ApeCoin holders mull proposal for Bored Ape-themed hotel in Bangkok

A member of the ApeCoin DAO is asking for $356,000 to renovate a portion of a hotel in downtown Bangkok with Bored Ape Yacht Club trademarks.

ApeCoin DAO, the decentralized autonomous organization (DAO) behind ApeCoin, is considering a proposal to launch a Bored Ape Yacht Club (BAYC)-themed hotel in a “prime location” in Bangkok. 

DeSmart, the pseudonymous DAO member who submitted the July 19 proposal, would see a preexisting hotel in downtown Bangkok renovated with several BAYC-themed rooms, an ApeCoin-themed bar, and a swimming pool.

They’re requesting $356,000 in ApeCoin (APE) tokens to complete the proposed work. DeSmart has previously said that they’ve already reached an agreement with the hotel they’re looking to renovate. 

Outside of pure aesthetics, part of the costs would be to provide a range of benefits for ApeCoin holders, including a total of 50 nights of free accommodation for holders, capped at one night per holder, which DeSmart said would increase the “visibility and utility of ApeCoin” as well as generate “actual revenue” for the ApeCoin DAO.

50% of the revenue from all of the APE-themed rooms will go back to the ApeCoin DAO for one year after they’re completed, according to DeSmart’s proposal.

To receive one night’s free accommodation, the ApeCoin member would have to show they are a member of the ApeCoin forum, have a balance of more than 1 APE, and publish a promotional X post featuring “pictures of the themed room and any positive experiences or feelings they want to share” to receive a cashback payment for their stay.

Another core feature of the planned hotel would be to accept ApeCoin as payment in a bid to demonstrate “ApeCoin’s applicability in the real world and [encourage] circulation and usage.”

In May, DeSmart said that they’ve already conducted onsite inspections and reached an “intention of cooperation” with a hotel in Khlong San, Bangkok. 

“They are very interested in and supportive of our ideas and proposals and will fully cooperate with our team in implementing this project,” said DeSmart in a post on the ApeCoin forum.

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The proposal has proved popular among members of the DAO so far.

At the time of publication, 90% of the voting was in favor of the proposal, while 10% opposed it. Voting ends on Aug. 1 this year.

The rooftop bar and the pool are among the most expensive items on the list of proposed developments, costing a combined total of 100,000 APE tokens worth $87,000 at current prices.

On April 3, the ApeCoin community unanimously approved a proposal to register “.APE” as a new top-level domain with the Internet Corporation for Assigned Names and Numbers, the world’s top authority on IP addresses and domain names.

ApeCoin is currently trading at $0.85, down over 96.8% from its all-time high of $26.70 notched roughly two months after its launch in March 2022.

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