Magic Eden Submits Proposal to ApeCoin DAO for Building a Marketplace
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Marketplace For $APE Holders
Magic Eden's proposal involves building a marketplace that allows $APE holders to sell and buy NFTs with a transaction fee of just 0.75%. The marketplace aims to introduce ETH/APE bidding, mercy functionality, discounts for APE payments, and custom engineering. The proposal further states,
"Magic Eden's vision is to build the ApeCoinDAO marketplace, the home for $APE holders to buy and sell ApeCoinDAO NFTs, including but not limited to BAYC, MAYC, and BAYC. All inside of the DAO's native home at a 0.75% transaction fee and at no cost to the DAO. The marketplace strives to be the place where ApeCoinDAO members can share experiences and utility across the most powerful community in NFTs."
According to Magic Eden, there will be a 1.5% fee per trade, 0.5% discount for ApeCoin transactions ($APE), plus another 0.25% discount for Bored Ape Yacht Club (BAYC), Mutant Ape Yacht Club (MAYC), and Bored Ape Kennel Club (BAKC) NFT holders. The NFT Marketplace wrote,
"The ApeCoin DAO 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 came just a week after Magic Eden announced its launch on Ethereum; it will now deal with ApeCoin DAO's governance system. Magic Eden is presently the biggest NFT marketplace on Solana, which charges a 2% fee on all transactions via its platform.