Blockchain News

Magic Eden’s Bold Move to Conquer Ethereum NFT Space: Proposal to Build Marketplace Exclusively for ApeCoin

Magic Eden is offering to build the NFT marketplace for free, and set fees at 0.75% per trade.

Visions of Magic Apes

Leading Solana digital asset marketplace Magic Eden is proposing to build a dedicated NFT marketplace for Apecoin that will slash fees, provide utility for $APE and support Ape community projects.

Magic Eden proposed fee is 0.75% per transaction – starting at a base of 1.5%, with a discount of 0.5% for all transactions made with $APE, and an additional discount of 0.25% for transactions made by users holding Non-Fungible Tokens (NFTs) from collections by Bored Ape Yacht Club, Mutant Ape Yacht Club and Bored Ape Kennel Club.

“Why should apes collab with Magic Eden? We are the most innovative marketplace and ship fast. We have resources to support apes’ needs across eng, customer service, marketing, etc. We want to deliver value back to holders and build the marketplace for free,” the Magic Eden Development Team said on Twitter.

The proposal comes a week after Magic Eden announced its expansion to Ethereum. Last month, Magic Eden made two significant developments when it successfully raised $130 million and established Magic Ventures, focusing on Web3 gaming. Magic Eden is the largest NFT marketplace on Solana, charging 2% for all transactions through its platform.

Check out this Web3Wire article to learn how to buy NFTs on Magic Eden.

Since its inception, ApeCoin DAO has received a series of proposals similar to Magic Eden to create a more favorable trading environment for $APE in terms of costs, especially after the controversial NFT Otherdeed land sale in the Otherside metaverse project caused Ethereum block explorer site Etherscan to crash on May 1

Shortly afterward, the ApeCoin DAO conducted a vote on whether $APE should move to work on a blockchain other than Ethereum, but the result ultimately failed as the majority of the community still chose to stay on Ethereum.

Magic Eden’s proposed marketplace would feature ETH/APE bidding.

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