AIP-400: Enable $APE as a payment option for onchain consumer transactions on Co:Create Ink 

ABSTRACT

This AIP seeks to create an extension of Co:Create Ink, enabling redeemable and digital-only tattoo designs to be powered by and purchased with $APE, with the primary objective of establishing a sustainable business model that:

• Establishes a new use case for $APE
• Creates real-world consumer transactions using $APE

WHY TATTOOS? The history of tattoos goes back thousands of years. Yet, in modern times, tattoos were taboo in much of the Western world. They were an art form associated with sailors, soldiers, and criminals, something you hid if you wanted a “white-collar job.” In fact, tattoos were made illegal in many US states and cities for decades, with tattoo bans not repealed in New York City until 1997.

Things have changed drastically in the last two decades. 1 in 3 Americans now have a tattoo. When we look at younger demographics, that percentage increases dramatically - more than 50% of women aged 18-49 have tattoos. Perceptions have also changed, with 80% of Americans stating they believe society has become more accepting of tattoos in recent years.

The tattoo industry has grown alongside this shift in perception. By some estimates, the US tattoo industry alone exceeds $1.5B USD and is projected to reach $3.9B by 2030. For all the growth and cultural relevance of tattoos, the business of tattooing has yet to evolve.

The industry needs to be more cohesive, composed mostly of small, independently owned businesses. There are no dominant software platforms or point-of-sale systems. As a result, tattoo shops have remained primarily cash-only businesses.

Second, the price artists charge for their art is based on how long it takes them to apply a tattoo, not based on the art they create, contrary to how prices are set for most other art forms. Tattoo artists are still paid like hourly workers. With the rise of social media and the creator economy, we have seen the emergence of tattoo artist celebrities. These top tattoo artists have massive social media followings, with some garnering millions of online followers. Not surprisingly, appointment wait times can extend multiple years for what are rightly considered masterpieces.

BENEFIT TO APECOIN ECOSYSTEM

We imagine a future where ApeCoin powers a sizable percentage of global consumer crypto payments. Co:Create Ink will introduce ApeCoin to new users, positioning $APE as THE method for onchain consumer transactions. ApeCoin DAO will leverage Co:Create Ink as a platform to accelerate adoption, inspiring more real-world applications and mainstream adoption of $APE as a payment gateway.

2.5% of top-line revenue from all transactions paid for with $APE will be sent to the ApeCoin DAO treasury until the full allocation of this AIP is returned. Distribution of revenue back to the DAO treasury will occur on a bi-annual basis until $50k USD or the equivalent of ApeCoin is returned to the DAO.

10% of revenue generated through $APE transactions will be held for three months in $APE by Co:Create Ink.

OVERALL COST

Total amount requested from the ApeCoin Ecosystem Fund = $50,000 to be paid in $APE to create a payment gateway on Co:Create Ink to support purchases in $APE.

Below are areas in which we will use the $50k to enable a payment gateway to accept APE for purchases:

• Legal review to ensure no issues are accepting APE to buy tattoos domestically and internationally
• Identifying and integrating with a crypto payments provider/platform
• Design and product management to create a product requirements doc and Figma designs
• Engineering resources to build and test APE payment rails in the product
• Operationalize accepting payments in APE and paying artists on a set cadence

PROPOSAL

Link to the full proposal: https://forum.apecoin.com/t/aip-400-enable-ape-as-a-payment-option-for-onchain-consumer-transactions-on-co-create-ink/21679

The AIP implementation is administered by the Ape Foundation. Implementation may be immaterially or materially altered to optimise for security, usability, to protect APE holders, and otherwise to effect the intent of the AIP. Any material deviations from an AIP, as initially approved, will be disclosed to the APE holder community.