Magic Eden Proposes to Build NFT Marketplace for ApeCoin Holders, Submit Proposal to ApeCoin DAO

The proposed marketplace would offer lower sellers’ fees than Magic Eden’s own marketplace.

Magic Eden Proposes to Build NFT Marketplace for ApeCoin Holders, Submit Proposal to ApeCoin DAO

Photo Credit: Twitter/ Magic Eden

If the proposal passes, Magic Eden claims the marketplace can be readied as soon as September.

Highlights
  • Magic Eden is among the largest players in the Solana NFT market
  • The planned marketplace would operate via the official ApeCoin website
  • Magic Eden’s pitch includes the ability for collectors to bid on NFTs

Magic Eden has made a bold move and put forward a proposal to build an ApeCoinDAO marketplace for the ApeCoin (APE) community, including Bored Ape Yacht Club (BAYC), Mutant Ape Yacht Club (MAYC), and Bored Ape Kennel Club (BAKC) holders. The proposal states that the NFT marketplace would operate via the official ApeCoin website and it would be based on Magic Eden's technology. Magic Eden pitched that the collectors can bid on NFTs using a combination of both ETH and ApeCoin. Discounts would be offered to users who purchase using APE.

Tiffany Huang, Magic Eden's content and marketing head, speaking to Decrypt said, "The pitch was inspired by the immense respect we have for the BAYC community and all of Yuga Labs' IP communities."

“..our pitch to bring a strong value offer to the ApeCoin DAO community in the form of product building, community support, and general Ape culture integration into our technology stack.”

The proposed marketplace would offer lower seller fees than Magic Eden's own marketplace as well as OpenSea.

The proposal states that the fees would be 0.75 percent for sellers, with a 1.5 percent base fee that can be cut down with a 0.5 percent discount for trades made in APE, plus another 0.25 percent discount for holders of Bored Ape Yacht Club, Mutant Ape Yacht Club, and Bored Ape Kennel Club NFTs.

Magic Eden has offered to build the marketplace for free. The proposal will be put up for a formal vote as an ApeCoin Improvement Proposal (AIP) for ApeCoin holders.

Huang continued, "As we build on our growth, we want this marketplace to be co-built by the Apes, for the Apes, with minimal effort and no funding required from the community."

If the proposal passes, Magic Eden claims that it can deploy the marketplace as soon as September.


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Further reading: Cryptocurrency, Magic Eden, ApeCoin, BAYC, MAYC, NFT
Shomik Sen Bhattacharjee
Shomik is a senior sub-editor at Gadgets 360. As someone who's screened the consumer tech space for the past four years, he's now shifted focus to the crypto-verse. When not converting currency values in his head, you may find him in an intense five-a-side football match or grinding out the newest Destiny 2 weekly challenge on his Xbox. You can reach him for tips or queries at ShomikB@ndtv.com. More
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