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.
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.
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.
