Following plans to expand from the Solana NFT marketplace into Ethereum, Magic Eden has also stated that it wants to build an ApeCoin NFT marketplace for Bored Apes.
Magic Eden, a leading Solana NFT marketplace, only recently made its arrival in the Ethereum market, but it already aims to service the most renowned community in the area. A plan to create a Bored Ape Yacht Club marketplace for the ApeCoin (APE) community was presented by Magic Eden today.
The proposed ApeCoin marketplace would offer holders of Bored Ape NFT a number of benefits, including decreased trading fees. It would function via the official ApeCoin website and be based on Magic Eden’s technology.
General Counsel Joe Doll told Decrypt,
“Magic Eden is going to ETH L1, and the ApeCoin DAO community is a fantastic place to start—we’re swinging for the fences,”
As part of the plan, Magic Eden has agreed to construct the marketplace at no cost, and the community will assess this offer.
Owners of ApeCoin will have the option to cast a vote for or against the plan’s approval if it is officially placed to a vote as an ApeCoin Improvement Proposal (AIP). If the idea is ultimately approved, Magic Eden promises that it can launch the marketplace as soon as September.
Later on, further features might be added, such as the possibility for Bored Ape creator Yuga Labs to sell goods via the platform if it so wishes, as well as a launchpad for developing and distributing new NFT projects connected to ApeCoin.
About Magic Eden
Launched in the fall of last year, Magic Eden quickly established itself as the leading player in the expanding Solana NFT industry, regularly controlling 90% or more of daily trading volume recently and reaching a valuation of $1.6 billion in June when it raised $130 million.
Magic Eden is directly attacking OpenSea, the leading marketplace for NFTs, with its entry into Ethereum. Bringing the Bored Ape group on board might help Magic Eden establish its place in the Ethereum market.
According to Tiffany Huang, the head of content and marketing at Magic Eden, “the proposal was motivated by the enormous respect we have for the BAYC community and all of Yuga Labs’ IP communities.” “We want to start a long-term connection with this marketplace,”
We think this puts our proposal in a great position to provide the ApeCoin DAO community with a solid value proposition in the form of product development, community support, and general integration of the Ape culture into our technological stack added.
As we continue to expand, we aim to co-create this market with the apes, for the apes, with little effort and no community money needed.
According to data from CryptoSlam, The Bored Ape Yacht Club is one of the most valuable NFT projects on any blockchain, and the collection has generated more than $2.3 billion in secondary market volume to date.
The Mutant Ape Yacht Club and the Otherside metaverse game are two successful spinoff projects that have helped the franchise’s total trade value reach over $5 billion to date.
