NFT Marketplace Magic Eden has submitted a proposal to the ApeCoin DAO to build a new trading market for APE holders to be able to buy and sell NFT at a lower transaction fee.
Magic Eden stated in a proposal posted on August 9 that the ApeCoin DAO is incurring quite substantial fees for trading on various NFT marketplaces and this does not appear to be of any value to its DAO members. Therefore, the platform wants to change that.
Magic Eden will create a brand new NFT trading marketplace for the ApeCoin DAO, significantly cutting fees and providing sustainable utility for ApeCoin through which the community can launch projects and ideas on their own.
The fee proposed by Magic Eden is 1.5% per transaction with a discount of 0.5% for all transactions made using APE and an additional discount of 0.25% for transactions made by collectors holding NFT Bored Ape Yacht Club (BAYC), Mutant Ape Yacht Club (MAYC) and Bored Ape Kennel Club (BAKC).
The proposal comes a week after Magic Eden announced it would expand to Ethereum. Last month, the platform made two significant developments when it successfully raised $130 million and established Magic Ventures, focusing on web3 gaming. Currently, it is the largest NFT marketplace on Solana, charging 2% for all transactions through its platform.
However, Magic Eden does not rule out this happening like every time in the past, so the platform side also makes possible proposals on dividing fees between itself and the DAO as well as adding fees a new feature that allows DAO members to launch their own projects, to contribute to further improvements to the Apecoin DAO.
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