ApeCoin DAO proposal to spend $350,000 to build a boring ape-themed hotel, offering a free night's stay for APE holders!

The latest proposal from ApeCoin DAO, the decentralized autonomous organization behind ApeCoin, reveals that the team plans to spend $343,000 worth of APE tokens to renovate a hotel in downtown Bangkok, turning it into the official Bored Ape Yacht Club (BAYC) themed hotel and offering benefits such as free stays for APE token holders. The proposal can be viewed here.

ApeCoin DAO Proposes to Build BAYC Hotel in Bangkok

An anonymous DAO member, DeSmart, proposed in a governance forum to build a Bored Ape Yacht Club (BAYC) themed hotel in the heart of Bangkok, featuring BAYC themed rooms, a bar, a swimming pool, and periodic exhibitions.

Reportedly, DeSmart requested a grant of 410,000 APE tokens, approximately valued at $343,000, to complete the project within a year and a half.

Among which, the rooftop bar and swimming pool are the most expensive at 100,000 APE tokens, currently valued at around $84,000.

He emphasized that 50% of the revenue from APE-themed room bookings would be returned to ApeCoin DAO within a year of completion:

At the same time, we also accept APE tokens as a payment method for staying at the hotel, demonstrating its utility in the real world and encouraging its circulation and use.

APE Holders to Stay for Free for One Night

It is worth mentioning that DeSmart also plans to provide benefits to the community by offering 50 free nights of accommodation to APE token holders, limited to one night per holder.

He added that as long as ApeCoin members can prove they are a forum member, own at least 1 APE token, and post promotional tweets with photos of the themed rooms and positive experiences, they will receive a refund for their stay.

DAO Members Rally Behind Proposal

Currently, over 87.93% of DAO members have voted in favor of the proposal, with 12.07% against, and the voting deadline is set for August 1st.

Back in May of this year, DeSmart had already stated that a partnership agreement had been reached with a hotel in the center of Bangkok and on-site inspections had been completed:

They are very interested and supportive of our ideas and suggestions, and will fully cooperate with our team to implement the project.

In April of this year, the team had just passed with a 91.68% approval rate, a proposal to register their ".APE" as a Top-level Domain, TLD with the Internet Corporation for Assigned Names and Numbers (ICANN), a process expected to take about a year to complete all preparations.

BAYC NFT, Ape Price Hits Rock Bottom

However, if the construction of the hotel proceeds as planned, the team may need to invest more APE tokens in the future.

Coingecko data shows that the current price of APE is $0.8364, a decrease of over 96.7% from its historical high of $25 in March 2022.

At the same time, while the BAYC NFT floor price has shown no significant change in the past 30 days, both its trading volume and number of transactions have decreased by 44% and 35%, respectively.

Looking further back, from the peak floor price of 153.7 ETH in May 2022, the BAYC NFT has also dropped by 94%.

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