The ApeCoin DAO, the decentralized autonomous organization behind ApeCoin, is evaluating a proposal to create a Bored Ape Yacht Club (BAYC)-themed hotel in a prime location in Bangkok.

The proposal, submitted by pseudonymous DAO member DeSmart on July 19, suggests renovating an existing hotel in downtown Bangkok with several BAYC-themed rooms, an ApeCoin-themed bar, and a swimming pool. DeSmart is requesting $356,000 in ApeCoin (APE) tokens to complete the project, having already reached an agreement with the hotel in question.

Beyond the aesthetic appeal, part of the funding will be used to offer various benefits for ApeCoin holders. This includes 50 nights of free accommodation for holders, limited to one night per holder. DeSmart believes this will increase the “visibility and utility of ApeCoin” and generate “actual revenue” for the ApeCoin DAO.

Image of the APE-themed rooftop bar included in the proposal. Source: ApeCoin DAO

According to the proposal, 50% of the revenue from all APE-themed rooms will be returned to the ApeCoin DAO for one year after completion.

To qualify for one night’s free stay, an ApeCoin member must prove membership in the ApeCoin forum, hold more than 1 APE, and post a promotional tweet with pictures of the themed room and any positive experiences to receive a cashback payment for their stay.

Another key feature of the proposed hotel is accepting ApeCoin as a payment method to demonstrate “ApeCoin’s applicability in the real world” and encourage its circulation and usage.

In May, DeSmart mentioned conducting onsite inspections and reaching 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,” DeSmart stated on the ApeCoin forum.

Proposal Gains Popularity

The proposal has garnered significant support within the DAO. As of publication, 90% of the votes are in favor, while 10% oppose it. Voting concludes on August 1.

The rooftop bar and pool are among the most expensive developments, with a combined cost of 100,000 APE tokens, equivalent to $87,000 at current prices.

The proposed list of expected costs associated with developing the APE-themed hotel. Source: ApeCoin DAO

Earlier, 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 global 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, which was reached about two months after its launch in March 2022.

The price of ApeCoin is down nearly 97% from its all-time high. Source: CoinGecko

Source: Coitelegraph