Recently, Yuga Labs has become keen on making collections and art linked to its NFT projects easily accessible to collectors. The latest step in this direction is the launch of a peer-to-peer (P2P) marketplace for collectibles tied to the Bored Ape Yacht Club (BAYC) collection.
According to a tweet announcing the launch, the BAYC P2P marketplace will allow participants to directly buy and sell apparel, collectibles, art, and weird one-offs from the NFT club.
While buyers do not need to hold a BAYC or Mutant Ape Yacht Club (MAYC) to buy from the marketplace, their purchases must be made in ApeCoin (APE), the official asset of the Yuga Labs ecosystem. The marketplace also operates on the ApeChain. It is safe to say that the marketplace aims to enhance APE’s utility within the BAYC ecosystem.
Breaking down how things work in the marketplace, Yuga Labs’ head engineer, James Hall, explained that after buyers sign in with their wallets and enter their shipping addresses, they pay into the platform’s on-chain escrow contract. With the contract holding the full amount until the trade finishes, the seller has a deadline to ship the product and record the delivery on-chain.
After the seller records the shipment, the buyer can release the funds at any time; failure to do so will result in an automatic release 14 days after the shipment timestamp. The marketplace takes 2% of the funds for the services offered.
Another feature of the BAYC platform is the introduction of a short URL that links the X usernames of marketplace participants to their membership profiles. By linking their socials to their profiles, BAYC can easily verify users’ club memberships.
The latest launch follows the unveiling of an over-the-counter (OTC) desk for Yuga Labs’ grail NFTs two weeks ago. Yuga Labs now manages a platform that connects serious collectors across the BAYC, MAYC, Kodas, and Deeds ecosystems, offering the most sought-after digital collectibles with unique features.
The rarity of such NFTs and the lack of enthusiasm to list them on secondary marketplaces like OpenSea and Magic Eden inspired the creation of the Yuga Grails OTC Desk. Yuga Labs will channel proceeds from the platform into supporting the BAYC and MAYC clubs over time.
As the NFT developer works to ease NFT access for collectors and artists, it remains to be seen which platforms will be launched next. Stay tuned for more updates!
