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ApeCoin (APE) Community Votes on Marketplace Proposal as Token Unlock Nears

2 mins
Updated by Ryan Boltman
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In Brief

  • The ApeCoin community is voting on Magic Eden’s proposal to build the community a marketplace.
  • ApeCoin will release 25 million tokens to its circulating supply on September 17.
  • Yuga Labs cofounder Garga has denied rumours of a Mecha Apes collection.
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ApeCoin Community members are voting on several proposals to improve the token’s utility as its first token unlock nears.

There are three proposals before the community, and the major one is a proposal by Magic Eden to build an ApeCoin DAO NFT marketplace.

The Solana-based platform proposal, “AIP 93: A Marketplace for Apes, by Apes, built by Magic Eden – Brand Decision,” is open for votes between September 16 and 22.

If approved, Magic Eden will create a marketplace where those holding ApeCoin can sell and buy all ApeCoin DAO NFTs such as Bored Apes, Mutant Apes, Bored Kennels, and Otherdeeds.

As of press time, over 70% of the votes by the community are against the proposal.

Other Proposals Before the Ape Community

However, other proposals before the DAO have received more support. One of them is Snag Solutions’ “AIP-98: A Community-First ApeCoin DAO Marketplace Proposal – Brand Decision.”

This proposal offers a 0.5% marketplace fee for all ETH listings and only a 0.25% fee on APE listings. It is also offering a percentage of the fees to the community and providing more value to the community.

Unsurprisingly, 99.79% of the votes (473k APE) support this proposal, and a negligible 975 APE (0.21%) oppose it.

The third proposal is the “AIP-87: NFT + IP Marketplace / Yuga Labs + Otherside Partner NFT Collections – Ecosystem Fund Allocation.” The proposal also calls for creating a marketplace like the other two, but it does not offer many details on the fees.

205k APE (66.9%) votes are currently against the proposal, while 101k APE (33.1%) are in support. With the three proposals having the same voting period, AIP-98 has the best chance of passing.

ApeCoin Token Unlock

Meanwhile, the upcoming token unlocks of ApeCoin, which will release 25 million $APE into the circulating supply, appear to have influenced the price. $APE dropped by 2.4% in 24 hours to trade at $4.72. 

Experts suggest this could be due to potential selling pressure. The token is already 82.3% down from its ATH.

There are rumors that Yuga Labs is working on a new NFT collection, Mecha Apes. Protos revealed this citing a leaked report, claiming the company’s goal is to raise $50 million through the collection. However, Yuga Labs’ cofounder Garga has denied the rumor.

For Be[In]Crypto’s latest Bitcoin (BTC) analysis, click here.

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Oluwapelumi Adejumo
Oluwapelumi Adejumo is a journalist at BeInCrypto, where he reports on a broad range of topics including Bitcoin, crypto exchange-traded funds (ETFs), market trends, regulatory shifts, technological advancements in digital assets, decentralized finance (DeFi), blockchain scalability, and the tokenomics of emerging altcoins. With over three years of experience in the industry, his works have been featured in major crypto media outlets such as CryptoSlate, Coinspeaker, FXEmpire, and Bitcoin...
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