Magic Eden Proposes An Exclusive ApeCoin NFT Marketplace

It was only a week ago Magic Eden made its debut into the Ethereum market after being a Solana garden for about a year. Nevertheless, this top Solana NFT marketplace presented a Bored Ape Yacht Club marketplace for ApeCoin (APE) earlier this month. ApeCoin is an Ethereum-based coin meant to support the burgeoning Bored Ape Yacht Club ecosystem.

The community will discuss Magic Eden’s plan to develop a free marketplace, and ApeCoin holders can vote for or against the idea once it’s presented as an ApeCoin Improvement Proposal (AIP). If the idea passes, Magic Eden says it can launch the marketplace as early as September.

Established last October, leading Solana NFT company Magic Eden has since dominated 90% or more of daily trading volume, and accumulated $130 million at a $1.6 billion valuation. The Bored Ape Yacht Club is one of the most valuable NFT enterprises on any blockchain, with more over $2.3 billion in secondary trading volume. Spinoffs like Mutant Ape Yacht Club and Otherside have also done well, increasing the franchise’s total sales above $5 billion.

Despite this, the platform only charges 2% for transactions. Moreso, the newly proposed marketplace would provide even lower percentages. According to the plan, selling costs may be as low as 0.75%, with a 1.5% base charge reduced by 0.5% for APE trades and 0.25 percent for Bored Ape Yacht Club, Bored Ape Kennel Club, & Mutant Ape Yacht Club NFT holders.

Discounted trading fees would be available to owners of Bored Ape NFTs on the planned ApeCoin marketplace, which would be hosted on the official ApeCoin website and powered by Magic Eden. Possible future features include a marketplace for Bored Ape maker Yuga Labs’ wares and a launchpad for ApeCoin-related NFT initiatives.

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