Nonfungible tokens are becoming the meeting point of new ways of culture, gaming, and commerce, but who decides the value of an NFT?
What is it with these sly, funny, but boring-looking apes that continue to make headlines? Many collectors argue that it’s less about the image, itself, and more about the culture, social capital and wealth the community of owners has gained from Bored Ape Yacht Club that give the collection its value. Amassing over, the community trusted that the creators would deliver on its promise for token emission.
BAYC has been highly influential in accelerating cultural change and nonfungible token adoption. A month after being released, APE is already stirring conversation regarding governance protocols, its utility within the Metaverse and its steady adoption as a universal form of payment in the NFT space.ApeDAO is the decentralized autonomous organization that launched ApeCoin.
Despite all this opportunity, DAOs, which may appear sound on paper, are not the most straightforward layer of decentralization. The biggest challenges DAOs face are that code-is-law and active coordination among members must be voted on. ApeDAO is not immune to the challenges most DAOs face and is already being contested because of certain Ape Improvement Protocols .
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