Community-Driven NFT Marketplace Launched by ApeCoin DAO

Snorlax

Nov 24, 2022•2 min read

Community-Driven NFT Marketplace Launched by ApeCoin DAO

ApeCoin DAO has unveiled its own white-label non-fungible token (NFT) marketplace. ApeCoin DAO is a community-led governing body made up of ApeCoin holders.

The Bored Ape Yacht Club (BAYC)-affiliated APE ecosystem's Ethereum-based governance and utility token, ApeCoin, was introduced in March.

The newly launched community marketplace has 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. It was created by non-fungible token (NFT) infrastructure startup Snag Solutions.

The platform includes "special features created exclusively for the BAYC and Otherside communities, like ApeCoin staking and NFT metadata connections," according to Zach Heerwagen, CEO of Snag Solutions.

The site also provides vendors with a scaled-back cost structure. 5% transaction fees for ETH transactions. On ApeCoin transactions and holding, there are 25% fees. To create a positive feedback loop for ApeCoin holders, 25% of each sale in a multi-signature wallet will be used to finance future decentralized autonomous organization (DAO) efforts.

Heerwagen tweeted that Snag is "excited to partner with the ApeCoin community to replace the status quo with a product that respects royalties while heavily reducing fees." Snag exists to support creators by unbundling marketplaces.
Its distinctive fee structure coincides with the removal of mandatory creator royalties by NFT marketplaces like Magic Eden and LooksRare, which put pressure on rivals like OpenSea and X2Y2.

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