Magic Eden, the biggest market for Solana non-fungible tokens (NFTs), has only been on the Ethereum market for a week, but it already wants to serve the most people in the industry. Today, Magic Eden showed a plan to build a marketplace for ApeCoin (APE) users called the Bored Ape Yacht Club.
According to the proposal, the proposed ApeCoin marketplace, which would be run through the official ApeCoin website and use Magic Eden’s technology, would give Bored Ape NFT holders a number of benefits, such as lower trading costs.
“Magic Eden is going to ETH L1, and the ApeCoin DAO community is a fantastic place to start—we’re swinging for the fences,” said Magic Eden’s general counsel, Joe Doll.
Collectors will be able to bid on NFTs using both ETH and ApeCoin, and ApeCoin users will get a discount. The costs for sellers will be lower on the proposed marketplace than on Magic Eden’s own marketplace (2%) and even on OpenSea (2.5%), which is the best Ethereum NFT marketplace.
According to the plan, the costs for sellers could be as low as 0.75%, with a basic charge of 1.5% that can be lowered by 0.5% for APE transactions and another 0.25% for holders of Bored Ape Yacht Club, Mutant Ape Yacht Club, and Bored Ape Kennel Club NFTs.
Doll said, “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.”
As part of the plan, Magic Eden has offered to make the marketplace for free. This offer will be looked at by the community. If the idea is put to a formal vote as an ApeCoin Improvement Proposal (AIP), ApeCoin holders will be able to vote for or against it. If the idea is finally approved, Magic Eden thinks the marketplace could open as soon as September.
In the future, more features might be added, such as a launchpad for building and distributing new ApeCoin-related NFT projects and the option for Bored Ape developer Yuga Labs to sell products through the platform if it wants to.
Magic Eden was released in the fall of 2017 and quickly became the main player in the growing Solana NFT market. It now controls 90% or more of daily trading volume and was worth $1.6 billion in June while raising $130 million.
Magic Eden’s move to Ethereum is a direct shot at OpenSea, which is the current leader in the NFT industry. Getting the help of the Bored Ape community could help Magic Eden’s reputation in the Ethereum realm.
“The pitch was inspired by the immense respect we have for the BAYC community and all of Yuga Labs’ IP communities,” said Tiffany Huang, who is in charge of content and marketing at Magic Eden.
She said, “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.”
A non-fungible token (NFT) is a blockchain token that shows ownership of an object, like a profile picture, a piece of art, a collectible, or an interactive video game asset. DappRadar says that the market has already traded more than $20 billion worth of goods in 2022. In 2021, the market was worth $25 billion.
ApeCoin is a cryptocurrency based on Ethereum that is meant to support the growing Bored Ape Yacht Club ecosystem, which includes metaverse apps and games. It was released in March, and holders of Bored Ape NFT got free tokens. Since then, the price has changed a lot. The price has gone up by more than 40% in the last month and is now just over $7 per token.
The ApeCoin ecosystem is run by a DAO, which stands for “decentralized autonomous organization.” Token holders can vote on ideas that would be good for the community.
A decentralized autonomous organization, or DAO, is a crypto community with a common goal or purpose, like running a protocol. Tokens are often used to show membership in a DAO.
In the past, blockchain networks have said that the ApeCoin ecosystem should be taken off of Ethereum’s mainnet. In May, both Avalanche and Immutable X, a competing scaling network for Ethereum, gave talks. Neither proposal was put to a formal vote, but in May, the DAO voted in favor of “keeping ApeCoin inside the Ethereum ecosystem.”
The Bored Ape Yacht Club is one of the most profitable NFT projects on any blockchain. According to CryptoSlam, the collection has made more than $2.3 billion in secondary market activity so far. Spinoffs like the Mutant Ape Yacht Club and the Otherside metaverse game have also been successful, bringing the total sales of the franchise to more than $5 billion.
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