Rarible, a top NFT marketplace, has become the third contender to build a dedicated ApeCoin market. The Rarible proposal submitted on August 17th highlights the marketplace’s “no fees” structure, the aggregation of listings on other marketplaces, and the ability to deter inauthentic collections. Here’s everything we know so far.
- According to the proposal, it would take Rarible four weeks to build the marketplace
- Rarible would not need any funding from the ApeDAO to launch the market
- Users of the marketplace would receive dedicated support through ZenDesk
- The marketplace would have zero fees for $ETH and $APE trading
Much of the pitch centered around Rarible’s ability to deliver a zero-fee marketplace. While good for traders, some DAO members wondered if the complete reduction in fees might limit the usefulness of $APE, a characteristic inherent in Magic Eden’s pitch.
Rarible noted in its pitch that traders would also be able to purchase NFTs on its proposed ApeCoin marketplace with fiat currency or credit cards. This feature would come through MoonPay, which specializes in such transactions. Other proposed features include collection-wide offers and aggregating listings from other marketplaces to “guarantee liquidity.”
Although much of the hubbub surrounding a dedicated ApeCoin marketplace has fallen on Magic Eden, Rarible is actually the third organization to submit a proposal. On August 9th, Snag Solutions, a Web3 company with roots in the food delivery industry, submitted a plan to build an ApeCoin marketplace. While they offered lower trading fees than Magic Eden’s proposal, they wanted $50,000 to create the infrastructure the marketplace would need.
Rarible is known for its dedicated, zero-fee marketplaces, having built them for some of the top NFT collections in the space. For the Rarible proposal to pass, the ApeDAO first needs to approve it, then set it for an overall vote. Given the number of organizations now throwing their hats in the ring, that process might take some time.
Dedicated Marketplaces the New Rage in the NFT Space
For most of the past year and a half, NFT trading has occurred on large, centralized marketplaces like OpenSea and LooksRare. While those marketplaces offer perks such as customer support and a large selection of NFTs on one site, they suffer downsides. Many NFT enthusiasts have had their assets “locked down” without notice because someone has reported them stolen, for instance.
And then there are the fees. OpenSea, the NFT space’s largest marketplace, takes a 2.5 percent cut of all NFT sales, which hamper both NFT traders and the teams behind collections. Dedicated marketplaces look to change all that, and, in 2022, they are becoming popular in the NFT space.
Magic Eden, for instance, submitted its own proposal to build an ApeCoin dedicated marketplace and has created markets for top Solana collections. These collections reap the rewards of hearty infrastructure and lower than typical fees. Magic Eden dedicated marketplace clients include Okay Bears, Aurory, Genopets, Sugar Realm, and Mini Nations.
Rarible has its own staple of dedicated marketplace clients. It has built marketplaces for many top Ethereum collections, including Robotos, Mfers, Rekt Guy, and Tiny Dinos. Like Magic Eden, it has the pre-built infrastructure and the experience to catch the attention of the ApeDAO. Its track record speaks for itself.
With both entering the ring to build an ApeCoin marketplace, it may signal a change from large centralized marketplaces to smaller, decentralized marketplaces. And given the amount of money at stake with the Yugaverse marketplace, more organizations might follow suit and submit their own proposals.