The ApeCoin community, which governs the cryptocurrency ApeCoin (APE), is voting on a proposal to build a hotel in Bangkok, Thailand, with an ApeCoin theme. This initiative aims to expand the influence of the Bored Ape Yacht Club (BAYC) ecosystem, which uses ApeCoin.
On July 19th, the ApeCoin Decentralized Autonomous Organization (DAO) initiated the voting process for ApeCoin Improvement Proposal #448 (AIP-448), also known as the "ApeCoin Hotel." This proposal requests 410,000 APE tokens, equivalent to $3.6 million, to fund the construction of an APE-themed hotel in Bangkok, Thailand. The proposal aims to achieve several objectives: increasing brand awareness for BAYC's intellectual property, enhancing the usefulness and visibility of ApeCoin, and generating income for the ApeCoin DAO.
According to the proposal, half of the revenue from themed rooms will be directed to the ApeCoin DAO for one year after their completion. This revenue will come from rooms representing various ApeCoin-related entities like BAYC, Otherside, Apechain, and Mocaverse.
The proposal has sparked varied responses within the crypto community. While some, like Zach Burks (founder of NFT marketplace Mintable), expressed concerns about market saturation and tourism challenges in Bangkok, the broader APE community seems to be in favor.
Despite these concerns, the proposal has garnered significant support. Over 5 million APE tokens have been cast as votes, with a staggering 92% (4.6 million tokens) supporting the hotel's construction. Interestingly, a single address (0xC602) holds a significant portion (67%) of the "yes" votes, contributing 3.1 million APE tokens.
This hotel proposal comes shortly after the launch of the ApeChain testnet on July 16th. Earlier this year, the APE community approved the development of a layer-2 network on Arbitrum. This network will utilize ApeCoin for both gas fees and governance purposes.
While acknowledging the limited activity on the testnet currently, Greg Solano (a Yuga Labs co-founder) assured users that various decentralized applications developed by Yuga Labs will be operational once the ApeChain mainnet goes live.
The ApeCoin DAO also 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 further expands the ApeCoin ecosystem's reach and potential applications.
