Magic Eden plans to build NFT marketplace exclusively for Bored Apes

Magic Eden, the leading Solana-based NFT marketplace, recently announced its entry into the Ethereum NFT market. The platform has now unveiled plans to build a Bored Ape Yacht Club (BAYC) marketplace, offering special benefits for the ApeCoin (APE) community.

The proposal states that the planned BAYC marketplace will operate via ApeCoin’s official website and will be based on the Magic Eden platform. The marketplace will offer certain advantages to Bored Ape holders, including lower trading fees.

According to the proposal made by Magic Eden to the ApeCoin DAO, collectors will be able to bid on the NFTs using a combination of ETH and APE, as well as offering discounts to users purchasing with APE. At 0.75%, seller fees on the marketplace will be lower than what OpenSea (2.5%) and Magic Eden (1%) offers.

A 1.5% base fee on every NFT will be discounted at 0.5% for trades made in APE, and another 0.25% discount will be added for holders of Bored Ape Yacht Club (BAYC), Mutant Ape Yacht Club (MAYC) and Bored Ape Kennel Club (BAKC) NFTs.

“Magic Eden is going to ETH L1, and the ApeCoin DAO community is a fantastic place to start – we’re swinging for the fences. We think that our sheer ability to execute, combined with our efforts to connect with the ApeCoin DAO community and ensure that their marketplace vision is heard and executed, sets us apart from any other marketplace in crypto,” said Magic Eden General Counsel, Joe Doll.

Magic Eden has offered to build the marketplace for free and the proposal will be put up for a vote by the APE community. ApeCoin holders will be able to vote for or against the AIP (ApeCoin Improvement Proposal), which will then be considered by the ApeCoin DAO.

If approved, Magic Eden will deploy the marketplace as soon as September.

Since its launch in 2021, Magic Eden has quickly become one of the leading marketplaces in the NFT market, significantly growing Solana’s NFT ecosystem. The marketplace is responsible for more than 90% of the NFT trading volume over the Solana network and has a valuation of $1.6 billion.