HomeNEWSApeCoinDAO opposes initiating NFT Marketplace for Apecoin holders

ApeCoinDAO opposes initiating NFT Marketplace for Apecoin holders

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The ApeCoinDAO has voted against establishing an exclusive Bored Ape Yacht Club NFT marketplace. In a poll concluded today, about 60.45% of the community members were against creating the NFT marketplace. While about 39.55% voted in favour of the project.

According to emerging reports, the then-proposed NFT marketplace has some exciting features that are exclusively reserve for ApeCoinDAO members. These features include a “home” for APE coin holders to trade their ApeCoinDAO NFTs. Also, holders of Otherside Otherdeeds, BAYC, BAKC and MAYC collections can trade their NFTs on the marketplace as well.

Additionally, the proposal includes free trading of NFTs on the market place for ApeCoinDAO members. The innovation intended to offer a platform where community members can share experiences and utility. Before the conclusion of the poll, those in support of it intended to propose a future update if community members approve the initial proposal. They plan to seek the introduction of a “split fee” between Magic Eden and ApeCoinDAO. The intended to establish a source of revenue for the community and to equip the marketplace to support future community projects.

Proposals for the ApeCoinDAO marketplace

However, the creation of the marketplace has birthed fierce competition between Magic Eden and Rarible. In its proposal, Rarible submitted an offer of a Zero-charge fee to the ApeCoinDAO on every listed NFTs by community members. Rarible’s proposal also contains aggregated listings from other prominent marketplaces such as OpenSea and LooksRare. With the aggregated listings, Rarible hopes to pursue more liquidity for the project.

Meanwhile, Magic Eden proposed a 1.5% base marketplace fee which could possibly go down to 0.75%. The reduction is based on certain clauses like a 0.5% discount for acquiring collections with ApeCoin. Further, it includes another 0.25% discount for users possessing a special Bored Ape-related collection. The proposals are no longer relevant as ApeCoinDAO members voted against the creation of the marketplace.

The ApeCoinDAO is an online community that consists of ApeCoin holders as members. Holders of the token can vote on proposals relating to the ecosystem. Notably, ApeCoin became created in March to power Yuga Labs’ proposed Otherside game and minting of the Otherdeed NFT collection. The token suffered a price slump after the Otherside project suffered a setback. According to CoinCodex, the token currently trades at $5.91 and it has been up by 4.79% in the 24 hours.

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