Magic Eden Proposes to Build NFT Marketplace for ApeCoin Holders

After joining the Ethereum blockchain only just a week ago, Magic Eden has revealed a proposal to build an ApeCoin marketplace.

The proposed marketplace is exclusive to the ApeCoin community. Built using Magic Eden’s technology, the marketplace will operate from the DAO’s official website.

In its proposal, the Solana-based marketplace says the DAO pays high transaction fees to trade in an unknown marketplace that adds no value to its members. Magic Eden wants to change this with its version promising several key features and benefits to members of the DAO community.

Details of Magic Eden Proposal

The new marketplace will allow NFT trades in ApeCoin (APE) – ApeCoin DAO’s native token.

According to the proposal, ApeCoin DAO will not commit any funds to the project as Magic Eden will be responsible for financing the project should the DAO agree to the proposal.

Magic Eden will also be responsible for building the required tools and will work in partnership with ApeCoin DAO to integrate future initiatives. In addition, the proposal also offers financial benefits to members of the ApeCoin DAO community. It is proposing a 1.5% charge on every transaction with a 0.5% discount on transactions made in $APE.

Presently Magic Eden charges 2% on transactions on its marketplace while leading Ethereum-based marketplace OpenSea charges 2.5%. Also, holders of the DAO’s blue-chip NFTs will enjoy an additional 0.25% discount for every transaction. 

Aside from Magic Eden’s proposal, ApeCoin DAO has received numerous offers to build a marketplace after its launch earlier in the year. All of which was turned down by the DAO including that of Avalanche and Immutable X.

Should the DAO sign off on the proposal, Magic Eden says it will launch in September. Magic Eden still awaits a response from the DAO as holders of ApeCoin are yet to vote for or against the proposal.

Magic Eden, a leading marketplace on the Solana blockchain controls over 90% of trade volume on the network. Landing the Bored Ape community together with its recent launch on the Ethereum blockchain will strengthen Magic Eden’s position. This will also place it in direct competition with NFT marketplace leader OpenSea.

Should the marketplace receive an approval, it will mark a significant turn in ApeCoin’s pursuit of a sustainable platform for which it has also migrated onto Polygon for.