The ApeCoin community rejects the creation of multi-link APE NFTs, here’s why

• ApeCoin DAO is in the process of rejecting the AIP-206 proposal.
• Most of Yuga Labs’ collections recorded a decline in volume.

Home to several blue-chip NFT collections, Yuga Labs created ApeCoin [APE] to act as the guiding symbol for its projects. Since then, several proposals have had to go through a voting process before approval or rejection.

Realistic or not, here it is APE’s market value in ETH terms

Can’t mitigate the stumbling block

Now it seemed that the AIP-206 proposal aimed at creating multi-link APE NFTs has been met with a brick wall. This was because voting for the proposal showed that the ApeCoin community did not support the idea.

At press time, 83.99% voted against it while only 9.99% were in favor. Others preferred to abstain.

Source: Snapshot via ApeCoin

On January 13, Aaron Leupp presented suggestionl to society. According to the details, 20,000 items from two collections called Ape Coin Armory Club and Ape Coin Pet Club were to be created.

Furthermore, the development of the collection was supposed to be ApeCoin’s ticket into the metaverse, while also containing more utility and providing growth incentives.

However, it is no news that ApeCoin houses Bored Ape Yacht Club [BAYC]Meebits and Mutant Ape Yacht Club [MAYC]. But the proposal that would have cost $168,000 was aimed at designing something similar The sandbox [SAND]and Decentralized country [MANA].

Successes and struggles

The trial signals another attempt by Yuga Labs to expand NFT participation. Just a few weeks ago, the NFT-focused blockchain team slipped away from just Ethereum [ETH] or APE NFTs. During that time, it auctioned his first Bitcoin [BTC] NFTs after the successes registered by Ordinals.

However, the rejected proposal was not related to the way the Bitcoin NFT sale went. Instead, the intent of the proposal was for the community to own these items at no cost, while holders of BAYC, MAYC and other collections are also given the opportunity to pivot.

How much is 1,10,100 APEs worth today?

But in recent times, the performance of these blue-chip pools has raised questions about the sustainability of the NFT market. Except Crypto-punksmost of the collectibles’ recorded volume fell recently.

In accordance DappRadar, MAYC’s volume, fell by 57.47% in the last 24 hours. BAYC, on the other hand, was able to make a rise above the $3 million threshold. But the volume also had a similar trend to the sister collection – 32.6% down in the same period.

Source: DappRadar

Meanwhile, NFTs have continued to gain attention beyond the crypto ecosystem as cultural institutions continue to delve into the sector.

Regardless, there is no doubt that the market needs a lot of interaction and fluid input to improve.