Rarible, a marketplace protocol, has revealed that it’s launching its own proposal idea to ApeCoin (APE) holders. It is a zero-fee offer and is giving tough competition to Magin Eden’s proposal to create an exclusive Bored Ape Yacht Club NFT marketplace for the ApeCoin community.
On Wednesday, August 17, Rarible made a pitch for a ApeCoin-centric NFT platform that has no marketplace fees for NFTs and are listed natively by holders. In addition, the marketplace will aggregate listings from other notable marketplaces such as LooksRare and OpenSea to increase liquidity.
How is Rarible’s Latest Marketplace Different?
The major focus of the marketplace is on NFT collections connected to Yuga Labs’ Bored Ape ecosystem such as the Mutant Ape Yacht Club, Bored Ape Kennel Club, Bored Ape Yacht Club, and Otherside.
The ApeCoin DAO will also have the right to vote on additional projects to add. In a DAO or Decentralized Autonomous Organization, membership is represented through tokens. It is an online community created around shared goals or interests. Similarly, ApeCoin holders are the members of the ApeCoin DAO and participate through voting in proposals related to the ecosystem.
Launched in March, ApeCoin is an Ethereum-based token designed to power metaverse experiences and run Web3 applications such as Yuga Labs’ Otherside game. There were also other details in the proposal such as dedicated feedback, fiat currency payments via MoonPay and the ability to have a collection-wide offer.
Commenting on the launch, Rarible said the launch is scheduled within four weeks of DAO approvals at zero cost. In the past too, it has launched marketplaces for other NFT projects such as Degenerate Ape Academy and V1 Punks.
On the other hand, filed on August 9, the Magic Eden’s pitch has proposed a ApeCoin marketplace with a 1.5% base marketplace fee. It could however, based on some variables, be reduced to 0.75%. Moreover, for purchasing ApeCoin, there will be a 0.25% discount. While owners of an NFT related to specific Bored Ape-related projects will receive an additional 0.25% discount.
Nancy J. Allen is a crypto enthusiast, with a major in macroeconomics and minor in business statistics. She believes that cryptocurrencies inspire people to be their own banks, and step aside from traditional monetary exchange systems. She is also intrigued by blockchain technology and its functioning. She frequently researches, and posts content on the top altcoins, their theoretical working principles and technical price predictions.