ApeCoin DAO-N Low #2
To the Bored,
Thanks for reading the second edition of the “ApeCoin DAO-N Low,” where the Bored Ape Gazette recaps the important news related to ApeCoin.
Over the past two weeks, several different ApeCoin DAO members have submitted proposals to build a Marketplace for the community.
Some of these proposals have been submitted by major players in the NFT space while others have been submitted by longtime Bored Ape Yacht Club members.
Based on recent marketplace proposals being pitched to the DAO, the Bored Ape Gazette has decided to recap the proposals/ideas in this week’s newsletter.
The Bored Ape Gazette is not here to tell you which of these AIPs the DAO should support. The goal of this newsletter is simply to give you an overview of each of the proposals. The Bored Ape Gazette strongly encourages every ApeCoin DAO member to read each marketplace’s full proposal.
With that said, let’s take a closer look at the proposals below:
Magic Eden
Earlier this month Magic Eden, the leading NFT Marketplace on Solana, proposed a marketplace for apes, by apes, built by them.
“Magic Eden’s vision is to build the ApeCoin DAO marketplace, the home for $APE holders to buy and sell ApeCoin DAO NFTs, including but not limited to BAYC, MAYC and BAKC, as well as Otherside Otherdeeds,” Magic Eden wrote. “All inside of the DAO’s native home at a 0.75% transaction fee and no cost to the DAO. The marketplace strives to be the place where ApeCoin DAO members can share experiences and utility across the most powerful community in NFTs. Features include: combo ETH / APE bidding, discounts for APE payments, merch functionality, and custom engineering & marketing resources.”
Magic Eden also wants its marketplace to run on the ApeCoin.com domain, according to the proposal.
Next, Magic Eden’s proposal explains that the company will give the ApeCoin DAO the “white-glove” experience complete with a “full team of engineers, operators, and marketers to build, maintain, and improve the marketplace.”
Further in the proposal, Magic Eden explained the fee structure for its proposed marketplace and said that its marketplace would respect Yuga Labs 2.5% royalty.
“Each trade will charge the seller a 1.5% fee,” Magic Eden wrote. “The 1.5% fee will be subject to a 0.5% discount for all transactions made in $APE, and an additional 0.25% discount for transactions made by BAYC, MAYC, BAKC or Otherdeed holders, resulting in a 0.75% net fee after discounts. The marketplace will respect the 2.5% royalty for Yuga Labs currently provided on other marketplaces.”
If the DAO decides to go with Magic Eden’s proposal, the company says that it can have its marketplace implemented in October 2022.
Read Magic Eden’s full proposal here: https://forum.apecoin.com/t/aip-93-a-marketplace-for-apes-by-apes-built-by-magic-eden/7949
ZastrowBradley X Marketplace
BAYC member ZastrowBradley submitted an ApeCoin marketplace proposal to the DAO dubbed X marketplace.
X marketplace is currently live and can be checked out here:
https://x.xyz and https://apecoin.x.xyz
“Our proposal is unorthodox,” ZastrowBradley wrote. “We already built the marketplace to show the community what they are getting. There is no guarantee of our proposal passing but we bet on the community and our belief in the value we bring.”
Further, ZastrowBradley wrote that X marketplace’s fee will be 1% and that 100% of all the fees collected from the marketplace will be burned.
“Our proposal directly helps the ApeCoin DAO mission by adding value through an increased use case and the burning of APE,” ZastrowBradley wrote in the proposal.
ZastrowBradley is asking the DAO for 12,500 $APE fee for a six-month term and 500,000 $APE to use as listing rewards on X marketplace.
Read the full X Marketplace proposal here: https://forum.apecoin.com/t/aip-87-nft-ip-marketplace-yuga-labs-otherside-partner-nft-collections-ecosystem-fund-allocation/7708
RARIBLE
Rarible, a “community centric NFT marketplace,” recently pitched an idea at the ApeCoin DAO to create a marketplace that is hosted on ApeCoin.com that will feature Yuga Labs NFTs and have a 0% marketplace fee.
In the proposal, Rarible explained that trading on centralized exchanges has its downsides such as knockoff collections.
“Building an open-source, decentralized, community-owned marketplace which only lists authentic collections alleviates these concerns,” Rarible wrote. “The community can transact freely and transparently decide which (if any) NFTs should be locked. ApeCoinDAO also strengthens the ecosystem’s brand by owning the buying experience from start to finish. Additionally, a composable marketplace enables possible in-game marketplaces for Otherside, launchpad for community projects, custom features and extensions to additional NFT collections.”
The overall cost for this proposal is zero dollars and Rarible says that they could have their marketplace up and running in September 2022, according to the proposal.
Read Rarible’s full proposal here: https://forum.apecoin.com/t/aip-idea-apecoin-marketplace-with-0-fees-built-by-rarible/8074
Zheerwagen’s Snag Solutions Marketplace
BAYC member and CEO of Snag solutions Zheerwagen submitted a community first Apecoin DAO marketplace proposal.
“At the heart of this proposal is our desire to build for the community, and embrace Web3 values of decentralization via composability, non-extraction, and interoperability,” Zheerwagen wrote.
Further in the proposal, Zheerwagen listed some of the key features of the Snag solution marketplace:
Leveraging @reservoir0x’s open-source, on-chain orderbook to increase openness and composability.
Aggregated orders from major marketplaces (OpenSea, LooksRare, X2Y2, Sudoswap, and more) to maintain a strong bridge to the rest of the NFT market.
Native sales in $APE with no fees to users buying and selling in $APE.
A .5% marketplace fee on $ETH listings and a .25% fee in $APE. .25% of all fees will be sent to a community-held multi-sig wallet on a monthly cadence. The use of funds can then be decided in a separate AIP. (more on why later) The .25% from $ETH will be converted to $APE and sent to the wallet.
Development of contextual and ape-specific marketplace functionality, such as integration of key BAYC metadata, relation to the Otherside, and more.
Further in the proposal, Zherrwagen wrote that Snag Solutions marketplace proposal will cost the DAO nothing and that they’d like a six-month lease on marketplace.apecoin.com pointed to their hosted website.
Read the full Snag Solutions’ full proposal here: https://forum.apecoin.com/t/a-community-first-apecoin-dao-marketplace-proposal/8079
As these marketplace proposals make their way through the ApeCoin DAO, the Bored Ape Gazette will continue to cover them. Stay tuned for updates.
Outside of the proposed marketplaces, the ApeCoin DAO also held a Twitter space Town Hall on August 18th.
During the Town Hall, Horizen Labs Co-Founder and Ape Foundation Board Member, Dean Steinbeck, gave the community an update on staking.
“On the $Ape staking proposals we are busy progressing and having a lot of success,” Steinbeck explained. “Almost complete with the user experience piece of this. Starting on the smart contracting, almost complete there as well. So not to put words in my team’s mouth, but I think we’re meeting all of our deadlines, and everything is moving according to the roadmap.”
As the staking conversation continued, Brandon Caruana from the Cartan Group told the community that $Ape staking is set to come out this fall.
The Bored Ape Gazette will continue to follow the ApeCoin DAO and will keep you posted on all things $Ape.
Sincerely,
Kyle
Editor-In-Chief
Bored Ape Gazette