ApeCoin Community's decision on Multi-link APE-NFTs
Yuga Labs has created several popular cryptocurrencies in the past. They have a popular collection of multiple blue-chip NFTs. They have also created a type of cryptocurrency called ApeCoin, which is used to make decisions about their projects.
KEY TAKEAWAYS
- Yuga Labd created a new token by the name ApeCoin
- To bring about any changed the ApeCoin Community votes for the proposal to be approved or rejected.
In order to bring about any changes to their projects the proposals must be voted on by the ApeCoin community. Thus only if the proposal gets approval from the ApeCoin community then they will bring changes.
Unsuccessful attempts to curb the situation
A proposal AIP-206 focused to create multi-linkNFTs. But as it unfolded the ApeCoin Community did not seem to like it. The voting showed that 83.99% of the voters were against it while only 9.99% were in its support. While a sum of people abstains from it altogether.
Aaron Leupp presents the proposal that involved creating 20,000 items from two collections; the ApeCoin Armoury club and the ApeCoin pet club. This is a way to enter the metaverse and provide growth incentives.
However, the proposal which would have cost $168,000 was not approved. Meanwhile, ApeCoin remains the home of other popular NFT collections like MAYC and BAYC. The proposed collection was meant to be similar to games like The Sandbox and Decentraland.
How it went?
Yuga Labs is trying to expand its participation in the NFT market. Recently, they auctioned their first Bitcoin NFTs after the success of their previous collections.
However, a proposal by Yuga Labs was rejected. The proposal was to allow the community to own these items for free while giving holders of other collections a chance to pivot.
The performance of some blue-chip NFT collections, such as MAYC and BAYC, has raised concerns about the sustainability of the NFT market with a decrease in volume. Also with a 32.6% decline in their trading volumes.
NFTs are gaining attention outside of the crypto world as cultural institutions are becoming more involved in the area. However, it is obvious that the market needs a substantial amount of engagement and liquidity in order to improve.