APE DAO Updates
It's good news
After we launched with fractionalising some apes and a punk (background here), we completely sold out, with two days left on the deadline!
Of course we had help along the way, a big thanks to Wades, Ding and many others who rallied their discord troops and showed them the value in the project. It was also in big part due to the BAYC floor rising 2x within a day, giving much more value to the bundle of NFT’s than was previously planned.
As promised, we launched a members only private discord (Although we announced this on our twitter page, we have noticed that a lot of members still missed it, so please do spread the word!) : https://discord.gg/hQKUkuw7U8
It’s a place where we get together and decide the future of the DAO, it’s assets, proposals for governance and decisions on how to spend the 70ETH raised from the fractions sale. You need to own $APED tokens to be part of the discord.
How to acquire $APED and become a part of the DAO:
There’s three ways to acquire $APED right now:
1) Niftex asset listing: https://bit.ly/3xi6Ncn
2) Sushiswap listing: https://bit.ly/3vfUsnz
The two above methods currently don’t have much liquidity because not many people seem to want to sell their $APED tokens. We are going to solve this problem in the near term by allowing existing members and others to donate apes, punks and other NFT’s to the DAO assets to get $APED in return at a fixed rate.
3) While the proposal is under discussion between our members, the only other way to get $APED would be direct transfers between holders and interested parties. We have set up an escrow channel in our discord so that these transactions can happen safely while there is limited liquidity. (Please beware of scammers and impersonators in this space and doublecheck before making any transactions, always use a trusted person as an escrow.)
Price action: We are all in this for the long term, but monetary implications cannot be ignored. Post a successful fractionalisation at a bundle value of 140 ETH, the current total value of $APED on the NIFTEX curve is at 170 ETH ( a 22% return in a few days ), while the more liquid market on Sushiswap has $APED trading between 250-300 ETH market cap. We are happy for our supporters and our long term goal is to keep adding value to make this one of the largest DAO’s ever.
Other positive news:
1) Our Ape members are very generous. Ding donated camels, a punks comic, an ethling, wades donated bonsai trees and a lebron artwork, exhuman from niftex donated a cute cyberkongz, I’ve sent a rare artblocks sphynx cat etc. We’ve also had some anonymous donations. A big thank you to all, this only adds to and strengthens the APE DAO vault further.
2) We spoke to the NIFTEX team and decided that, for now, the smart contracts have enough capability for our NIFTEX bundle to allow us to function as a DAO, i.e. we can propose proposals, we can vote on them, and we can even remove certain NFT’s from the vault for sale in the future, should we decide to. This means that $APED not only represents fractional ownership of the underlying assets bundle, but also voting and governance rights for the entire DAO itself.
3) We spoke to the BAYC team! They have (understandably) been swamped with work but still made time to hear about our DAO and why we are bullish on apes going forward. It was great to speak to them and give them a background of the people involved in the project and our ideas. We also want to make clear that we are not related to BAYC in any way, other than the fact that we own apes and all the commercial rights that come along with them. And this is how it should be. A good open and decentralised NFT ecosystem should allow various use cases and 3rd party applications like DAO’s to thrive.
Media:
We spoke to a couple of people about Ape DAO.
1) This podcast with Dr. Jeremy: https://anchor.fm/nfteach/episodes/A-Episode-003-Fractionalizing---Can-you-buy-part-of-an-ape--with-Kylo-e12gclr
Call to action:
1) We need more people to help mod the APE DAO discord, organise activities, schedule regular calls, keep valuation of DAO assets up to date, help and engage with our members, etc. Please DM me on twitter or discord. Requirements: Is an ape, and has previously help such roles in other discords and has a stellar record/ references. Will be paid in $APED tokens.
2) The DAO has accumulated a nice kitty 70 ETH on anything that is a promising opportunity for its members. If you are looking for liquidity and you think you’re offering a good deal on premium NFT’s / anything else, please reach out to us. Can’t guarantee we will buy it, but at least we will put it to a vote!
Final word:
More updates will come. Crypto and NFT’s are a fast evolving space, but at APE DAO we want to ensure we are keeping in mind a bigger picture focus as we build on a strong community and foundation one step at a time. Most importantly, we wanna have some fun and learn together!