ApeCoin DAO gets third offer of free NFT marketplace

Quick Take

  • Rarible pitched the ApeCoin DAO its vision for a bespoke NFT marketplace on Wednesday
  • Magic Eden and Snag Solution have also made proposals to build the ApeCoin DAO a marketplace.

Non-fungible token (NFT) marketplace Rarible published a proposal to create a bespoke NFT marketplace for the ApeCoin DAO on Wednesday, the latest in a string of offers.

Rarible said its marketplace will charge no fees and require no investment by the DAO.

This marks the third proposal to build an NFT marketplace that the ApeCoin DAO, the governance mechanism for the ApeCoin ($APE) token, has received recently. Magic Eden last week made a similar proposal for a marketplace with low transaction fees, also at no cost to the DAO. A third contender, startup Snag Solution, also submitted a proposal hours after the publication of Magic Eden's.

In each case, the marketplace would be primarily for buying and selling NFTs from Yuga Labs. Although the DAO is populated by holders of Yuga's NFTs, which includes the Bored Ape Yacht Club, it is not controlled by it.

"Bored Apes, and the whole Yuga ecosystem, is a crown jewel of NFT projects on Ethereum," Evgeniy Medvedev, Rarible's head of partnerships told The Block. “We definitely want to be there.”

High transaction fees have led to demand for bespoke marketplaces as scams abound and communities lack control of collections. Marketplaces like Rarible and Magic Eden have started offering services to create white label marketplaces that give brands more dominance over the sales of their NFTs and make it harder to pass off fakes.

"We want to reduce the number of scams in the space, and this is a way we can do it," said Medvedev. “You are also not depending on the centralized marketplaces [which could] delist your collection.”

The proposals will now make their way through the ApeCoin DAO's governance system. Magic Eden told The Block that so far the response to their proposal has been really positive.

“Rarible’s submission is a reflection of a healthy DAO ecosystem and we welcome the competition,” a Magic Eden spokesperson said.


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