Magic Eden collaborates with ApeCoinDAO to establish a low-fee exclusive NFT marketplace.

On 8/9, NFT trading marketplace Magic Eden proposed to ApeCoinDAO to establish an exclusive NFT market, allowing APE holders to buy and sell NFTs with a minimal transaction fee of as low as 0.75%, significantly lower than the current 2% transaction fee on the Magic Eden platform. Proposal link.

APE Trading Discounts, Cheaper for Monkey Friends

In its proposal, Magic Eden claims its vision to establish an NFT trading marketplace driven by APE tokens within the ApeCoin.com domain.

Initially, Magic Eden plans to charge a basic transaction fee of 1.5% for all trades, with an additional 0.5% discount for transactions using APE. Holders of BAYC, MAYC, and BAKC tokens will enjoy an extra 0.25% discount, resulting in a minimum fee of 0.75%, significantly lower than the 2% on the Magic Eden platform. The 0.75% transaction fee revenue will provide funding for the operation of the trading market.

Incentive Conditions: Free Development + Profit Sharing

Magic Eden does not seek any funding to develop this platform and proposes to increase APE utility and profit-sharing with ApeCoinDAO for support.

Magic Eden aims to provide an NFT community platform where members can exchange experiences and launch their own projects and initiatives through Launchpad. Magic Eden hopes to offer more features including whitelist management, wallet address identification, auctions, pre-minted coins, and various marketing resources. If approved, future governance proposals can suggest profit-sharing between Magic Eden and ApeCoinDAO to create revenue sources for the community and Launchpad.

Universal Monkey Friendship Pursuit

Founded in March this year, ApeCoinDAO operates independently from Yuga Labs, the creator of Bored Ape Yacht Club, with all APE holders being members of ApeCoinDAO, making decisions together on fund allocation, governance rules, projects, and partnerships. Since its establishment, ApeCoinDAO has received multiple proposals to create an NFT market, none of which have been successful so far.

As the largest NFT trading market on Solana, with over 90% of transactions, Magic Eden dominates on the Solana chain. Recently, Magic Eden has been actively expanding into Ethereum. Whether the proposal launched at this time will become a community topic and attract more high-value Ethereum monkey friend community remains to be seen until the voting results on 8/22.

ApeCoinDAO Causes Displeasure to Big Brother Ma Ji

Due to his support for Bored Ape big player Big Brother Ma Ji - Huang Licheng has been a supporter of ApeCoin since its inception, having already established an NFT market specifically for projects like BAYC using ApeCoin as a means of payment. However, the ApeCoinDAO official only reposted the article from Magic Eden, leading him to feel that ApeCoinDAO was being treated differently, causing great displeasure.