Magic Eden, the top Solana NFT marketplace, proposes building an official ApeCoin marketplace specifically for Bored Ape Yacht Club NFTs.
Top Solana NFT marketplace Magic Eden has revealed a proposition to build an official ApeCoin marketplace, particularly for Bored Ape Yacht Club (BAYC) NFTs. It comes on the heels of Magic Eden’s announcement last week about its plans to expand into the Ethereum NFT space.
As per the proposal, the intended ApeCoin marketplace would provide certain advantages and benefits to BAYC NFT holders, such as lower trading fees. Moreover, while the proposed marketplace would operate via ApeCoin’s official website, it would be based on Magic Eden’s technology.
“Magic Eden is going to ETH L1, and the ApeCoin DAO community is a fantastic place to start—we’re swinging for the fences,” said Magic Eden’s General Counsel Joe Doll.
Magic Eden’s ApeCoin Marketplace Pitch
To make its proposal more enticing, Magic Eden said collectors could bid on NFTs using ETH and ApeCoin, with an additional discount for those who buy NFTs using APE. The planned ApeCoin marketplace would offer sellers’ fees much lower than Magic Eden’s marketplace (2%) and leading Ethereum NFT marketplace OpenSea’s (2.5%).
The pitch states that fees could be as low as 0.75% for sellers, with a 1.5$ base fee that can be decreased further with a 0.5$ discount for trades made in APE and an additional 0.25% discount for BAYC, Mutant Ape Yacht Club (MAYC), and Bored Ape Kennel Club NFT holders.
“We think that our sheer ability to execute, combined with our efforts to connect with the ApeCoin DAO community and ensure that their marketplace vision is heard and executed, sets us apart from any other marketplace in crypto,” Doll said.
Here’s the kicker: Magic Eden is offering to build the ApeCoin marketplace free as part of the proposal, and this is something the community would have to consider. Should it be put up for a formal vote as an ApeCoin Improvement Proposal (AIP), then ApeCoin holders must vote for or against the plan’s passage. Per Magic Eden, if the community ultimately passes the proposal, it can deploy the marketplace this September.
Magic Eden hints that it could add more features to the marketplace down the line, including a launchpad to create and distribute new ApeCoin-related NFT projects. The platform also plans to give Yuga Labs, BAYC’s parent company, the ability to sell merchandise through the ApeCoin marketplace should it choose to do so.
The Ace up its Sleeve
Moving into the Ethereum space indicates that Magic Eden aims to compete directly with OpenSea, which is currently the number one NFT marketplace globally. If Magic Eden can sway the Bored Ape community to get on board with its plans, it could be the ace up its sleeve in cementing its position in the Ethereum space.
“The pitch was inspired by the immense respect we have for the BAYC community and all of Yuga Labs’ IP communities,” said Tiffany Huang, Magic Eden’s content and marketing head. “We want this marketplace to be the first of a long-term relationship.”
“We believe this positions 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,” she said. “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.”
The ApeCoin ecosystem is governed by a decentralized autonomous organization or a DAO. A DAO is a cryptocurrency community united by a shared goal or purpose, including operating a protocol. Tokens typically represent DAO membership; thus, Magic Eden’s proposal to the ApeCoin DAO community means token holders can vote on the ApeCoin marketplace if they deem it beneficial to the community.
It is not the first time that the ApeCoin DAO community has received proposals trying to move the ecosystem off Ethereum’s mainnet. In May, blockchain network Avalanche submitted a pitch, with Ethereum scaling network Immutable X following suit.
However, neither proposal went up for a formal vote. The DAO did vote in May, but it was in favor of “[keeping] ApeCoin within the Ethereum ecosystem.”
Presenting this proposal for the ApeCoin marketplace is a wise move for Magic Eden, seeing as how BAYC is one of the most valuable NFT projects on any blockchain. The BAYC NFT collection has generated over $2.3 billion worth of secondary trading volume to date. Even its spinoff projects like the MAYC and the Otherside Metaverse game are raking in sales, bringing the franchise’s collective trading volume to more than $5 billion as of this writing.
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