Magic Eden Proposes to Build "ApeCoinDAO," An NFT Marketplace Catering To ApeCoin Holders 14

Magic Eden Proposes to Build “ApeCoinDAO,” An NFT Marketplace Catering To ApeCoin Holders

  • Magic Eden submits a proposal to launch the “ApecoinDAO” NFT marketplace
  • The marketplace intends to provide utility to Apecoin holders by building a custom marketplace to trade and purchase NFTs. 

Leading Solana NFT marketplace Magic Eden has submitted a proposal to the ApecoinDAO to build a special NFT marketplace for $Apecoin users. 

Magic Eden Proposes ApeCoinDAO. 

Magic Eden’s proposal to build an NFT marketplace intends to offer Apecoin holders a chance to trade and purchase NFTs at a transaction fee of 0.75%. 

Outlining the special features that the marketplace will be equipped with, Magic Eden further added that it intends to introduce ETH/APE bidding, discounts for APE payments, mercy functionality, custom engineering, and marketing resources. 

“Magic Eden’s vision is to build the ApeCoinDAO marketplace, the home for $APE holders to buy and sell ApeCoinDAO NFTs, including but not limited to BAYC, MAYC, and BAYC. All inside of the DAO’s native home at a 0.75% transaction fee and at no cost to the DAO. The marketplace strives to be the place where ApeCoinDAO members can share experiences and utility across the most powerful community in NFTs” the proposal later adds 

Speaking about the motivation behind launching an NFT marketplace for Ape holders, Magic Eden states that it aims to provide sustainable utility to the Apecoin by slashing the transaction fee and helping the community in launching their own exclusive NFT endeavors and initiatives. 

“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… 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. There will be no cost to ApeCoinDAO for building this marketplace.” The proposal later states

The proposal further suggested a certain fee structure that would be functional once the proposal is accepted and the marketplace goes live. Per the official proposal outline, Magic Eden suggested a 1.5% fee on each trade with a 0.5% discount on all transactions made in $ApeCoin, followed by an additional 0.25% discount for transactions made by BAYC, MAYC, and BAKC holders. 

Per the timeline mentioned in the proposal, Magic Eden intends to launch the marketplace somewhere around September 2022. 

Launched earlier in 2022, ApeCoin DAO was exclusively created to connect the entire ApeCoin community and serve as a governance mechanism for the token. The DAO follows a proposal process through which critical discussions are undertaken and later voted on to drive the utility of the Apecoin ecosystem and help the token and its community to prosper ahead in the long run.