Magic Eden to create a special marketplace for ApeCoin holders
By Yuliia Rokytska 1230 18 Aug 2022
A special marketplace for collections of Bored Ape Yacht Club, Mutant Ape Yacht Club, Lady Ape Club, and other Yuga Labs projects may appear very soon. ApeCoin token holders should just accept Magic Eden’s proposal. Read more on Gagarin News.
NFT platform Magic Eden has proposed creating a separate trading platform for Yuga Labs’ NFT collection fans. They believe it should be presented on the official ApeCoin website and run on Magic Eden technology.
Among the benefits of the new marketplace for Bored Ape NFT holders will be low fees, the ability to bid using a combination of ETH and ApeCoin, and discounts for APE token holders. The trade fee for sellers can be around 0.75%, and the base fee is 1.5%. The discount amount for APE transactions is planned to be at 0.5%. In addition, a 0.25% discount is expected for holders of non-fungible Yuga Labs tokens.
Whether to create a trading platform or not will be decided by the ApeCoin community through an official vote. For now, however, the proposal has not been discussed. According to Magic Eden forecasts, the marketplace could be launched in September if the token holders make a favorable decision soon.
The new platform could have additional features in the future: the NFT minting and sale of items based on Yuga Labs NFTs.
Recall that the Magic Eden platform appeared last year and quickly took one of the leading positions in the Solana NFT market. The daily trading volumes of the platform reached 90% of the rest working on the Solana blockchain. In June, the marketplace was valued at $1.6 billion. Magic Eden proposed creating a separate marketplace for ApeCoin almost immediately after it announced its operation with the Ethereum blockchain.
ApeCoin is a new token created on the Ethereum network and designed to support the expanding Yuga Labs ecosystem. Public trading began in March. Bored Ape NFT owners received some coins for free. The cryptocurrency is priced from $6 to $7. It surged by more than 40% as of July. ApeCoin belongs to DAO governance tokens. The owners of this asset can actively participate in the project’s life, voting for specific proposals.
It should be noted that Bored Ape Yacht Club is one of the most expensive NFT collections. As data from CryptoSlam show, its volume of secondary trading is about $2.3 billion. New projects based on BAYC, such as the Mutant Ape Yacht Club, Lady Ape Club, and the Otherside metaverse, are also popular. The total turnover of trades exceeds ~$5 billion.