An ApeCoin DAO proposal titled AIP-29 for developing an exclusive NFT marketplace for the Ape community has faced backlash as 95.7% of voters as of press time said "no" to the initiative. Although the proposal is due by May 19, only 4.2% of voters have agreed with the idea so far.

The proposal registered by 0xfcbb...5439 is asking for funding to create the so-called Ape Drops marketplace where the platform "at full capacity" plans to release multiple NFT drops a week "from the best designers and musicians in the space." The description also says:

Funds will go towards building a larger team and financing NFT drops and events with high profile artists. We will only receive funds from the DAO when we reach key milestones.

The marketplace is proposed to be managed by Manifold Studio, a blockchain developer. While the organizers said they intend to only accept APE, they also might eventually add support for "any ERC20 token." In total, the organizers are asking for $2 million. Out of that sum, about $860,000 will go to developers (not only for salary but also bonuses). The remaining $1.14 million will go toward treasury allocation.


The funding distribution plan. Source:

The members of the ApeCoin community apparently don't want any new spending initiatives before they get their tokens as earlier the community members agreed to lock up their tokens for a longer period of time in exchange for more APE in the future.

The proposal also comes amid accusations of a lack of transparency on how ApeCoin DAO is managed after market analyst Cobie (Jordan Fish) questioned the DAO's structure. Cobie suggested there might be a conflict of interests if the board members have "material amounts" of vesting completed in six months. As of press time, ApeCoin DAO's board includes Alexis Ohanian (Reddit), Amy Wu (FTX), and others.

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