Magic Eden Makes Proposal to Launch ApeCoin (APE) NFT Marketplace

Sir Coopernicus

Magic Eden continues to make headlines. In August alone, it has announced an Ether (ETH) payment integration and more recently, published an ApeCoin DAO NFT Marketplace proposal. This new marketplace would allow users to buy and sell NFTs using ApeCoin (APE), the native currency of the ApeCoin DAO. The decision will be in the hands of the ApeCoin DAO to vote on as Magic Eden makes this proposal official.

This is a huge move to attract the Bored Ape Yacht Club and Otherside communities, some of the wealthiest and most influential in NFTs, to Magic Eden. Magic Eden proposes building this without any funds from the Apecoin DAO, meaning ApeCoin can keep funds to use on other projects.

The proposal would bring financial benefits to ApeCoin:

"Our AIP slashes MP fees to 0.75% for the community.

Here’s the math:

  • 1.5% base fee per trade
  • minus 0.5% discount for trades made with APE
  • minus an additional 0.25% discount for trades made by holders of BAYC, MAYC or BAKC"

This could be one of the biggest partnerships in the NFT world if the ApeCoin DAO embraces Magic Eden.

Magic Eden gives a few core reasons they believe ApeCoin DAO should work with them:

  • They are the most innovative marketplace & ship fast
  • They have resources to support apes’ needs across eng, customer service, marketing, etc.
  • They want to deliver value back to holders and are building the marketplace for free

It's hard to deny these points, Magic Eden has become an absolute powerhouse of NFTs in a very short period of time. Innovating on launchpads, gaming integrations directly on the marketplace, and now the cross-chain experience.

Key Points from the Proposal:

Secondary trading: Phase one is a customized branded secondary trading experience, to be launched in September 2022.  Sellers pay a net fee of .75%, which is their 1.5% base fee, minus .5% discount for trades made with $APE and an additional .25% discount for trades made by holders of BAYC, MAYC, or BAKC.

Community support: customer service, ongoing management, and post-launch feature development to the specs of ApeCoinDAO.

Merch: Magic Eden will work with e-commerce channels to launch a store that accepts $APE.  They’ll work with teams at BAYC, MAYC, and BAKC to identify the ideal merch and launch branded stores for hodlers of each collection.

Ultimate flexibility: Magic Eden says they’ll dedicate significant resources to the success of this partnership, loosely stating that they will build tooling and work together on future initiatives beyond the specifics listed here.

Magic Eden Also Proposes Future Initiatives Assuming This AIP is Approved

ApeCoinDAO Revenues: Discounts are just step one of this marketplace.  There is potential for a revenue stream for ApeCoinDAO from fees on this marketplace.

Launchpad: One of Magic Eden’s most successful product features is their launchpad.  They propose that the ApeCoin DAO could utilize this to launch future projects, minted in $APE, when appropriate.

Source: Magic Eden / ApeCoinDAO