Magic Eden Plans to Create an Exclusive Market For Bored Apes Holders

Leading Solana-based NFT Marketplace, Magic Eden, has proposed to open a marketplace for ETH-based NFTs — beginning with BAYC.

Aug 13, 2022
by Michael
Magic Eden Plans to Create an Exclusive Market For Bored Apes Holders
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Magic Eden has revealed its next step in its plan to conquer the Ethereum NFT space with a proposed creation of an ApeCoin marketplace exclusively for ApeCoin trading activities, reducing the stipulated trading fees by 0.75 percent. 

The NFT marketplace is not only particular about landing the Ethereum NFT giant on their marketplace but also cutting the required trading fees. In an announcement, Magic Eden explained that the reduced 0.75 percent would come from 0.5 percent trades done in $APE and an additional .025 for Bored Ape Yacht Club, Mutant Ape Yacht Club, or Bored Ape Kennel Club holders.

According to Magic Eden General Counsel Joe Doll, announced the marketplace is swinging for fences with this proposal. He also noted that Magic Eden is the only marketplace capable of executing their plight, ahead of other cryptocurrency marketplaces including OpenSea. 

Magic Eden’s Market Content Head, Tiffany Huang, has stated the proposal for an ApeCoin marketplace result from the huge respect the company has for the BAYC community and all Yuga Labs IP communities.

2022: A splendid year for BAYC Holders

BAYC topped the NFT world in late 2021 ahead of the CryptoPunks NFT collection. BAYC holders have reaped financial and social rewards that most NFT collectors would dream of. On three accounts, BAYC holders have proven immune to the bearish market. 

In April of 2022, Yuga Labs dropped ApeCoin to holders of BAYC and  MAYC, providing liquidity to them without selling their assets. Some recipients earned millions of dollars overnight. Yuga Labs also launched the first phase of OtherSide Metaverse, giving all BAYC holders the best portion close to the center of the metaverse only for the cost of gas fees. Early investors in BAYC earn close to $1M in estimates

Finally, there was an OtherDeeds drop where players could create experiences on their virtual land. The fall raised $300M for Yuga Labs. The proposal of Magic Eden to Yuga Labs will be a plus to BAYC holders as their winning streak continues.

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