Magic Eden wants to build an ApeCoin NFT marketplace just for chained monkeys – here’s why

Leading Solana NFT marketplace Magical Eden just announced its entry into the Ethereum market a week ago and already it has started to serve the most famous society in space. Magic Eden today unveiled a proposal to build one Bored Ape Yacht Club marketplace for ApeCoin (APE) community.

according to suggestionthe planned ApeCoin marketplace – which would operate via the official ApeCoin website and be based on Magic Eden’s technology – would give Bored Ape certain advantages NFT owners, including lower trading fees.

“Magic Eden is going to ETH L1, and the ApeCoin DAO community is a great place to start – we’re swinging for the fences,” said Magic Eden General Counsel Joe Doll Decrypt.

Magic Eden’s pitch includes the ability for collectors to bid on NFTs using a combination of both ETH and ApeCoin, as well as a discount for those users who buy with APE. The proposed marketplace will offer lower seller fees than Magic Eden’s own marketplace (2%), let alone leading Ethereum NFT marketplace Open sea (2.5%).

Under the proposal, fees could be as low as 0.75% for sellers, with a 1.5% base fee that could be cut by a 0.5% discount for trades made in APE, plus an additional 0.25% discount for holders of Bored Ape Yacht Club, Mutant Ape Yacht Cluband Bored Ape Kennel Club NFTs.

“We believe that our sheer ability to execute, combined with our efforts to connect with the ApeCoin DAO community and ensure their marketplace vision is heard and executed, sets us apart from any other marketplace in crypto,” Doll said.

Magic Eden has offered to build the marketplace for free as part of the proposal, which will be reviewed by the community. If put up for a formal vote as an ApeCoin Improvement Proposal (AIP), ApeCoin holders will be able to vote for or against adoption of the plan. Magic Eden claims it could deploy the marketplace as soon as September if the proposal is ultimately passed.

Additional features may also be added down the line, including a startup platform to create and distribute new ApeCoin-related NFT projects, as well as the ability for Bored Ape creator Yuga Labs to sell merchandise through the platform if it chooses to do so.

Launched last fall, Magic Eden quickly became the dominant player in the growing Solana NFT market, consistently holding 90% or more of the daily trading volume in recent a valuation of $1.6 billion in June when it grossed $130 million.

With the move to Ethereum, Magic Eden takes a direct shot at OpenSea, currently the best marketplace in the NFT space. Getting the Bored Ape community on board could help cement Magic Eden’s position in the Ethereum space.

“The pitch was inspired by the tremendous respect we have for the BAYC community and all of Yuga Labs’ IP communities,” said Tiffany Huang, Magic Eden’s Content and Marketing Manager. “We want this marketplace to be the first in a long-term relationship.”

“We believe this positions our pitch to provide a strong value proposition to the ApeCoin DAO community in terms of product building, community support and general Ape culture integration into our technology stack,” she said. “As we build on our growth, we want this marketplace to be built together by the Monkeys, for the Monkeys, with minimal effort and no funding required from the community.”

An NFT is a blockchain token that represents ownership of an item, such as profile pictures, artwork, collectibles, and interactive video game items. The market has already provided approx trade volume worth 20 billion dollars so far in 2022, per data from DappRadar, having increased to $25 billion throughout 2021.

ApeCoin is an Ethereum-based token designed to power the growing Bored Ape Yacht Club ecosystem, including metaverse apps and games. It was launched in Marchwith significant token allocations given for free to Bored Ape NFT holders, and the price has fluctuated wildly since. On only over $7 per token right now it’s up more than 40% in the last 30 days.

The ApeCoin ecosystem is managed by a DAO, or decentralized autonomous organization, with token holders able to vote on proposals that potentially benefit society. A DAO is a cryptocommunity united by a common goal or purpose, including the operation of a protocol, and membership is often represented by tokens.

In the past, blockchain networks have made proposals to try to move the ApeCoin ecosystem away from Ethereum’s the main network. Rival networks Avalanche quit in Mayand the Ethereum scaling network Immutable X followed. None of the proposal ideas made it to a formal vote, although the DAO did vote for in May “[keeping] ApeCoin in the Ethereum Ecosystem.”

Bored Ape Yacht Club is one of the most valuable NFT projects on any blockchain, and the collection has generated more than $2.3 billion in secondary trading volume to date, per data from CryptoSlam. Spinoff projects such as Mutant Ape Yacht Club and Otherside metaverse game has also done well, pushing the franchise’s collective trade tally over $5 billion to date.