Magic Eden Submits Proposal to Build NFT Marketplace for ApeCoin
NFT marketplace Magic Eden has submitted a proposal to ApeCoin to build an “ApeCoinDAO” marketplace, to serve as the home for $APE holders to buy and sell ApeCoinDAO NFTs, including but not limited to BAYC, MAYC and BAKC. All $APE holders can conduct transactions in the marketplace at a 0.75% transaction fee and at no cost to the DAO.
Magic Eden has built a dominant primary and secondary marketplace that has gained and held a market share of over 90% on Solana for over 10 months, and is now rolling out full ETH L1 capabilities. The platform has over 100 employees, including over 45 engineers – all devoted to creating the best marketplace possible. It has recently signed agreements to build marketplaces for partners such as Okay Bears, Aurory, Genopets, Mini Nations, Sugar Realm, Yaku Corp, VBA, Nekoverse, and many more.
The ApeCoinDAO marketplace strives to be the place where members can share experiences and utility across the most powerful community in NFTs. Features include: combo ETH/APE bidding, discounts for APE payments, merch functionality, and custom engineering and marketing resources.
Initial designs can be seen below:
The ApeCoinDAO marketplace will significantly slash fees, provide sustainable utility to ApeCoin, and provide a platform through which the community can launch their own projects and initiatives. There will be no cost to ApeCoinDAO for building this marketplace.
The first phase of the ApeCoinDAO marketplace will be a customized and branded secondary trading experience, going live around September 2022. Sellers will pay a net fee of 0.75%, which takes into account a 1.5% base fee per trade, minus a 0.5% discount for trades made with $APE, and minus an additional 0.25% discount for trades made by holders of BAYC, MAYC or BAKC. The 0.75% fee will help fund marketplace operations.
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Magic Eden will work with e-commerce channels to launch a merch store that accepts $APE and is part of the ApeCoinDAO marketplace. It will also offer dedicated marketing staff to ensure both the announcement and formal launch of the marketplace help ApeCoinDAO gain significant traction across business and lifestyle publications.