Rarible proposes no-fee Bored Ape NFT marketplace

Following Magic Eden’s pitch to build an exclusive Bored Ape Yacht Club NFT marketplace for ApeCoin holders, rival NFT marketplace protocol Rarible became a contender. On August 17, Rarible submitted a proposal idea to build a marketplace with a ‘no fees’ structure. 

Rarible’s proposal notes that the ApeCoin-centric NFT platform will charge no marketplace fees for NFTs that are listed natively by holders. In terms of payment, Rarible proposes bids being made in $APE and $ETH while also offering fiat on-ramp and credit card checkout using MoonPay.

The proposed marketplace, which will be powered by Rarible’s open-source protocol, will also aggregate listings from other marketplaces, including OpenSea and LooksRare, to guarantee liquidity. The proposed marketplace also would focus on NFT collections tied to Yuga Labs’ Bored Ape ecosystem, including the original Bored Ape Yacht Club, the Mutant Ape Yacht Club, Bored Ape Kennel Club, and Otherside.

Rarible also said the launch would be scheduled within four weeks of DAO approvals at zero cost.

With its zero-fee policy, Rarible stands in stark contrast to Magic Eden’s proposal (filed on August 9), which would have come with a 1.5% base marketplace fee which could be reduced to 0.75% based on certain variables, along with a 0.5% discount for making purchases with $APE plus an additional discount for NFT holders of specific Bored Ape-related projects.

Meanwhile, Snag Solutions, a white-label marketplace protocol, who also joined the race to build an NFT marketplace for Ape holders, filed its proposal on August 9. Snag’s adjusted proposal offers a 0.5% and 0.25% in marketplace fees for NFTs bought with $APE or $ETH respectively.

At this stage, all three proposals are just ideas that will be put forward as a formal proposal for the ApeCoin community to vote on. If successful, the ApeCoin community could have its own custom Bored Ape NFT marketplace in the near future.

Photo: PNGTree