ApeCoin DAO, the decentralized autonomous organization behind ApeCoin, is evaluating a proposal to launch a Bored Ape Yacht Club (BAYC)-themed hotel in Bangkok.
The proposal, submitted by the pseudonymous DAO member DeSmart on July 19, suggests renovating an existing hotel in downtown Bangkok.
The renovation would include several BAYC-themed rooms, an ApeCoin-themed bar, and a swimming pool. DeSmart is requesting $356,000 in ApeCoin tokens to fund the project.
Beyond aesthetics, the proposal aims to offer benefits to ApeCoin holders, such as 50 free nights of accommodation, capped at one night per holder.
DeSmart believes this would enhance the “visibility and utility of ApeCoin” and generate “actual revenue” for the ApeCoin DAO.
According to the proposal, 50% of the revenue from the APE-themed rooms will go back to the ApeCoin DAO for one year after their completion.
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To qualify for a free night, an ApeCoin member must prove their membership in the ApeCoin forum, have a balance of more than 1 APE, and post a promotional tweet featuring “pictures of the themed room and any positive experiences or feelings they want to share” to receive a cashback payment for their stay.
Another significant aspect of the proposed hotel is its acceptance of ApeCoin as payment, aiming to demonstrate “ApeCoin’s applicability in the real world and [encourage] circulation and usage.”
In May, DeSmart reported that they had conducted onsite inspections and reached an “intention of cooperation” with a hotel in Khlong San, Bangkok.
“They are very interested in and supportive of our ideas and proposals and will fully cooperate with our team in implementing this project,” DeSmart stated on the ApeCoin forum.
The proposal has garnered significant support among DAO members, with 90% voting in favor and 10% against as of publication. Voting concludes on August 1.
The rooftop bar and the pool are among the most expensive proposed developments, costing a combined total of 100,000 APE tokens, equivalent to $87,000 at current prices.
Previously, on April 3, the ApeCoin community unanimously approved a proposal to register “.APE” as a new top-level domain with the Internet Corporation for Assigned Names and Numbers (ICANN).
Currently, ApeCoin is trading at $0.85, down over 96.8% from its all-time high of $26.70, reached roughly two months after its launch in March 2022.
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