Rarible proposes the creation of a zero-cost boring APE-focused NFT marketplace for APECoin users

by James · August 19, 2022

The marketplace will not charge any fee for NFT sales, which makes it different from competing projects.
Rarible’s announcement follows pitches from other projects such as snag solutions and Magic Eden.

There is now a competition for Magic Eden’s proposal to establish an NFT marketplace unique to the APECoin community. Rarible (an NFT marketplace protocol) has proposed an idea to the APECoin community. Rarible proposes a marketplace with zero fees, in contrast to Magic Eden’s proposal.

The marketplace protocol announced its pitch on Wednesday, saying it will not charge for NFTs listed by native APE holders. Rarible notes that the marketplace would aggregate listings from other popular marketplaces (such as LooksRare and OpenSea) to increase liquidity. Rarible’s open source protocol will power the new marketplace.

If the proposal is accepted, the new marketplace will feature NFT collections from yuga lab’s chained APE ecosystem such as Otherside, boring APE Kennel Club, mutant APE yacht club and boring yacht club. The pitch also indicates that APECoin DAO can vote on any other projects it wants to include in the market.

The Decentralized Autonomous Organization (DAO) is an online ecosystem with common goals and interests. Tokens are a representation of membership in this community. Apart from being APECoin DAO members, APECoin holders can also vote on proposals related to the ecosystem.

The APECoin token is an Ethereum-based token. It powers Web3 applications and other metaverse experiences, such as the soon-to-be-launched OtherSide game by Yuga Labs. The Rarible proposal also includes a list of a collection-wide offer, fiat currency payment with MoonPay and comprehensive support.

The proposal adds that the marketplace could be live for the next four weeks without fees once the DAO approves. Rarible has experience with marketplace launches for various NFT projects. It is responsible for the launches of the degenerate APE academy and V1 punks’ NFT marketplaces.

Magic Eden and Snag Solutions’ suggestions

Last Tuesday, Magic Eden proposed a similar marketplace a 1.5 percent base marketplace fee, which could be reduced to 0.75 percent depending on specific circumstances. The 0.75 percent discount is split into 0.5 percent for NFT purchases with APECoin and an additional 0.25 percent discount for holders of NFTs with specific Bored APE-affiliated projects.

Hi @apecoin our new proposal to build you a common marketplace is the only thing you will ever need. pic.twitter.com/JcJIvqLtYN

— Rarible (@rarible) 17 August 2022

Each NFT in the boring APE yacht club collection represents one of 10,000 distinct avatars. Owners can also create commercial projects using the images they own. To date, the chain yacht club has generated over $2.3 billion in secondary trading volume. Rarible is gradually expanding to other chains despite being in the Ethereum-focused NFT marketplace for a long time.

In comparison, Magic Eden is the largest NFT marketplace in the Solana community. It extended support for NFTs on the Ethereum chain about three weeks ago. Similarly, snag solutions launched an NFT marketplace last Tuesday. Snag is best known for creating white-label marketplace protocols. Snag’s adjusted pitch shows 0.5 percent and 0.25 percent in marketplace fees for NFTs purchased with eth or APE, respectively.

It also proposed to launch the platform without fees. Previously, Snag requested $50,000 for development and audit purposes. Snag’s proposal stated that it would send 0.25 percent of total fees to APECoin’s DAO coffers. The three pitches are not formal proposals yet; they are still in the idea stage.