Magic Eden proposes to build NFT marketplace for ApeCoin holders

Solana unicorn NFT marketplace Magic Eden has unveiled a proposal to build an ApeCoin marketplace for the ApeCoin (APE) community solely for trading with ApeCoin and ETH.

The announcement follows a week after the marketplace’s entry into the Ethereum market. 

According to the proposal, the marketplace would operate on the official ApeCoin website and it would leverage Magic Eden’s technology.

Discounts on selling fees as low as 0.75% would be offered to users who purchase using APE, with a 1.5% base fee that can be cut down with a 0.5% discount for trades made in APE. Another 0.25% discount for Bored Ape Yacht Club, Mutant Ape Yacht Club, and Bored Ape Kennel Club NFT holders would also be available.

‘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,’ Magic Eden General Counsel Joe Doll said.

Magic Eden has offered to build the marketplace for free, which would be considered by the ApeCoin community via a formal vote an ApeCoin Improvement Proposal (AIP). Magic Eden claims the marketplace will be deployed as soon as September if the proposal is passed. 

Magic Eden also states the possibility of additional features down the line, such as a launchpad for creating and distributing new ApeCoin-related NFT projects and the ability for Bored Ape creator Yuga Labs to sell merchandise through the platform if it chooses to do so.

Magic Eden was released last fall and quickly became the main player in the Solana NFT market. It now commands 90% or more of daily trading volume and secured a $1.6 billion valuation in June as it raised US$130 million.

Its move to Ethereum was a direct shot at OpenSea, which is currently the leading marketplace in the NFT space. With the help of the Bored Ape community, it could help Magic Eden bolster its presence in the space to new heights. 

‘The pitch was inspired by the immense respect we have for the BAYC community and all of Yuga Labs’ IP communities,’ said Magic Eden’s content and marketing head Tiffany Huang. ‘We want this marketplace to be the first of a long-term relationship.’

‘We believe this positions our pitch to bring a strong value offer to the ApeCoin DAO community in the form of product building, community support, and general Ape culture integration into our technology stack. As we build on our growth, we want this marketplace to be co-built by the Apes, for the Apes, with minimal effort and no funding required from the community,’ she added.