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Magic Eden Proposes Building ApeCoinDAO NFT Marketplace

The leading Solana NFT marketplace, Magic Eden, has recently submitted a proposal to ApeCoinDAO to build a specialized NFT marketplace for $Apecoin users! This marketplace will be intended to provide utility to Apecoin holders by developing a custom marketplace to purchase and trade NFTs. 

The Proposal

Magic Eden proposed to build an NFT marketplace which will offer the Apecoin holders to purchase and trade NFTs at a transaction fee of 0.75%. The special features for the marketplace were outlined in the proposal. Moreover, Magic Eden has also added that it intends to introduce bidding for ETH/APE pairs, discounts for APE Payments, custom engineering, marketing resources and mercy functionality. 

“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,” as added in the proposal. 

Talking about the idea behind building a dedicated NFT marketplace for Ape holders, Magic Eden said it aims to create sustainable utility for Apecoin by reducing the transaction fee and enabling the community to launch their own exclusive NFT endeavours 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.”

A certain fee structure was also suggested in the proposal that would be functional once the proposal is accepted and the marketplace becomes active. There will be a 1.5% fee on each trade with a .5% discount on all transactions made using the $Apecoin. There will be an additional 0.25% discount for transactions made by NFT BAYC, MAYC and BAKC holders. 

This proposal has only been made possible with the help of a DAO or decentralized autonomous organization that allows the token holders to submit proposals. 

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