Magic Eden proposes to launch NFT marketplace for ApeCoin holders

The AIP Idea submitted to the ApeCoin DAO describes the project’s key objective as “building a world class, low-fee marketplace for apes, by apes.”

NFT marketplace concept, stock image.

Magic Eden, a leading Solana NFT marketplace, intends to launch a special marketplace for ApeCoin holders to buy and sell ApeCoin DAO collections, including but not limited to BAYC (Bored Ape Yacht Club), MAYC (Mutant Ape Yacht Club), and BAKC (Bored Ape Kennel Club). The relevant proposal has already been submitted to the DAO and awaits the approval of the community.

Speaking of the special features the marketplace would offer, Magic Eden intends to introduce ETH / APE bidding, discounts for APE payments, merch functionality, and custom engineering & marketing resources. On top of that, a transaction fee for trading and purchasing NFTs would be just 0.75%.

“The most prolific DAO in world history is paying obscene fees to trade on a marketplace that returns no value to DAO members, full stop. The existing marketplace takes no initiative to curate an experience for its most valuable community. We aim to change that,” the proposal states, explaining the motivation behind the idea of a special marketplace exclusively dedicated to the Ape community.

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Magic Eden added that there will be no cost to ApeCoin DAO for building the marketplace. It also suggested a base 1.5% fee on each trade with a 0.5% discount on all transactions made with APE, followed by an additional 0.25% discount for transactions made by holders of BAYC, MAYC, or BAKC. If approved, the launch of the project is planned for September 2022.

The proposal comes just a week after Magic Eden expanded to Ethereum blockchain, building its presence across various web3 communities. The marketplace has long billed itself as a creators-oriented alternative to its Ethereum-based rival, OpenSea. Now, if Magic Eden succeeds in luring away Apes, OpenSea’s most prolific community, the competition will reach an entirely different level.