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Home NFT

A New Marketplace for BAYC and OthersideMeta NFT Collections Launched

by Favour Ajibade
Sep 22, 2022 - 12:00 am
in NFT
A New Marketplace for BAYC and OthersideMeta NFT Collections Launched

After a number of deliberations and voting exercises by both the X and Ape community members, the X team has finally launched a new Marketplace (MP) fee called X for trading Bored Ape Yacht Club (BAYC), Otherdeed and other NFTs with a significant low MP fee to encourage the growth of the Ape Coin ecosystem.

On September 20, 2022, the X-Community started a voting event with the proposed name “NFT+IP Marketplace for Apes” and proposed a 1% marketplace fee for BAYC and other NFT assets, stating that the MP fees for NFTs sold will be burned in $APE.

https://twitter.com/Xdotxyz/status/1572152333995319298?s=20u0026amp;t=HfQDqg3Yng83yY2bOf2mYA

However, the outcome of the vote was not favorable as many members of the Ape community voted against the 1% marketplace fee on NFT assets sold on the platform. With that in mind, X-Team’s Bradley Zastrow today announced the launch of the X Marketplace with a significant reduction in marketplace fees.

According to him, the new marketplace fee for selling Ape NFT assets is now 0.25%, which is 75% lower than the proposed 1% MP fee. For the sale of other assets, a 0.5% MP fee applies, 50% lower than the proposed fee.

So starting today: https://t.co/X9NUgSUD06 is your @apecoin marketplace for @yugalabs & @OthersideMeta NFT collections

0.25% MP fee for $APE sales

0.50% MP fee for sales in anything else

100% of the marketplace fees for $APE sales will be burnt, and 50% for all others

(5/8)

— BradleyZastrow 🦇🔊 🦍💪 (@ZastrowBradley) September 22, 2022

Given the commitment to fostering the growth of the Ape coin ecosystem, he noted that 100% of the marketplace fee generated from Ape NFT sales would be burned in $APE and 50% will be burned for other NFT assets such as Otherdeeds, Meebits and others will.

If the sales of the NFT asset were not done in $APE, the coin would be bought on the open market and burned.

Through the burning activities, they hope to reduce the total supply of $APE, which will no doubt help increase its value. So far, according to the marketplace, 272.282 $APE have been burned.

Futhermore, he explained that unburned fees would be distributed to veX token holders, the native currency of the X community. He also noted that starting Friday, September 23, there will be a listing bonus that will also be paid out in veX tokens.

Tags: APENFT
Favour Ajibade

Favour Ajibade

Favour Ajibade is a content writer and crypto lover from Nigeria who is passionate about introducing Web3 and cryptocurrency-based technologies to the world through writing. He was first introduced to crypto in 2020 and was immediately intrigued. He is a student biomedical researcher and enjoys spending his free time reading and learning new things.

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