I didn’t ask you to foresee the actual proposal, just for a scenario where any possible proposal would be prevented by the use of less than 5% of the total Daos funds for this current one. Doesn’t seem like a valid argument or make financial sense.
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How much is in the treasury today?
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I believe there are better ways how to use treasury than this.
If we’re struggling to get quality proposal at this moment, we can create for example contests for different artists with prize for best one.
Best fiction from BAYC ecosystem
Best documentary
Best artwork
Best movie
Best game
This way we can get much more for 1/100th of price of this proposal and I’m not even talking about the fact that this proposal just smells bad.
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wow who is going to donate? I read on twitter that you sold all your apes so who is buying & donating to museums but an amazing idea but no idea how this is gonna work out & will museums place the art for how long? whats the contract format like…?
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470m $ape coin is in a dao treasury
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I think this proposal is short sighted and doesn’t bring a lot of value to Apecoin.
Taking into account that we would need approximately $100 million for the necessary purchases, based on an average price of 40 ETH for each BAYC and 7.18 ETH for each MAYC - the likelihood is that the actual price would be higher - we would be obliged to liquidate a staggering 50 million ApeCoin. This would be 1/7 of the current circulating supply.
Such a move introduces substantial risk to ApeCoin, potentially depreciating its value by up to +50-90%. This scenario could be detrimental to the overall stability of ApeCoin’s market.
If you consider this to bring it up to vote - scale down the numbers to 50 BAYC and 100 MAYC. Such a reduction would mitigate the risk significantly and gives less risk to Apecoin. At the current numbers it would be just a liquidity shift from Apecoin to the NFT collections.
Even though my ApeCoin holdings aren’t substantial, a $100 million extraction from the DAO to buy NFTs would bring me to liquidate my Ape token.
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This is silly, objectively not a good use of DAO funds.
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Maybe this can be done as a POC first, with a significantly lower % of the collection bought, say 1%, instead of 10%
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Don’t have an opinion on yay or nay yet, but in addition to indirect benefits of bringing awareness, if the theory that BAYC/MAYC asset prices are highly correlated with $APE, due to staking, this can help justify the ROI.
So here we go…
If the goal of this AIP is about making history in art we could hold grants and high level contests alongside museums to foster web3 art.
We could commission art installations and exhibitions around the globe.
We could partner with Apple to build generative and responsive AR environments to host IRL digital art events.
We could build an art scholarship program focused in digital art.
We could hold an investment fund focused in tech and innovations in web3.
We could go over countless ideas to pave the DAO’s name into the development of art history… but I don’t think that the best idea is burning treasury funds to sweep some floors.
I’m open to hear back, how could your AIP Idea really stand over the cons? How does it really build value back to the DAO?
You need a stronger approach Machi.
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Just checked all the wallets, at current prices the apecoin treasury has 310 Million USD in apecoin, and I don’t know why I’m saying this but you cant sell your holdings at marketcap value, a 100 Million liquidity dump might as well just drain our complete treasury
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This creates an immense conflict of interest, especially when the AIP proposer gets to select which NFTs are purchased.
Easy to manipulate.
Example:
I have a whole bunch of apes, which over time I’ve spread to a whole bunch of different wallets to make it difficult to track. I know 1000 apes are being purchased and I get to select which ones. The issue with that should be obvious.
Also why would you need 1000 apes and 2000 mutants to do this? How many museums exist in the world that would showcase apes? Could we even get 1000 apes listed to buy? Why not start with 5 and prove the concept before scaling to the absolute extreme?
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Multiple levels of purchase, grant, & donation. What are the implications as far as categorization, taxes, & legal since this is a grants foundation?
How is this beneficial to ApeCoin (instead of Yuga) directly?
Editing to clarify: beneficial meaning, overall vs just a temporary “coin go up” moment?
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Also I just want to add that APECOIN whitepaper states that for the purpose of donations/charity (currently 1M unlocked) we have put out 10M apecoin allocation which should go for chimps and apes conservation center, and to me this proposal breaks our whitepaper donation rules
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This proposal is beyond the current scope and finances of this dao imo.
It is very expensive to build and sustain a real dao.
Given the price impact this AIP would have on the nfts and Apecoin we cannot afford this size of a purchase at all anyway.
10 % of the entire nft supply is too much at any point especially without considerable legal advice on the potential conflict mentioned here. I would support the dao buying a couple of Apes or other nfts for creative development.
Current Ape and MAYC owners donating their Apes would actually raise the Ape profile and goodwill.
I don’t think that is necessary for the survival of good art, digital or otherwise. There are Apes and Punks on display right now in the Centre Pompidou, in Paris.
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Hey Machibigbrother,
Thanks for sharing your proposal for the ApeCoin DAO. I understand that your intention is to promote digital art and cement the NFT movement’s place in art history. While it’s great to see such enthusiasm, I must point out a few concerns with this idea.
Firstly, acquiring and sending valuable NFTs to museums worldwide may not be the most effective way to promote the digital art movement. While it’s true that digital art is still underrepresented in the traditional art world, forcefully inserting it into museums might not achieve the desired outcome. The acceptance and recognition of digital art should ideally arise organically from the art community and institutions themselves.
Additionally, the decision-making process for selecting and curating the NFTs should be approached with caution. While you mention involving fellow tastemakers and the community, ensuring unbiased and fair selection could be challenging. This could potentially lead to controversies and disputes, undermining the credibility and integrity of the entire initiative.
Instead, it might be worth considering alternative approaches to support the digital art movement, such as collaborating with existing art institutions to host dedicated exhibitions or facilitating educational programs that explore the intersection of technology and art.
I appreciate your passion and commitment to furthering the NFT space but let’s start with the Blur farming coming to an end.
Best regards,
Jensen (ur little bro)
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Really, I think the proposal is valid, but the amounts don’t make sense to me, they are huge amounts.
As they said, the proposal needs to benefit the DAO.
I believe that this can be done, but as @Kalamona said, if it is for a world-wide exhibition, that is few NFT, something much more streamlined that would fulfill the mission of exposing and presenting the art and the understanding behind the art that it’s the entire WEB3 universe worldwide.
I would just have to understand the expenses of all this even if it is with 1 or 10 NFT’s BAYC.
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I’m not in support of this idea as written:
- There are manipulation/front running concerns that others called out
- There is no evidence that any museums (except maybe NFT museums?) would want these assets
- There is no clear benefit to the ecosystem beyond possibly affecting the floor price
My feelings on this are admittedly biased by the fact that the OP is a world champion Blur farmer. I don’t know the OP or intend to imply anything about their character, but that fact does give this idea a peculiar smell.
If we do think its in the DAO’s best interest to acquire NFTs I would prefer that we do it gradually and hodl for the long term benefit of the common fan. I have an AIP idea that discusses one approach but I’m of course open to other ideas on how we would “spend” any NFTs that we acquire. It could be that they’re held as an asset in the treasury the same as $APE and can be “spent” as appropriate in future AIPs. If a museum really wanted an ape, that would be taken up in a separate, independent AIP.
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Doesn’t bring value to ApeCoin and not sure how much visibility they will get at museums(as all visitors may not be NFT enthusiasts).
The number quoted is very high but displaying NFTs at renowned museums is definitely a good idea
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After giving it some thought here are my 2 cents:
Given the steep rate of decline in the value of $APE, I wouldn’t mind seeing some of it converted to ETH and invested in a blue chip NFT just for diversification. People keep mentioning it doesn’t bring direct value to $APE but that’s likely not going to happen until the Otherside use case. The treasury’s value will likely keep dwindling until then so why not diversify some of the holdings until then? $APE has been in a downtrend for 14 months now.
Plus there should be a correlation between BAYC and $APE’s value since the main use cases driving demand for $APE are currently Yuga Games and Staking. A rising tide lifts all boats.
Details need to be fleshed out much more though and there a lot of specific questions already being asked that will need answers, including agreement on the volume and process for acquiring. And how exactly the museum piece will work. I agree 10% of the supply is way too large, but I think there is value here, maybe somewhere in the 1-2% range.
Looking forward to see where this one goes. At the very least it’s driving lots of good discussion.
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