- The ApeCoin DAO is in the process of rejecting the AIP-206 proposal.
- Most of Yuga Labs’ collections registered a decrease in volume.
Home to multiple blue-chip NFT collections, Yuga Labs created ApeCoin [APE] to act as the governance token of its projects. Since then, several proposals have had to pass through a voting process before approval or rebuff.
Realistic or not, here’s APE’s market cap in ETH’s terms
Can’t curb the stumbling block
Now, it seemed that the AIP-206 proposal aimed at creating multi-link APE NFTs has been met with a brick wall. This was because voting for the proposal showed that the ApeCoin community did not endorse the idea.
At press time, 83.99% voted against it while only 9.99% were in favor. Others preferred to abstain.
Source: Snapshot via ApeCoin
On 13 January, Aaron Leupp presented the proposal to the community. According to the details, 20,000 items from two collections named the Ape Coin Armoury Club and Ape Coin Pet Club were supposed to be created.
Furthermore, the development of the collection was supposed to be ApeCoin’s ticket into the metaverse while holding more utility and providing growth incentives.
However, it is no news that ApeCoin houses Bored Ape Yacht Club [BAYC], Meebits, and Mutant Ape Yacht Club [MAYC]. But the proposal which would have cost $168,000 was aimed at designing something similar to The Sandbox [SAND], and Decentraland [MANA].
Successes and struggles
The attempt signals another try by Yuga Labs to expand its NFT participation. Just a few weeks back, the NFT-focused blockchain team slid away from only Ethereum [ETH] or APE NFTs. During that time, it auctioned its first Bitcoin [BTC] NFTs after the successes recorded by Ordinals.
However, the rejected proposal was not linked to the way the Bitcoin NFTs sales went. Instead, the proposal’s intent was for the community to own these items at no cost while holders of BAYC, MAYC, and other collections also get the opportunity to pivot.
How much are 1,10,100 APEs worth today?
But in recent times, the performance of these blue-chip collections has raised questions about the sustainability of the NFT market. Except for Crypto Punks, most of the collectibles’ registered volume declined lately.
According to DappRadar, MAYC’s volume, decreased by 57.47% in the last 24 hours. BAYC, on the other hand, was able to make a rise above the $3 million threshold. But the volume also had a similar trend to its sister collection— 32.6% down within the same period.
Source: DappRadar
Meanwhile, NFTs have continued to gain attention beyond the crypto ecosystem as cultural institutions keep diving into the sector.
Irrespective of that, there is no denying that the market needs a lot of interaction and liquid input to improve.