Magic Eden submitted a proposal to ApeCoinDAO to create a marketplace where APE holders can buy and sell NFTs.
Magic Eden stated that the DAO had to pay high fees to be able to trade in markets that were of no use to DAO members.
Magic Eden Wants to Build an NFT Marketplace for the APE Community
Magic Eden noted that DAO members had to pay high fees on various NFT marketplaces and they want to change this:
“The ApeCoin DAO marketplace will bring a significant reduction in fees and provide a sustainable benefit to ApeCoin. In addition, it will create a platform where the community can start their own projects and initiatives. Nor will it cost ApeCoinDAO anything to build this marketplace.”
Along with the offer, Magic Eden offered a 1.5% fee on ApeCoin transactions and an additional 0.25% discount on Bored Ape Yacht Club, Mutant Ape Yacht Club and Bored Ape Kennel Club transactions.
This proposal by Magic Eden comes a week after they announced that they will be on the Ethereum blockchain. Magic Eden, Solana’s largest marketplace, takes a 2% commission on all transactions on the platform.
Founded in early 2022, ApeCoinDAO acts as the governing mechanism of ApeCoin. The DAO is not controlled by Yuga Labs, which manages the Bored Ape Yacht Club. In fact, ApeCoinDAO and Yuga Labs clashed over whether ApeCoin should move to its own blockchain.
This isn’t the first marketplace offer the DAO has received. No proposal to the DAO has been successful so far.
Magic Eden’s proposal will be processed and settled through ApeCoinDAO’s governance system.
