Magic Eden Submits Proposal To Build Low-Fee ApeCoinDAO Marketplace

Ayush Pande
11.08.2022

Just over a week after adding support for Ethereum NFTs on its platform, Magic Eden puts forward a proposal to build a marketplace for the Yuga Labs’ NFT collections. 

Magic Eden’s Marketplace For Apes, By Apes

In yet another bold move to cement its roots in the NFT industry, Magic Eden unveils its proposal to build an ApeCoinDAO marketplace. The marketplace is set to become a hub where the DAO’s members can interact and share experiences “across the most powerful community in NFTs.”

Operating on ApeCoin’s official website, the platform will allow users to buy, sell and trade BAYC, MAYC, and BACK NFTs using the $APE and ETH tokens, with discounts for transactions made using ApeCoin. 

Transaction Fees On Magic Eden’s New Marketplace

Magic Eden claims that the seller will be charged a 1.5% fee on each trade, with a 0.5% discount if the transaction is made in ApeCoin and an additional 0.25% discount for holders of BAYC, MAYC, or BACK collections. 

By utilizing both discounts, the APECoinDAO marketplace will offer lower seller fees of 0.75% than Magic Eden and rival OpenSea’s fees. Furthermore, similar to other marketplaces, it will grant 2.5% royalty from all trades to Bored Ape NFTs' creator Yuga Labs. 

ApeCoinDAO Marketplace Roadmap

Magic Eden states that if the community approves its proposal, it will begin the implementation of the marketplace as early as September. Instead of requiring upfront funds, the fee charged from sellers will be used to fund the operations and will act as a recurring revenue stream for ApeCoinDAO. 

Moreover, Magic Eden will collaborate with e-commerce platforms to launch an ApeCoin merchandise store, with plans to partner up with other projects selected by ApeCoinDAO. Lastly, Magic Eden will implement an Ape Launchpad that will allow users to mint and launch their own NFTs using pre-minting and allowlist tools.

Community Reception

The proposal was met with a mostly positive response from both Magic Eden and ApeCoin communities, with users stating that a white-glove custom marketplace that allows the DAO to decide how the revenue is split is an excellent addition to the BAYC branding. 

On the other hand, some users voiced their skepticism by stating they want Magic Eden to include Otherside deeds in the marketplace, even if it means delaying its launch by a few weeks. 

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