Solana-based Magic Eden Proposes Marketplace For Bored Apes Community

NFT Marketplace Magic Eden is planning to build another marketplace in Ethereum. The platform looks to build on the prominent Bored Ape Yacht Club (BAYC) market catering to the ApeCoin (APE) community. Magic Eden is the current leader in the Solana NFT Market. This upcoming marketplace will operate through the official ApeCoin website utilizing Magic Eden’s technology. It promises to offer certain advantages, particularly for Bored Ape NFT holders, such as lower trading fees.

“Magic Eden is going to ETH L1, and the ApeCoin DAO community is a fantastic place to start—we’re swinging for the fences,” announced Joe Doll, Magic Eden’s General Counsel. Users of the platform will be able to bid on NFTs using both ETH and APE. However, transactions done through APE may come with a discount.

This new marketplace also vows to offer lower seller’s fees compared to Magic Eden’s own marketplace as well as OpenSea. Current fees for both marketplaces stand at 2% and 2.5%, respectively. Magic Eden’s proposal projects the fees to be as low as 0.75% for sellers. There is also a 1.5% base fee, which can be cut down to 0.5% if a trade is made in APE. Another 0.25% discount also comes for BAYC owners and related collections such as the Mutant Ape Yacht Club.

“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,” Doll elaborated. Under the proposal, Magic Eden also offered to build the marketplace for free. But, the community will still have to take this into consideration. Magic Eden hopes to launch the marketplace as soon as September upon the approval of the proposal.

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

“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.”

Source: Decrpyt