Rarible may not build an NFT marketplace for ApeCoin DAO as early community votes kick against the idea

Rarible may not build an NFT marketplace for ApeCoin DAO as early community votes kick against the idea

In August, Rarible proposed to build a full-featured custom NFT marketplace for the ApeCoin DAO. Voting to accept or reject the proposal went live on Snapshot on Friday.

Several NFT marketplaces like Solana’s Magic Eden have offered to build an NFT trading platform for the ApeCoin DAO. Rarible, in its proposal, said it was going to deploy a marketplace that would not charge any fees on all transactions in $APE. The platform will feature collections from the ApeCoin ecosystem, including BAYC, MAYC, BACK, BACC, and others curated by the DAO.

According to the proposal, the ApeCoin marketplace will incentivize users to perform transactions in $APE. It will feature a fully open-source code base and open API, automatically import listings from several marketplaces like Rarible, OpenSea, and LooksRare, and offer fiat on-ramp and credit card checkout through MoonPay.

The Rarible team revealed that the platform would be ready within four weeks once the proposal is approved. However, the DAO will need to provide marketing support during and after the launch to raise awareness for the marketplace.

Explaining its motivation for the proposal, the Rarible team argued that trading Bored Apes and other collections within the ApeCoin DAO on a third-party marketplace had its downsides. The NFT marketplace mentioned issues like transaction fees, the risk of buying a fake item, and dependence on centralized entities.

Building an open-source, decentralized, community-owned marketplace which only lists authentic collections alleviates these concerns […] 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, convert $ETH from the fees to $APE and send to the multisig wallet to fund future community initiatives.

Interestingly, Rarible has offered to build the community NFT marketplace at no cost to the ApeCoin DAO.

As of press time, over 59% of the voters were against the idea. However, voting is open until November 10, and things may quickly swing in favor of Rarible.

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