Magic Eden Proposes BAYC Marketplace 'for Apes by Apes'

Magic Eden Proposes BAYC Marketplace 'for Apes by Apes'

A week after announcing that its platform will integrate with Ethereum-based NFTs, Solana's top NFT marketplace proposed a new Bored Ape Yacht Club (BAYC) marketplace "for apes by apes."

"gm apes, [we] heard you're looking for a marketplace," the team wrote on Twitter. "Here's our vision for the best marketplace for apes by apes, powered by APE on the ApeCoin domain, with rewards back to the community."

The proposal claims to champion ApeCoin DAO members and reduce secondary marketplace transaction fees. Magic Eden's Ape Improvement Proposal (AIP) would slash marketplace fees down to 0.75 percent for members the Yuga Labs ecosystem paying in APE and holding a BAYC, Mutant Ape Yacht Club (MAYC) or Bored Ape Kennel Club (BAKC) NFT.

The marketplace will not cost the ApeCoin DAO upfront, and Magic Eden will cover the costs of engineering, marketing, and customer service.

Future initatives, if approved, include a launchpad for ApeCoin DAO NFT drops and a split in revenues between Magic Eden and ApeCoin DAO itself.

"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 proposal reads. "The existing marketplace takes no initiative to curate an experience for its most valuable community. We aim to change that."

"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," the proposal continues. "There will be no cost to ApeCoinDAO for building this marketplace."

The vote and approval process are expected to take a few weeks. More updates will be available as the ApeCoin DAO proposal progresses through the appropiate channels.

Read the full proposal and vote here.

More about Bored Ape Yacht Club

Arguably the most successful NFT project, the Bored Ape Yacht Club (BAYC), is a collection of 10,000 uniquely generated bored apes that are stored on the Ethereum blockchain. Launched on April 23, Bored Ape Yacht Club had a mint price of 0.08 ETH and the collection sold out on April 30, 2021. Since its launch, the project has dropped multiple companion collections including Bored Ape Kennel Club, Mutant Ape Yacht Club, and Otherdeed for Otherside, and has helped onboard a number of high profile and celebrity collectors to the NFT ecosystem.

At the time of publish, the Bored Ape Yacht Club floor price sits at 65.99 ETH, and has stayed relatively flat over the past 24 hours on 407 ETH volume of transactions. Over the last 30 days, 25 sharp wallets have sold 28 NFTs and 29 sharp wallets have bought 29 NFTs in the Bored Ape Yacht Club collection. Catch up on other recent Bored Ape Yacht Club news here.

Recent Bored Ape Yacht Club Sales

#7369sold at 12/02 12:12am for
64.0
#2380sold at 12/01 10:12pm for
65.0
#7369sold at 12/01 10:12pm for
63.5
#6608sold at 12/01 5:12pm for
63.5
#2216sold at 12/01 3:12pm for
69.0

Recent Bored Ape Yacht Club Listings

#465listed at 12/02 8:12am for
99.9
#2206listed at 12/02 8:12am for
70.0
#4506listed at 12/02 8:12am for
82.0
#8477listed at 12/02 8:12am for
117
#8477listed at 12/02 8:12am for
117
Disclaimer: The author or members of the Lucky Trader staff may own NFTs discussed in this post. Furthermore, the information contained on this website or the Lucky Trader mobile application is not intended as, and shall not be understood or construed as financial advice.
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