Monkeying Around

ApeCoin DAO, the decentralised governance framework behind ApeCoin (APE), has received several unique proposals to build its own bespoke NFT marketplace.

• Magic Eden, the largest Solana-based NFT marketplace, first submitted a proposal to build a marketplace on August 9th,  a week after announcing they would integrate support on Ethereum.
• Magic Eden proposed a 1.5% fee for each trade with a 0.5% discount for all transactions made in APE with an additional 0.25% discount for transactions made by holders of one of the three original Bored Ape Yacht Club (BAYC) NFT collections.
• A new start-up known as Snag Solutions submitted a second proposal just hours after Magic Eden’s initial submission, but has since adjusted its offering. The start-up initially asked for $50,000 to cover development fees but has now offered to launch the platform at zero cost. The proposal provides a 0.5% marketplace fee when NFTs are purchased with ETH or 0.25% with APE, in addition to sending 0.25% of all fees back to the ApeCoin Dao’s treasury.
• On Wednesday, Rarible submitted a proposal that significantly undercuts Magic Eden with a zero-fee offer. Powered by Rarible Protocol, the marketplace would aggregate listings from other marketplaces to boost liquidity- including OpenSea and LooksRare.
• Rarible’s proposal also includes fiat currency payments via MoonPay and the ability to place a collection-wide offer. In addition, Rarible claims it can launch the marketplace within four weeks of DAO approval at zero cost.

All three proposals are currently in the idea stage. From here, they could all be rewritten into a formal proposal and put up to vote by the ApeCoin DAO.