto community. Zach Burks, founder of NFT marketplace Mintable, criticized the idea, noting the oversaturation of hotels in Bangkok and challenges in local tourism. “Lived in Bangkok for 2 years. Way too many hostels and hotels, most go out of business, especially given prices are so cheap and competitive, and the Thai government has been struggling to get tourism numbers back up,” Burks commented.

Despite these concerns, the proposal has significant support. About 5 million APE tokens have been cast in the vote, with 4.6 million tokens (92% of the total) supporting the proposal. A single address, 0xC602, has cast 67% of the yes votes, contributing 3.1 million APE tokens.

This proposal follows the recent launch of the ApeChain testnet by the ApeCoin DAO on July 16. Earlier this year, the APE community approved creating a layer-2 network on the Arbitrum network, using the APE token for gas and governance. Greg Solano, co-founder of Yuga Labs, acknowledged limited testnet activity but assured users that various decentralized apps developed by Yuga Labs would run on ApeChain once the mainnet is launched. “[There] won’t be much to do on testnet yet, but Otherside and other dapps we’ve been cooking will all be running on the chain once mainnet is here,” Solano stated.

Additionally, the ApeCoin DAO recently approved a proposal to register “.APE” as a new top-level domain (TLD) with the Internet Corporation for Assigned Names and Numbers (ICANN). This move aims to strengthen the APE brand in the digital world.

The APE-themed hotel proposal shows how the cryptocurrency world is exploring new ways to use their assets and increase engagement. Building a themed hotel is an ambitious step, highlighting the evolving APE ecosystem and its potential impact beyond digital finance.

The vote's outcome will have significant implications for the ApeCoin community and its future projects. If approved, the hotel could serve as a physical representation of the APE ecosystem, attracting both crypto enthusiasts and tourists. It would also show how cryptocurrencies can play a role in real-world applications.

As the vote continues, the outcome is uncertain, but the strong support suggests a keen interest in expanding the possibilities for ApeCoin and the BAYC community. This proposal, along with other recent initiatives like ApeChain and the .APE TLD, reflects the dynamic and innovative spirit within the ApeCoin DAO.

In summary, the ApeCoin DAO's vote on a $3.6 million APE-themed hotel in Bangkok is a crucial moment for the community. With significant member support, this project could enhance ApeCoin’s visibility and use, aiding broader cryptocurrency adoption. The coming days will determine whether this ambitious project will proceed, potentially setting a precedent for future cryptocurrency ventures.