Magic Eden Proposal Aims To Build NFT Marketplace For ApeCoin Holders

NFT marketplace Magic Eden has made a bold move and put forward a proposal to build an ApeCoinDAO marketplace for the ApeCoin (APE) community, including BAYC, MAYC and BAKC holders.

The proposal states that the marketplace would operate via the official ApeCoin website and it would be based on Magic Eden’s technology.

Magic Eden pitched that 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 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% for sellers, with a 1.5% base fee that can be cut down with a 0.5% discount for trades made in APE, plus another 0.25% 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.”

Also Read: Magic Eden Integrates Ethereum NFTs on Platform With Cross-Chain Solution

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

Magic Eden also states the possibility of adding more features down the road, such as a launchpad for creating and distributing new ApeCoin-related NFT projects and the ability for Bored Ape creator Yuga Labs to sell merchandise through the platform if it chooses to do so.