ApeCoin DAO wants to build a hotel in Bangkok, but the question remains: Will this save APE price? After all, it is already down 97% from all-time highs.
From 2020 through 2021, it was easy to go “ape.” Crypto prices were ripping higher, and Bitcoin soared to nearly $70,000.
With rising prices, NFTs also trended at record highs. Collectors and holders of BAYC NFT collections were kings.
If you wanted any BAYC NFT, you had to cough at least 110 ETH in early 2022.
Mark Cuban got in and bought these coveted collections at a huge premium.
Then 2022 happened.
The NFT scene has never been the same again. It was decimated, and a Cuban recently sold his BAYC—at a huge loss.
According to Coingecko, BAYC NFTs have a floor price (or the minimum price) of just around 10 ETH.
(Source)
However, even with depressed NFT activity, it doesn’t mean the industry is “done.”
There is activity to reinvigorate the NFT ecosystem, and ApeCoin DAO is at the lead.
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ApeCoin DAO Planning To Build An “APE-Themed” Hotel In Bangkok
They recently proposed establishing the first “APE-themed” hotel in Bangkok for 410,000 APE, or roughly $341,000.
In the ongoing voting, over 87% of APE holders support the idea, with only 12% against it.
Voting started on July 19 and ends on July 22.
Under the proposal, the goal is to “enhance the BAYC IP Exposure, visibility, and utility of ApeCoin, and generate actual revenue for ApeCoin DAO.”
The DAO would effectively bridge the gap between crypto, hospitality, art, and intellectual property through this hotel.
Once developed, assuming the project sails through, the plan is to offer a fully immersive ApeCoin experience via exhibitions and even an APE-branded swimming pool.
It will not only attract crypto enthusiasts but also be a comprehensive promotional tool for the struggling ApeCoin ecosystem. Though cash will be accepted, APE will also be one of the payment methods.
APE Price Strategies Will Feature, But Will It Revive Demand?
$APE is looking bullish today., moving ahead after confirming the 0.6$ mark. Upon its upward climb, the next target will be 1.4$. If it loses momentum, 0.52$ will be the next support. Expecting $BTC to stay bullish too.
Previously, we've seen a 120% profit on it. pic.twitter.com/iRbmYWdJta— Decilizer (@decilizer) July 21, 2024
Meanwhile, there will be a revenue-sharing plan. In the first year of operations, 50% of revenue from all themed rooms will be directed to the treasury.
For APE holders, 50 complimentary nights of accommodation will be provided, and community members will have free access to certain hotel facilities.
However, for verification, APE holders wishing to access these facilities must prove their ApeCoin Forum membership beyond revealing their APE wallet balance.
Additionally, for users to receive complimentary nights, they must post reviews or photos. They are also encouraged to submit positive feedback in exchange for cashback.
(APEUSDT)
Even with this proposal, APE is still struggling, trading for less than $1, down from over $25 at the last bull cycle of 2020 to 2021.
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Disclaimer: Crypto is a high-risk asset class. This article is provided for informational purposes and does not constitute investment advice. You could lose all of your capital.
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