After Magic Eden and Snag Solutions pitched their ideas for a Bored Ape NFT Marketplace, it’s Rarible’s turn to propose building a marketplace for the ApeCoin DAO.
On Wednesday, Ethereum-based platform Rarible shared its proposal for creating a Bored Ape NFT marketplace specifically for the ApeCoin community. The proposition comes on the heels of earlier similar pitches from Magic Eden and Snag Solutions.
It will be remembered that just last week, Magic Eden proposed to build a Bored Ape Yacht Club NFT (BAYC) marketplace exclusively for ApeCoin users. However, the proposal met serious competition when marketplace protocol Rarible countered with its own proposition, undermining Magic Eden’s zero-fee offer.
Rarible’s Idea for a Bored Ape NFT Marketplace
The Bored Ape NFT Marketplace Rarible is proposing will charge no marketplace fees, particularly for NFTs that holders list natively. Moreover, the proposed marketplace would aggregate listings from popular marketplaces such as OpenSea and LooksRare to bolster liquidity.
As implied, the planned marketplace would be Bored Ape-centric, meaning NFT collections within Yuga Labs’ ecosystem would be its focus. These collections include BAYC, Mutant Ape Yacht Club, Bored Ape Kennel Club, and the Otherside.
Also, the ApeCoin DAO would be given the power to vote on additional projects to include in the Bored Ape NFT marketplace. A DAO, or decentralized autonomous organization, is a community of like-minded individuals—those with shared goals and interests.
ApeCoin is Yuga Labs’ native token. It launched in March as an Ethereum-based token to boost Metaverse experiences and other Web3 applications. Members of the ApeCoin DAO are ApeCoin holders who can vote on proposals that have something to do with the ecosystem.
Other Features of Proposed Bored Ape NFT Marketplace
Rarible is bullish on this proposed Bored Ape NFT Marketplace and even said it could launch the marketplace within a month, at no cost, once DAO approval sets in. The platform has previously launched marketplaces for other NFT projects, such as V1 Punks and Degenerate Ape Academy. Hence, you can say they know what they are talking about and can deliver as promised.
Rarible’s proposal lists other features for the Bored Ape NFT Marketplace, including dedicated support, fiat currency payments through MoonPay, and the ability to place a collection-wide offer.
On the other hand, Magic Eden’s proposed ApeCoin marketplace, which they filed on August 9, suggested a 1.5% base marketplace fee that can be toned down to 0.75% based on specific variables. For instance, there could be a 0.5% discount when users purchase with ApeCoin and another 0.25% discount for holders of NFT from Bored Ape-related projects.
Bored Ape is a favorite among NFT collectors and on platforms like Rarible since it has yielded over $2.3 billion worth of secondary sales to date.
Getting to Know Rarible
As mentioned in the get-go, Rarible is an Ethereum-centric NFT marketplace that has been around a long time and has progressively expanded to other chains. Meanwhile, Magic Eden is touted as the largest marketplace in the Solana ecosystem. It launched support for Ethereum NFTs at the beginning of the month.
These two marketplaces are head-to-head with their exclusive NFT marketplace proposals for ApeCoin users. Snag Solutions, a company that develops a white-label marketplace protocol, also pitched an idea for an NFT marketplace for ApeCoin users on August 9.
However, Snag Solutions adjusted its pitch and now offers a 0.5% marketplace fee for NFTs bought with Ethereum and 0.25% for those purchased with ApeCoin. Per the proposition, 0.25% of all fees will go back to the ApeCoin DAO treasury. Moreover, Snag Solutions’ initial pitch was asking for $50,000 to cover the costs of development and auditing but has since offered to launch the marketplace with no cost.
At this time of writing, all three proposals are still in the idea stage. It remains to be seen whether one, all, or none of them could be rewritten into a formal proposal, one that would be put up for a vote among the ApeCoin DAO members.
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