ApeCoin DAO rejects Rarible’s proposal to build an NFT marketplace

ApeCoin DAO rejects Rarible’s proposal to build an NFT marketplace

Members of ApeCoin DAO have rejected a proposal from Rarible to build an NFT marketplace for the $APE ecosystem. Over 85% of the 659 votes were against the idea, data on Snapshot reveals.

As reported by DAO Times, voting on the proposal went live on Snapshot last Friday. Although early community votes suggested that the motion would not be passed, the results briefly swung in favor of the NFT marketplace. However, voting closed on November 10, with the majority kicking against the idea.

As a backstory, NFT marketplace Rarible kickstarted the process to build a full-featured custom NFT marketplace for the ApeCoin DAO in August by submitting a draft ApeCoin Improvement Proposal (AIP). As per the proposal, (AIP-97), the marketplace will attract 0% fees on all transactions done in $APE and will include collections from the Bored Ape Yacht Club (BAYC), Mutant Ape Yacht Club (MAYC), Bored Ape Kennel Club (BAKC), Bored Ape Cronos Club (BACC), and any other items curated by the DAO.

The company argued that there were downsides to using third-party platforms to trade collectibles in the Yuga Labs ecosystem. Notable, buyers were at risk of purchasing fake items, in addition to paying transaction fees. The 0% NFT marketplace was supposed to incentivize users to perform transactions in $APE, the native token used within the APE ecosystem.

A community-owned marketplace would also strengthen ApeCoin by encouraging the use of $APE (by offering 0% marketplace fees on all transactions in $APE). ApeCoin Marketplace will take 0.5% marketplace fees on all transactions in $ETH.

This is the second time the DAO is rejecting an offer to build an NFT marketplace. In September, ApeCoin DAO also voted against a similar proposal from Solana’s leading NFT marketplace Magic Eden. Howbeit, just 60.45% of the voters were against Magic Eden’s offer.

Check BTC Peers guide of the most promising crypto

Read more