ApecoinDAO has received a proposal from Magic Eden, the leading Solana NFT marketplace, proposing the development of a unique NFT marketplace for users of Apecoin. Apecoin owners will be able to trade and buy NFTs with a transaction fee of 0.75% if Magic Eden’s plan to develop an NFT marketplace is implemented. This will be made available to Apecoin holders by Magic Eden. Magic Eden further said that it wants to provide ETH/APE bidding, discounts for APE payments, mercy functionality, bespoke engineering, and marketing resources when it launches its marketplace. These are just some of the special features that will be included in the marketplace when it launches.
According to the plan, Magic Eden’s long-term goal is to create the ApeCoinDAO marketplace. This would be the central location where holders of $APE will be able to trade ApeCoinDAO non-fungible tokens (NFTs), including but not limited to BAYC, MAYC, and BAKC. All of this takes place within the DAO’s natural habitat with a transaction fee of 0.75% and at no additional cost to the DAO. The goal of the marketplace is to become the central gathering point where members of ApeCoinDAO, the most influential community in the world of NFTs, may discuss their experiences and the various ways they put their coins to use.
Providing Sustainable Utility To Apecoin
Magic Eden, when asked about the rationale behind introducing an NFT marketplace for Ape holders, stated that it intends to bring sustainable utility to Apecoin by reducing the transaction price and assisting the community in launching its very own exclusive NFT projects and initiatives.
According to the plan, the most successful DAO in the history of the world is responsible for paying outrageous fees to trade on a marketplace that provides no benefit to DAO members. Magic Eden intends to alter this. The ApeCoinDAO marketplace will dramatically reduce costs, provide ApeCoin with a sustained utility, and create a platform through which the community may start their own projects and activities. ApeCoinDAO will incur no fees for developing this marketplace.
A User-Centric Fee Structure
In addition to this, the plan outlined a specific price structure that would become operational in the event that the proposal was approved and the marketplace was operational. According to the formal overview of the plan, Magic Eden considered charging a fee of 1.5% on each trade, with a discount of 0.5% applied to all transactions done in $ApeCoin, followed by an additional discount of 0.25% applied to transactions made by holders of BAYC, MAYC, and BAKC.
ApeCoin DAO is a decentralized autonomous organization that was introduced earlier in 2022. Its sole purpose is to bring together the whole ApeCoin community and act as a governance system for the currency. The DAO follows a proposal process in which crucial conversations are held and then voted on to drive the utility of the Apecoin ecosystem and aid the token and its community in achieving long-term success. According to the schedule outlined in the proposal, Magic Eden plans to establish the marketplace in September 2022.
