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

2 mins
Updated by Ryan James
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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.

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In adherence to the Trust Project guidelines, BeInCrypto is committed to unbiased, transparent reporting. This news article aims to provide accurate, timely information. However, readers are advised to verify facts independently and consult with a professional before making any decisions based on this content.

Oluwapelumi Adejumo
Oluwapelumi believes Bitcoin and blockchain technology have the potential to change the world for the better. He is an avid reader and began writing about crypto in 2020.