Recently, Magic Eden unveiled its plan to give the ApeCoin community an exclusive Bored Ape Yacht Club (BAYC) NFT marketplace. However, it has to contend with stiff competition from Rarible, a marketplace protocol. Rarible offers ApeCoin users a no-fee marketplace that undercuts the former’s plan.
Rarible is an NFT platform that charges zero market fees for NFTs listed by its holders. The ApeCoin-based marketplace showed its proposal idea on Wednesday. To increase its liquidity, it intends to combine listings from LooksRare, OpenSea, and other important markets.
Rarible’s planned market is NFT collections from the Bored Ape world such as the Mutant Ape Yacht Club, the original Bored Ape Yacht Club, the Bored Ape Kennel Club, and a host of others.
Through the ApeCoin Decentralized Autonomous Organization (DAO), holders may be assigned governance power that allows them to vote on other projects to include. Only token holders are considered members of a DAO, an online group of individuals who share interests and goals.
Each ApeCoin holder is a DAO member and by the virtual of their token ownership, can vote on issues concerning the ecosystem. The proposal listed some of the functions of the proposed multipurpose project which include getting specialized help, paying in fiat currency via MoonPay, and more.
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According to the Rarible team, after its DAO certification, the free marketplace will be up and running within four weeks as the team has already found markets for other NFT projects such as Degenerate Ape Academy and V1 Punks.
In the proposal filed on August 9, Magic Eden suggested an affordable marketplace with a 1.5% base market fee with the possibility of lowering it to 0.75% depending on some factors such as a 0.25% discount for NFT owners from some selected Bored Ape-related projects and a 0.5% discount for users transacting with ApeCoin.
Rarible was launched on the Ethereum blockchain and has gradually extended to other chains while Magic Eden is currently the biggest market in the Solana ecosystem while it recently supports Ethereum NFTs.
It is currently the most recognized NFT marketplace exclusively for ApeCoin users, although there are some competitors such as Snag Solutions which also recently proposed an NFT market.
According to NFT News, “It has changed its pitch and now charges a 0.5% marketplace fee when NFTs are bought with ETH or 0.25% when bought with APE. The idea is that 0.25% of all fees should go back to the ApeCoin DAO’s bank account.”