ApeCoin (APE) Community Votes on Market Proposal as Token Unlock Approaches

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Members of the ApeCoin community are voting on several proposals to improve the utility of the token as it nears its first token unlock.

There are three proposals in front of the community, and the main one is a proposal from Magic Eden to create an ApeCoin DAO NFT market.

The Solana-based platform proposal, “AIP 93: A Marketplace for Apes, by Apes, built by Magic Eden – Brand Decision,” is open for voting between September 16 and September 22.

If approved, Magic Eden will create a marketplace where those who hold ApeCoin can sell and buy all ApeCoin DAO NFTs such as Bored Apes, Mutant Apes, Bored Kennels, and Otherdeeds.

At press time, more than 70% of community votes are against the proposal.

However, other proposals before the DAO received more support. One of them is “AIP-98: An ApeCoin DAO Market Proposal for the First Community – Brand Decision” by Snag Solutions.

This proposal offers a 0.5% marketplace fee for all ETH listings and only a 0.25% fee on APE listings. It also offers a percentage of the fees to the community and provides more value to the community.

Unsurprisingly, 99.79% of votes (473k APEs) support this proposal, and a negligible 975 APEs (0.21%) oppose it.

The third proposal is “AIP-87: NFT + IP Marketplace / Yuga Labs + Otherside Partner NFT Collections – Ecosystem Fund Allocation”. The proposal also calls for the creation of a marketplace like the other two, but it doesn’t offer much detail on fees.

205k APEs (66.9%) are currently voting against the proposal, while 101k APEs (33.1%) are in favour. Since all three proposals have the same voting period, AIP-98 has the best chance of being adopted.

ApeCoin Token Unlock

Meanwhile, the upcoming ApeCoin token releases, which will release $25 million APE into circulating supply, appear to have influenced the price. $APE fell 2.4% in 24 hours to trade at $4.72.

Experts suggest this could be due to potential selling pressure. The token is already down 82.3% from its ATH.

There are rumors that Yuga Labs is working on a new NFT collection, Mecha Apes. Protos revealed this citing a leaked report, saying the company’s goal was to raise $50 million from the fundraiser. However, Yuga Labs co-founder Garga denied the rumor.

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