ApeCoin DAO Eyes BAYC Hotel in Bangkok: $356K Plan

In A Nutshell

The ApeCoin DAO, a decentralized autonomous organization, is contemplating a distinctive proposal to establish a Bored Ape Yacht Club (BAYC)-themed hotel in Bangkok’s downtown area. This initiative, proposed by a DAO member known as DeSmart, requests a $356,000 investment in APE tokens to renovate an existing hotel. The plan includes BAYC-themed rooms, an APE-themed bar, and a swimming pool, with a vision to increase the visibility and utility of ApeCoin and potentially generate revenue for the DAO.

Proposal Highlights

DeSmart’s project outlines a comprehensive transformation of the hotel, aiming to create a landmark that reflects the unique culture of the ApeCoin community. The proposal includes:

– BAYC-themed rooms and facilities.
– An APE-themed rooftop bar and swimming pool.
– Special benefits for ApeCoin holders, such as 50 nights of free accommodation (limited to one night per holder), to enhance the coin’s visibility and utility.
– Half of the revenue from the APE-themed rooms will be redirected back to the ApeCoin DAO for one year post-completion.
– The hotel will accept ApeCoin as payment, promoting its real-world applicability and encouraging its circulation and usage.

DeSmart has already conducted site inspections and discussions with a hotel in the Khlong San district of Bangkok, receiving positive feedback and a willingness to cooperate on this project.

Community Response and Funding

The proposal has garnered significant support within the ApeCoin community, with 90% of votes in favor as of the last update. The voting period is set to conclude on August 1. Notably, the renovation’s significant expenses include the rooftop bar and pool, requiring an investment of around 100,000 APE tokens, equivalent to $87,000 based on current market values.

Context and Market Performance

This proposal surfaces after the ApeCoin community’s unanimous decision earlier in the year to register “.APE” as a new top-level domain, underscoring the community’s proactive approach to expanding its digital footprint. Despite these innovative endeavors, ApeCoin’s market performance has seen a dramatic downturn, with its value plummeting nearly 97% from its all-time high.

Our Take

The proposal for a Bored Ape-themed hotel in Bangkok represents a bold stride toward merging the digital and physical realms of cryptocurrency communities. By leveraging the cultural capital of the BAYC and the utility of ApeCoin, this project could set a precedent for how digital assets can be integrated into real-world experiences. However, its success hinges not only on the execution of this ambitious project but also on the broader recovery and stabilization of the cryptocurrency market. The enthusiastic community response highlights a strong desire for tangible expressions of digital community identity, yet the proposal’s timing and financial feasibility amidst a challenging market landscape warrant careful consideration. Ultimately, if successful, this initiative could mark a significant milestone in demonstrating the practical and cultural utility of cryptocurrencies beyond the digital domain.

Quellen: CoinGecko, ApeCoin DAO