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.

By Shomik Sen Bhattacharjee | Updated: 11 August 2022 18:28 IST

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."

2/ From eating Death Nuts w/ @Herb_Castillo (more to come!) to chatting with @BoredNHungry, to reaching out to countless apes over twitter DMs, we've taken time to meet the community.

The community wants a marketplace that champions @apecoin members and reduces tx fees. pic.twitter.com/7hu096n2Pg
— Magic Eden ???? (@MagicEden) August 9, 2022

“..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.

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4/ Instead of asking for upfront $, we will build the @apecoin marketplace for free.

We will dedicate resources across engineering, marketing & customer service to knock it out of the ballpark.

Some initial mock-ups here: pic.twitter.com/Ndc4y72d8c
— Magic Eden ???? (@MagicEden) August 9, 2022

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."

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

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