Magic Eden’s plan to make an exclusive Bored Ape Yacht Club NFT marketplace for the ApeCoin community is up against some tough competition: A marketplace protocol called Rarible has given ApeCoin (APE) holders its own proposal idea, undercutting Magic Eden with a no-fee offer.
On Wednesday, Rarible showed off their proposal idea, which is an NFT platform based on ApeCoin that doesn’t charge marketplace fees for NFTs listed by holders. The open-source Rarible Protocol-powered marketplace would also combine listings from other important markets, like OpenSea and LooksRare, to increase liquidity.
The planned market will focus on NFT collections from Yuga Labs’ Bored Ape world, like the original Bored Ape Yacht Club, the Mutant Ape Yacht Club, the Bored Ape Kennel Club, and Otherside.
The ApeCoin DAO might also let people vote on which projects to include. A DAO, or decentralized autonomous organization, is an online group of people who share goals or interests. Tokens are often used to show membership in a DAO. Those who own ApeCoin are members of the ApeCoin DAO and can vote on proposals for the ecosystem.
ApeCoin was introduced in March as an Ethereum-based currency meant to power metaverse experiences and other Web3 apps, like Yuga Labs’ future Otherside game.
The proposal also talks about being able to pay in fiat currency through MoonPay, getting specialized help, and making a collection-wide offer. Rarible says that after DAO certification, it can set up the marketplace for free in four weeks. It has already helped other NFT projects like V1 Punks and Degenerate Ape Academy find markets.
Magic Eden’s proposal, which was filed on August 9, suggested an ApeCoin marketplace with a base marketplace fee of 1.5% that could be lowered to 0.75 % based on certain factors: a 0.5% discount for users who buy with ApeCoin and another 0.25% discount for users who own an NFT from certain Bored Ape-related projects.
An NFT is a token on the blockchain that can be used to show who owns a product. In the Bored Ape Yacht Club, each NFT represents one of 10,000 different avatars, and people who own them can use their own photos in business. So far, the secondary market has made more than $2.3 billion off of the Bored Ape Yacht Club.
Rarible is an NFT market that started on Ethereum and has steadily grown to other chains. In the Solana ecosystem, Magic Eden is the biggest market, and it just added support for Ethereum NFTs.
At the moment, they are the most well-known companies that offer an NFT marketplace for ApeCoin users only, but they are not the only ones. On August 9, Snag Solutions, which makes a protocol for white-label markets, also proposed an NFT market.
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. Snag Solutions asked for $50,000 at first to cover the costs of development and auditing, but they have recently offered to put the platform in place for free.
All three of these projects are still just ideas. Then, they might be changed into a formal proposal and put up for a vote. If everything goes well, the ApeCoin community might soon have its own Bored Ape NFT market.