Magic Eden Proposes BAYC Marketplace 'for Apes by Apes'

Magic Eden Proposes BAYC Marketplace 'for Apes by Apes'
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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.

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. AI may have assisted in the creation of this content.