ApeCoin DAO Backs Ape-Themed Hotel in Bangkok with Almost 90% Approval, But Is It Enough to Revitalise NFT Interest?

NFT Meets Real World Luxury & Comfort

The ApeCoin (APE) community is in the midst of voting on a proposal to construct an APE-themed hotel in the bustling heart of Bangkok, Thailand.

This innovative and ambitious project, led by the ApeCoin decentralised autonomous organization (DAO), marks a groundbreaking fusion of the digital currency sphere with the hospitality sector.

The ApeCoin Improvement Proposal #448 (AIP-448), which commenced on 18 July (19 July at 9 am SGT) and is set to conclude on 31 July (1 August at 9 am SGT), has been dubbed the "ApeCoin Hotel."

As of 21 July, the proposal had garnered a strong endorsement from the community, with 4.6 million APE tokens voting in favour, representing a 91.84% majority.

Conversely, 411,000 APE investors voted against AIP-448.

As of the latest count, the "yes" votes have reached 4.8 million APE tokens, indicating an 87.93% dominance, while the "no" votes stand at 659,000 APE tokens, accounting for 12.07%.

Latest screenshot of the proposal details

The opposition faces an uphill battle to halt the implementation of the "ApeCoin Hotel," which, interestingly, is not a protocol upgrade.

Notably, a single address, 0xC602, has contributed 3.1 million APE tokens, accounting for 67% of the "yes" votes.

Holders of ApeCoin can participate in the voting process by connecting their crypto wallets, with their voting power proportional to their APE balance.

At the time of writing, APE is trading at $0.8373, valuing the 4.8 million voting APE tokens at slightly over $4 million.

The price has seen a 9.03% increase over the past seven days, according to CoinMarketCap.

Presenting the ApeCoin Hotel

The proposal, authored by DeSmart, an anonymous member of the DAO, envisions the ApeCoin hotel as not merely a retreat for leisure but as a lighthouse for the APE ecosystem, championing ApeCoin, ApeChain, and its vibrant communities.

DeSmart has already conducted preliminary site visits and established a collaborative rapport with a hotel in Khlong San, Bangkok.

The hotel's management has shown enthusiasm for the proposal, voicing support for the concepts introduced by the ApeCoin DAO.

This particular AIP aims to materialise a real APE-themed hotel in an urban setting, with the goal of generating revenue for the DAO.

Its primary objectives include amplifying the BAYC intellectual property's visibility, enhancing ApeCoin's utility and recognition, and creating a revenue stream for the ApeCoin DAO.

This unique venture intertwines elements from the hospitality, art, and cryptocurrency sectors.

The hotel is slated to offer a variety of APE-themed experiences, including exhibitions, a rooftop bar, themed rooms, and a swimming pool.

One of the proposal's most appealing aspects is its potential to benefit the ApeCoin ecosystem.

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.”

Additionally, the hotel will accept ApeCoin as a form of payment, further showcasing its real-world application and encouraging its use.

The proposal also incorporates community-centric initiatives, such as offering 50 complimentary room nights to APE holders (limited to one night per holder) and providing free access to certain facilities for community members.

These initiatives not only strengthen community bonds but also highlight the tangible benefits of being part of the APE ecosystem.

To be eligible for a free night's stay, ApeCoin members must prove their membership in the ApeCoin forum, hold a balance of more than 1 APE, and post a promotional tweet about their experience in the themed room.

Moreover, ApeCoin holders will enjoy a distinctive check-in process that verifies their ApeCoin Forum membership and wallet balance at the reception, emphasising the exclusive and personalized experience awaiting guests.

Guests are encouraged to share their experiences on social media, with incentives like cashback offered for those who broadcast their memorable stays.

The AIP-448 proposal seeks a total of 410,000 $APE from the ApeCoin Ecosystem Fund to realise this innovative concept.

The funds will be managed through a multi-signature wallet, with multi-signature permissions granted to team members, and a detailed report on fund usage will be published bimonthly.

Mixed Reactions from Crypto Community

Despite the overwhelmingly positive response in the form of an almost 90% approvals, the proposal has generated mixed reactions within the crypto community.

NFT marketplace Mintable's Founder, Zach Burks, criticised the idea.

Oliver Horr, Founder of Hats Finance, also chimed in about his disapproval.

Another user noted the issue of the oversupply of hotels and hostels in Bangkok.

Developments Aimed at Expanding the APE Ecosystem

This proposal builds on a series of initiatives within the BAYC community designed to expand the APE ecosystem.

It comes after the 16 July launch of the ApeChain testnet by the ApeCoin DAO.

Earlier in the year, the APE community endorsed the development of a layer-2 network on the Arbitrum network, which will utilise the APE token for both gas and governance purposes.

Greg Solano, a co-founder of Yuga Labs, acknowledged the current low activity on the testnet but assured users that various decentralised applications (dApps) developed by Yuga Labs will be operational on ApeChain once the mainnet is live.

Additionally, the ApeCoin DAO has recently approved a proposal to register ".APE" as a new top-level domain (TLD) with the Internet Corporation for Assigned Names and Numbers (ICANN), further expanding the ecosystem's digital footprint.

Is the ApeCoin Hotel a Futile Attempt to Revitalise its Currency & the Broader NFT Space?

ApeCoin, currently valued at $0.8373, has seen a considerable drop from its peak of $26.70 shortly after its debut in March 2022.

Nonetheless, the pursuit of innovative ventures such as the Bored Ape-themed hotel showcases the resilience and ingenuity of the ApeCoin DAO as it strives to rekindle interest in its distinctive cryptocurrency.

It is noteworthy that there has been a trend of companies withdrawing from the NFT space.

For instance, Starbucks, the well-known multinational coffee chain, decided to discontinue its NFT rewards programme in March.

In January, GameStop, the gaming retailer, announced the closure of its NFT marketplace after downsizing its crypto services over the past two years.

More recently, X, owned by Elon Musk, ceased a feature that enabled premium users to use NFT images as their profile pictures.

The NFT market has lost the fervour it experienced during its heyday in 2021 and the beginning of 2022.

While the concept of an Ape-themed hotel is novel, its allure is primarily for APE holders rather than the broader crypto community and the general public.

Furthermore, the project's anticipated start date is the day funds are received, with an expected completion date 545 days thereafter.

Consequently, there may not be any tangible outcomes in the short term or even by the end of 2024.

Revitalising interest in ApeCoin may require more substantial and thoughtful initiatives.

The impact of such projects on the NFT market, however, remains uncertain and may not yield significant positive effects.