19/08/2022 Rarible Proposes No-Fee Bored Ape NFT Marketplace for ApeCoin Users

Who will build ApeCoin DAO’s NFT marketplace? Rarible throws its hat in the ring after Magic Eden, Snag Solutions make pitches.

Bored Ape NFTs. Image: Shutterstock
Bored Ape NFTs. Image: Shutterstock

Magic Eden’s pitchto build an exclusiveBored Ape Yacht ClubNFT marketplace for theApeCoincommunity has some competition: marketplace protocol Rarible has launched its own proposal idea to ApeCoin (APE) holders, undercutting Magic Eden with a zero-fee offer.

Raribleshared its proposal ideaon Wednesday, pitching an ApeCoin-centricNFTplatform that will charge no marketplace fees for NFTs that are listed natively by holders. The marketplace, powered by the open-source Rarible Protocol, would also aggregate listings from other notable marketplaces—includingOpenSeaandLooksRare—to boost liquidity.

The proposed marketplace would focus on NFT collections tied to Yuga Labs’ Bored Ape ecosystem, including the original Bored Ape Yacht Club, theMutant Ape Yacht Club, Bored Ape Kennel Club, andOtherside.

Additionally, the ApeCoin DAO could vote on additional projects to include. ADAO, or decentralized autonomous organization, is an online community created around shared goals or interests, with membership often represented viatokens. ApeCoin holders are members of the ApeCoin DAO and can vote on proposals related to the ecosystem.

ApeCoinlaunched in Marchas anEthereum-based token meant to powermetaverseexperiences and otherWeb3applications, including Yuga Labs’ upcoming Otherside game.

The proposal details other features, including fiat currency payments via MoonPay, dedicated support, and the ability to place a collection-wide offer. Rarible said that it can launch the marketplace within four weeks of DAO approval at zero cost. It has launched marketplaces for other NFT projects in the past, too, includingV1 PunksandDegenerate Ape Academy.

Magic Eden’sproposal, filed on August 9, suggested an ApeCoin marketplace with a 1.5% base marketplace fee, which could be knocked down to 0.75% based on certain variables: a 0.5% discount for buying with ApeCoin, plus another 0.25% discount for users who own an NFT from specific Bored Ape-related projects.

An NFT is a blockchain token that can represent ownership in an item. In the case of the Bored Ape Yacht Club, each NFT represents one of 10,000 unique avatars, plus holders can use their owned images to create commercial projects. The Bored Ape Yacht Club has yieldedmore than $2.3 billionworth of secondary trading volume to date.

Rarible is a long-running Ethereum-centric NFT marketplace that hasgradually expanded to other chains. Magic Eden, meanwhile, is the largest marketplace in the Solana ecosystem, and itlaunched support for Ethereum NFTsearlier this month.

So far, they’re the biggest players proposing an exclusive NFT marketplace for ApeCoin users, but they’re not alone. Snag Solutions, which develops a white-label marketplace protocol, alsopitched an NFT marketplaceon August 9.

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It has sinceadjusted its pitch, and is offering an 0.5% marketplace fee when NFTs are purchased with ETH, or 0.25% with APE. According to the proposal idea, 0.25% of all fees will be sent back to the ApeCoin DAO’s treasury. Snag Solutions initially asked for $50,000 to cover development and auditing fees, but has since offered to launch the platform at zero cost.

At this stage, all three proposals are in the idea stage. From there, they could be rewritten into a formal proposal and put up for a vote. If successful, the ApeCoin community could have its own custom Bored Ape NFT marketplace in the near future.