• ApeCoin has rejected the AIP-206 proposal due to lack of community support.
• The proposal aimed at creating multi-link APE NFTs, but was met with a brick wall.
• Most of Yuga Labs’ collections have seen a decrease in volume.
The Rejected Proposal
The ApeCoin DAO recently rejected the AIP-206 proposal. This proposal was presented by Aaron Leupp and aimed at creating multi-link APE NFTs. Voting showed that the ApeCoin community did not endorse this idea, with 83.99% voting against it and 9.99% in favor while others chose to abstain.
ApeCoin’s Attempts at Expansion
Yuga Labs is attempting to expand its NFT participation, having auctioned its first Bitcoin [BTC] NFTs after the successes recorded by Ordinals. The rejected proposal was not linked to the way the Bitcoin NFTs sales went, instead aiming for the community to own these items at no cost while holders of BAYC, MAYC, and other collections also get the opportunity to pivot into metaverse assets such as The Sandbox [SAND], and Decentraland [MANA].
Decline in Volume
Most of Yuga Labs’ collections have registered decreased volumes lately. According to DappRadar, MAYC’s volume decreased by 57.47% in 24 hours and BAYC had a similar trend with 32.6% down within that same period; except for Crypto Punks which has maintained steady performance since its launch.
APE Market Cap
At press time, 1 APE is worth 0 ETH according to CoinGecko data, giving it a market cap of around $3 million USD in ETH terms (approximately).
This article discussed ApeCoin’s attempt at expanding their NFT participation through an unsuccessful proposal as well as reflected on their current market cap position amidst decreasing collection volumes across several blue-chip projects housed under Yuga Labs‘ umbrella.