AIP Informational Proposal: Ape Into Your Free NFT (Powered by Immutable X & Kolex)

[Immutable_X]

PROPOSAL CATEGORY:

Informational Proposal

ABSTRACT:

Immutable X and Kolex have teamed up to celebrate the ApeCoin DAO by minting 100K free NFTs for APE token holders. The mint is a proof-point of layer-2’s scale and security in the wake of the ApeCoin DAO’s decision to stay on Ethereum, which we strongly support. $APE is fully supported on Immutable X’s Layer 2 protocol today, so all NFTs can be priced in $APE!

All secondary market fees and sales of NFTs after the free mint period will be donated to a worthy charity selected by the ApeCoin DAO community.

APE Coin holders who have $APE in their wallet as of 9:00 AM PST Monday, August 1 will be able to claim their pack at 9:00 AM PST Wednesday, August 3rd and the claim period will be 7 days. $APE holders will be able to mint their free NFT at www.apesonl2.com.

MOTIVATION & RATIONALE:

Immutable X is excited to continue building trust with the ApeCoin DAO community and prove why Immutable X should be Yuga’s / Otherside’s trusted Layer 2 Scaling Partner on Ethereum (especially since ApeCoin DAO has voted to remain on Ethereum). This Informational Proposal is a follow-up to Immutable’s “AIP Idea: Immutable X to be ApeCoin DAO’s Trusted Layer 2 Scaling Partner” submission in May 2022.

Immutable X (Ethereum’s Leading Layer 2 scaling solution) has partnered with Kolex, the prominent NFT collectibles platform, to launch this ApeCoin drop. Kolex is behind prominent projects including partnerships with DC Comics and Green Park Sports, and its own brands including Epics.gg, Kolectiv and Cryptees.

Immutable X and Kolex are excited to gift these NFTs to the ApeCoin DAO community, allowing all $APE holders to experience the instantaneous, gas-free minting/trading experience on Immutable X, whilst directly benefiting the $APE token.

KEY TERMS:

• NFT blind packs containing one of three possible NFTs

• Rarity Schema (100K total NFTs):

  • 80,000 Commons
  • 19,990 Rares
  • 10 Mythics

• Charity:

  • Upon launch, Immutable X will propose an AIP for the community to vote on the charity for which all proceeds of the primary and secondary sales will be donated to.

SPECIFICATIONS:

• Free for Apes: $APE holders as of 9:00 AM Monday August 1 can claim 1 free NFT.

• 0 Gas: minted on Ethereum Layer 2, completely gas free.

• Free to mint for $APE holders during the free claim period, then the unclaimed NFTs will be available for 1 $APE for 30 days with all proceeds going to charity. Anything unsold will be burned at the end of the 30 day period.

• Secondary Trading: NFTs will be minted on Immutable X’s global orderbook, meaning APE NFTs can be priced in $APE on the secondary markets.

• ALL secondary market sales and fees of NFTs after the free mint period will be donated to a worthy charity selected by the ApeCoin DAO community.

STEPS TO IMPLEMENT & FAQs:

• At 9:00 AM August 3rd, any wallet that held $APE as of the snapshot date will be able to mint their free NFT at www.apesonl2.com.

• Each NFT will be sealed inside of a blind pack which can be opened on the minting site, traded on the secondary market or stored in your wallet.

• NFTs claimed will be able to be listed, in $APE, on https://market.immutable.com/ using the integrated secondary market powered by Kolex, or any marketplace that supports the Immutable X shared order book.

• How much do these cost?

  • If you were an $APE coin holder as of the snapshot date, you can claim one free NFT pack during the free claim period. After this period, each remaining pack will be priced at 1 $APE (with all proceeds donated to charity).

• When was the $APE holder snapshot taken?

  • The snapshot of all wallets owning $APE will be taken at 9:00 AM PST, Monday August 1st.

• How many NFTs can I mint?

  • Each wallet that owned $APE at the time of the snapshot can mint one free NFT pack during the free mint period. After the free mint period ends, anyone can mint the remaining NFTs for a price of X $APE with proceeds from the mint going to charity.

• Do I need ETH in my wallet to claim my pack?

  • Nope, just connect your wallet and if you were a holder before the snapshot you can claim a pack with no gas fee or ETH required.

TIMELINE:

• Snapshot Date: 9:00 AM PST, Monday August 1st

• Free NFT Pack Claim Period: 9:00 AM PST Wednesday August 3 - 9:00 AM PST Wednesday August 10

• Ability to trade on https://market.immutable.com/ immediately or any market place that supports Immutable X.

OVERALL COST:

• Free to claim for any $APE holder

COMMUNITY COMMENTS TO INITIAL IMMUTABLE X LAYER 2 PROPOSAL:

[mg]

Thanks for the submission, @Immutable_X. This is really fun.

For those who may not know, this is simply an informational proposal and requires no vote…as I read it, it looks like they’re going to do this regardless as a demonstration of Immutable X.

I really appreciate that the feedback from the community led to this…start simple, build a relationship with the DAO, and look towards more ambitious projects in the future.

[Swarm]

Do you have a roadmap for the collection after the drop?

[jensensharp.eth]

Great way to add some exposure to what they are building. Thanks for providing some additional value to $APE holders.

[dezzajames]

Great idea guys… love the relationship building ! !

[Swarm]

I was fine to consider APE Coin and Immutable X collabs, but this proposal is just tons of frustration, and I think that we should avoid these guys from this point.

The general idea of airdrops to reward holders is good, but everything about how and what they communicated stinks.

The airdrop shows Immutable X team’s attitude to our community. They did not ask about our opinion, advice or even if we wanted it. They just informed us about THEIR decision with the informational “proposal”. They don’t want to build together, they want to communicate their decisions to us.

There is no additional value for $APE since to be eligible to mint one free NFT you will have to hold any number of $APE. There had to be a limit on the number of $APE to get eligible, then it would have chances to increase the value of a token. Also this way most of NFTs will be swiped by networks of bots.

In the case if bots will not sweep all the NFTs the team communicated that the price for 1 NFT will be 1 $APE. Why? Because they understand that the collection is so low effort that it will not have any value at all.

Why no value? There is no roadmap and no marketing or PR of the collection planned. Even the NFT production will cost them very little or even no cost because, most probably, they convinced Kolex that if they will organise everything for Immutable X then they will get a nice PR.

Why do they want all secondary sales to go to charity? Because this is the easy way to get out clean. They will be able to communicate that they don’t have to build value of the collection because this is a non-profit project.

BTW, since the value of NFTs will be extremely low and no one will care about the collection, you can guess how small the secondary sales will get so the donation will look like a joke.

Who will win and benefit hard from the airdrop? Of course Immutable X. Because to be able to trade you will have to switch to Immutable X, thus they will onboard just tons of users. They will also communicate that our community now owes their team because of the airdrop, and this will ease their efforts to convenience the Foundation to collab.

In general they just want to throw a bunch of low effort NFT in our faces, and benefit from using us, and they want us to be happy about that. I would call it a rug pull.

And because everyone loves free stuff their plan will work.

[0xSword]

I’m glad to see them again on here. Even moreso, as promised, they enabled Apecoin on their L2 which is a great thing as they continue to gain momentum. They’ll offer some trading card packs for $APE holders, which is cool. Might not be worth a lot of money, but that’s not the point.

It was agreed on the public twitter space that small steps like this, building a relationship, was the best way forward. The team was humble & open, excited about gaming and scaling their L2.

We’ve already had one game developer come to propose building a game for the DAO using Immutable X L2, and it’d be great to attract more developers to the ecosystem. It’s a positive thing!

[river]

Hi @Immutable_X,

Your topic will be automatically closing in less than 24 hours. Are you content with the feedback received, or do you wish to extend community discussion for a further 7 days?

If we do not hear from you within 48 hours after your topic closes, your topic will be moved straight to the AIP Draft process.

We look forward to hearing from you.

- river

[Immutable_X]

Hi @river -

Can we please extend community discussion for an additional 7 days?

[cjmoles]

I don’t understand your argument here. Are you opposed to networking? Opposed to gasless transaction fees? Opposed to expanding the community? You’d call it “a rug pull” → but these guys have been around longer than us…

I don’t see anything wrong with their proposal…it’s not costing us anything and it increases our exposure.

[0xApe]

Thanks for @Immutable_X. This is really fun.
I have some tools for free mint, too. It has good feedback. I hope this cooperation will be hot.

[Swarm]

If I want us to avoid low quality collections and using us as a cheap tool doesn’t mean that I am opposed to networking, etc. As I said before I had nothing against collabs with Immutable X until they posted this nonsense. If they will not change their attitude and the community will eat it, we have risks to get in a trap that can decrease the $APE price drastically, and the free NFT that you will be able to sell for 50$ (if get lucky) will not compensate the losses.

[river]

Hi ApeCoin DAO Community,

@Immutable_X has requested to extend the community discussion period for this AIP idea. This topic will automatically close a further 7 days from now. We encourage the community to continue to engage in thoughtful discussions through constructive criticism, honest feedback, and helpful suggestions.

Follow this Topic as further updates will be posted here in the comments.

- river

[cjmoles]

Okay, I understand your argument now…makes sense from that perspective.

I’m looking at it from a more utilitarian perspective. While I rarely agree with IMX’s marketing tactics, I am familiar with their protocol and use their platform regularly (being a Gods Unchained player). In the beginning, I opposed Gods Unchained plan to migrate our NFTs from the mainchain to IMX to avoid gas fees because I was worried about my assets’ values; however, my assets’ values weren’t affected, and the utility IMX affords to NFTs, due to the gasless transactions, is off the charts. There’s huge potential there. You’d have to see it to believe it, and from that perspective, I don’t see anything wrong with IMX footing the bill to introduce their technology to our wider community without any further obligation on our part.

[Doug]

Very cool thanks for throwing this together

[river]

Hi @Immutable_X,

Your topic will be automatically closing in less than 24 hours. Are you content with the feedback received, or do you wish to extend community discussion for a further 7 days?

If we do not hear from you within 48 hours after your topic closes, your topic will be moved straight to the AIP Draft process.

We look forward to hearing from you.

- river

[Immutable_X]

@river:

We are content with the feedback received, thank you.

FYI: https://apesonl2.com/ is now live!