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HomeMiscellaneousAfter Magic Eden, Rarible presents idea for ApeCoin NFT marketplace

After Magic Eden, Rarible presents idea for ApeCoin NFT marketplace

Rarible, a well-known NFT marketplace, has unveiled a unique idea for establishing an NFT marketplace for ApeCoin holders. With 0% marketplace fees on the decentralized & cross-chain Rarible Protocol 3, the proposal seeks to create a full-featured custom NFT marketplace for ApeCoinDAO. 

Rarible’s proposed NFT marketplace will include all of the ApeCoinDAO ecosystem’s collections, including the original Bored Ape Yacht Club (BAYC), the Mutant Ape Yacht Club (MAYC), Bored Ape Kennel Club (BAKC), and any new collections that the DAO may curate. It will also focus on Otherside, a metaverse platform from BAYC developers Yuga Labs. The NFT marketplace would also consolidate listings from other well-known NFT markets, such as OpenSea, LooksRare, X2Y2, etc., to assure liquidity. Aside from zero marketplace costs, Rarible is providing 0% to trade NFTs in $APE or $ETH, the lowest fee among all offers presented to ApeCoin DAO. 

For those who need a review, ApeCoin is an Ethereum-based token made to power metaverse experiences and operate Web3 applications like the game Otherside by Yuga Labs. Interestingly, Yuga Labs, the company behind BAYC, did not design the token. ApeCoin DAO built it in an effort to demonstrate decentralization. The price has been in a perpetual state of flux ever since it was launched in March, with substantial token allotments given to Bored Ape NFT holders for free. 

DAOs or decentralized autonomous organizations are online communities built around common interests or aims, with members frequently represented by tokens. Owners of ApeCoin are ApeCoin DAO members and have the ability to vote on proposals pertaining to the ecosystem. Recently, the community debated whether to maintain APE in the Ethereum ecosystem to lower gas costs for upcoming drops. Though rival network Avalanche courted APE holders, eventually, the community chose to remain in the Ethereum blockchain.

The proposed NFT marketplace would accept credit card checkout via MoonPay and fiat on-ramp payments. Zendesk will offer the platform’s users better customer service. The new marketplace will also support an on-chain order book, allowing for the integration of orders, bids, and offers into an Otherside marketplace and other dApps. Since Roboto, Mfers, rektguy, v1 Punks, small dinos, MetaAngels, Wanderers, and other NFT community markets are already powered by Rarible, it appears that they are confident in their proposition.

Read More: Reddit Launches New NFT Avatar Marketplace for its users

Rarible acknowledged the possibility of formalizing the proposed idea and submitting it to the DAO for vote. If the idea is accepted by the ApeCoin community, the Rarible team will launch the NFT marketplace in 4 weeks.

 This comes after Leading Solana NFT marketplace Magic Eden disclosed a plan to create a Bored Ape Yacht Club marketplace for the ApeCoin community, on August 9. It would run via the official ApeCoin website and is based on Magic Eden’s technology. According to Magic Eden’s proposal, its ApeCoin marketplace will have a base marketplace fee of 1.5%, which could be reduced to 0.75% based on a number of considerations, including a 0.5% discount for using ApeCoin and an additional 0.25% discount for users who have an NFT from distinctive Bored Ape-related projects. Magic Eden had recently made its debut in the Ethereum market and is already aiming to empower the most well-known community in the industry. If the idea is approved by the ApeCoin community, Magic Eden promises that it will launch the marketplace as soon as September.

Later on, further features might be added, such as the possibility for Bored Ape developer Yuga Labs to sell merchandise via the platform if it so wishes, as well as a launchpad for developing and distributing new NFT projects connected to ApeCoin.

Another candidate, startup Snag Solution, submitted its application just hours after Magic Eden’s was published. Since then, this white-label marketplace protocol developer has modified the terms of its pitch and now says that buyers of NFTs using ETH would pay a 0.5% marketplace fee, while buyers using APE will pay a 0.25% fee. The proposed idea states that 0.25% of all fees would be remitted to the ApeCoin DAO’s treasury. 

In 2019, businessman Alexei Falin, product manager Alexander Salnikov, and product designer Ilya Komolkin established the Rarible NFT marketplace. Rarible’s collaborations with prominent companies and notable celebrities, such as boxer Floyd Mayweather Jr., are one of the reasons that make it stand out from the competition. Another reason is that anyone with the requisite creativity and vision can “mint” their NFTs and offer them to collectors, thanks to Rarible’s access to 3 distinct blockchains. It also makes it possible for creators to mint their NFTs for free by charging minting charges to buyers, giving them a lower-risk entry point.

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Preetipadma K
Preetipadma K
Preeti is an Artificial Intelligence aficionado and a geek at heart. When she is not busy reading about the latest tech stories, she will be binge-watching Netflix or F1 races!

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