- Magic Eden revealed a proposal to build an official Bored Ape Yacht Club NFT marketplace for ApeCoin users.
- NFT buyers and sellers with APE are said to benefit.
- Magic Eden endeavors to Cement its position in the Ethereum Space.
Magic Eden, Solana’s NFT marketplace, has proposed to build an ApeCoin marketplace for Bored Ape Yacht Club NFTs. The proposal consisted of Magic Edens’s offer to build the marketplace free with the consent of the community through a formal vote to an ApeCoin improvement proposal, which if passed, could deploy the marketplace by September.
As per the proposal, the planned ApeCoin marketplace is supposed to work via ApeCoin’s website, which will be based on Magic Eden’s technology. Bored Ape NFT holders will enjoy the benefits of this marketplace, which includes lower trading fees.
Joe Doll, the general counsel for Magic Eden, told Decrypt:
Magic Eden is going to ETH L1, and the ApeCoin DAO community is a fantastic place to start—we’re swinging for the fences.
Magic Eden’s proposal also addressed the ability for the collectors to bid on NFTs using a combination of Ethereum and Ape currencies with discounts for those using Ape for transactions. The proposed marketplace is said to offer a lower seller’s fee compared to that of Magic Eden’s own marketplace (2%) and OpenSea (2.5%), Ethereum’s leading NFT market.
The fee for sellers could be as low as 0.75% with a base of 1.5%, which could be reduced by 0.5% for all trades made using APE, accompanied by another 0.25% discount for holders of Bored Ape Yacht Club NFTs.
“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.
Magic Eden became the dominant player in the growing Solana NFT market in quick succession by consistently commanding 90% of the daily trading volume and reaching a $1.6 billion valuation in June as it raised $130 million.
With its emergence into Ethereum, Magic Eden looks to take on OpenSea, the top marketplace in the NFT world. It is believed that getting the Bored Ape community on board could help Magic Eden establish its position in the Ethereum space.