The latest proposal from ApeCoin DAO, the decentralized autonomous organization behind ApeCoin, shows that the team is expected to spend $343,000 worth of APE tokens to renovate a hotel in central Bangkok and turn it into an exclusive themed hotel for the Boring Ape Club (BAYC). APE token holders are offered free accommodation and other benefits.
ApeCoin DAO Proposal to Build BAYC Hotel in Bangkok
Anonymous DAO member DeSmart proposed in the governance forum that he hopes to build a BAYC-themed hotel in the center of Bangkok, with BAYC-themed rooms, bars, swimming pools and irregular exhibitions.
It is reported that DeSmart requested an allocation of 410,000 APE tokens (approximately worth $343,000) to complete the work within a year and a half period.
Among them, the maximum cost for the rooftop bar and swimming pool is 100,000 APE tokens, which is currently worth about $84,000.
He emphasized that 50% of the revenue from the APE themed rooms will be returned to the ApeCoin DAO within one year after completion:
At the same time, we also accept APE tokens as a payment method for hotel stays, demonstrating its practicality in the real world and encouraging its circulation and use.
APE holders get one night free
It is worth mentioning that DeSmart also intends to provide benefits to community members, providing APE token holders with a total of 50 nights of free accommodation, with each holder limited to one night.
He added that as long as ApeCoin members can prove that they are forum members, own at least 1 APE token, and post promotional tweets containing photos of themed rooms and positive experiences, they can get rebates on accommodation costs.
DAO members support the proposal
Currently, more than 87.93% of DAO members have voted in favor of the proposal, with 12.07% opposed, and the voting deadline is set for August 1.
In this regard, as early as May this year, DeSmart stated that it had reached a cooperation agreement with a hotel in central Bangkok and completed an on-site inspection:
They are very interested and supportive of our ideas and suggestions, and will fully cooperate with our team to implement the project.
In April this year, the team just approved the application to register its ".APE" as a Top-level Domain (TLD) with the Internet Corporation for Assigned Names and Numbers (ICANN) with a vote rate of 91.68%. The proposal is expected to take approximately one year to complete all preparations.
BAYC NFT, Ape prices hit bottom
However, if the hotel's construction process proceeds as scheduled, the team may have to pay more APE in the future.
According to Coingecko data, APE is currently priced at $0.8364, down more than 96.7% from its all-time high of $25 in March 2022.
At the same time, even though the floor price of BAYC NFT has not significantly increased or decreased in the past 30 days, its trading volume and number of transactions fell by 44% and 35% respectively.
However, as time goes by, BAYC NFT has fallen 94% from the high of 153.7 ETH in May 2022.
(Bitcoin’s weekend trading volume fell to a record low! NFT and rune trading volumes fell by nearly 90% during the month)
This article ApeCoin DAO proposal spends US$350,000 to build the Boring Ape Hotel, and APE holders will stay for one night for free! First appeared in Chain News ABMedia.
