ApeCoin DAO Votes on $3.6 Million APE-themed Hotel in Bangkok

The ApeCoin community is voting on a proposal to build an APE-themed hotel in Bangkok, Thailand.

This follows a series of developments within the broader Bored Ape Yacht Club (BAYC) community aimed at expanding the APE ecosystem.

ApeCoin DAO Considers Hotel Launch After Layer-2 Network Rollout

On July 19, the ApeCoin DAO began voting on ApeCoin Improvement Proposal #448 (AIP-448), dubbed the ApeCoin Hotel. The proposal seeks 410,000 APE tokens, equivalent to $3.6 million, to build an APE-themed hotel in Bangkok.

According to the proposal, this move will enhance the BAYC IP exposure, increase ApeCoin’s visibility and utility, and generate revenue for the ApeCoin DAO.

“50% of the revenues from themed rooms will be received by ApeCoin DAO for one year once these rooms are completed. DAO will receive revenue from all themed rooms, including APE, BAYC, Otherside, Apechain, Mocaverse. Funds will be returned to the DAO Treasury on a quarterly basis,” the proposal stated.

Read more: Bored Ape Yacht Club Explained: What Is BAYC?

The proposal has generated mixed reactions within the crypto community. Zach Burks, founder of NFT marketplace Mintable, criticized the idea, while the broader APE community appears to support it.

“Lived in Bangkok for 2 years. Way too many hostels and hotels, most go out of business, especially given prices are so cheap and competitive, and the Thai goverment has been struggling to get tourism numbers back up,” Burks opined.

Despite these concerns, around 5 million APE tokens have been cast as votes, with 4.6 million tokens (92% of the total) in support of the proposal. Notably, a single address, 0xC602, is responsible for 67% of the yes votes, contributing 3.1 million APE tokens.

This development follows the July 16 launch of the ApeChain testnet by the ApeCoin DAO. Earlier this year, the APE community approved the launch of a layer-2 network on the Arbitrum network. The network will use the APE token as both gas and governance tokens.

Read more: A Beginner’s Guide to Layer-2 Scaling Solutions

Greg Solano, one of the founders of Yuga Labs, acknowledged the limited activity on the testnet. However, he assured users that various decentralized apps developed by Yuga Labs will run on ApeChain once the mainnet is launched.

“[There] won’t be much to do on testnet yet, but otherside and other dapps we’ve been cooking will all be running on the chain once mainnet is here,” he stated.

Furthermore, the ApeCoin DAO recently approved a proposal to register “.APE” as a new top-level domain (TLD) with the Internet Corporation for Assigned Names and Numbers (ICANN).