ApeCoin DAO Launches Community-Driven NFT Marketplace
The newly launched community marketplace, created by non-fungible token (NFT) infrastructure startup Snag Solutions, features NFTs for sale from Yuga Labs-owned NFT collections including BAYC, Mutant Ape Yacht Club (MAYC), Bored Ape Kennel Club (BAKC), and Otherdeed for Otherside.
The platform includes “unique features built specifically for the BAYC and Otherside communities, including ApeCoin staking and NFT metadata integrations,” according to Zach Heerwagen, CEO of Snag Solutions.
Additionally, the marketplace provides merchants with a discounted fee structure. 5% transaction fees when using ETH. ApeCoin transactions and holding are subject to 25% fees. A benefit loop for ApeCoin owners is created by allocating 25% of each sale in a multi-signature wallet to future decentralized autonomous organization (DAO) projects.
“Snag exists to support creators by unbundling marketplaces, and we're excited to partner with the ApeCoin community to replace the status quo with a product that respects royalties while heavily reducing fees,” Heerwagen tweeted.
Its unique fee model comes at a time when NFT marketplaces like Magic Eden and LooksRare have removed mandated creator royalties, placing pressure on rivals like OpenSea and X2Y2.
Prior to its July debut, Snag Solutions built a white-label NFT marketplace for Truth Labs, the company that created Goblintown. Heerwagen's original proposal for an ApeCoin marketplace got 88% of the vote in support of building the platform for the community.