ApeCoin DAO, the decentralized autonomous organization that powers ApeCoin (APE), is considering a proposal to open a Bored Ape themed hotel in a “premium location” in Bangkok.
DeSmart, an anonymous DAO member who submitted the proposal on July 19, proposed renovating an existing hotel in downtown Bangkok with BAYC-themed rooms, an APE-themed bar, and a swimming pool.
They are asking for $356,000 in APE tokens to complete the proposed task. DeSmart has already done so previously.
Aside from the purely aesthetic aspect, part of the cost is to provide various benefits to ApeCoin holders, including a total of 50 free nights, limited to one night per holder. This, DeSmart said, will increase the “visibility and usability” of ApeCoin and generate “real-world revenue” for the ApeCoin DAO.
According to DeSmart’s proposal, 50% of all revenue from APE-themed rooms will return to the ApeCoin DAO for one year after completion.
To receive a free night stay, ApeCoin members must prove that they are members of the ApeCoin forum, have a balance of at least 1 APE, and post a promotional tweet with “a photo of a themed room and a positive experience or emotion they would like to share” to receive cashback for their stay.
Another key feature of the planned hotel is that it will accept ApeCoin as a means of payment “to encourage the real-world applicability and (distribution and use) of ApeCoin.”
In May, DeSmart said it had already conducted on-site inspections and reached a “willingness to cooperate” with a hotel in Bangkok’s Khlong San.
“They are very interested in and supportive of our ideas and proposals and will fully cooperate with our team in implementing this project,” DeSmart said in an ApeCoin forum post.
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This proposal has been popular with DAO members so far.
At the time of publication, 90% of the votes were in favor of the proposal, while 10% were against. Voting ends on August 1 of this year.
The rooftop bar and pool are among the most expensive items in the proposed development, costing a total of 100,000 APE tokens, equivalent to $87,000 at current prices.
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), the world’s leading authority on IP addresses and domain names.
ApeCoin is currently trading at $0.85, down more than 96.8% from its all-time high of $26.70, reached roughly two months after its launch in March 2022.
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