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August 19, 2022

Rarible Wants To Develop NFT Marketplace For Apecoin DAO

Following the events of Magic Eden and in response to pressure from the Bored Ape Yacht Club (BAYC), the NFT marketplace Rarible formally presented a proposal to ApeCoin DAO to present its concept of a platform-specific NFT marketplace.

According to the information that was provided by Rarible, this new marketplace will be exclusively housed on ApeCoin.com. It will make all of the collectibles that are part of the ApeCoinDAO ecosystem accessible to trading customers. These collectibles include BAYC, MAYC, BAKC, BACC, and any additional collections controlled by the DAO.

In addition, the platform would not charge the market, precisely 0% when trading NFT with APE or ETH. This will be the lowest cost among all of the proposals that have been submitted for the ApeCoin DAO. Rarible’s Head of Partnerships, Evgeniy Medvedev, was quoted as saying:

“The Bored Apes project, together with the whole of the Yuga ecosystem, is the crown gem of the NFT projects running on Ethereum. We are really considering going there.

The high costs of transactions have resulted in a robust demand from consumers for various intermediate third-party marketplaces; yet, the increasingly pervasive issue of scams presents a challenge in this context.

As a consequence of this, a great number of credible NFT marketplaces like these have begun to provide specialized services that assist companies in gaining more leverage in their NFT sales and avoiding the sale of counterfeits. In addition, Medvedev said the following:

“We want to cut down on the amount of cons operating in this area, and this is one way we can accomplish that goal. Additionally, you are not dependent on centralized markets, which may remove your collection from their databases.”

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The governance structure of the ApeCoin DAO will now be used for the submission of proposals. In addition, Magic Eden said that, this far, the responses to their proposition have been quite favorable.