The governing body for the ApeCoin ecosystem, the ApeCoin DAO, has partnered with Snag Solution to launch a community-driven non-fungible token marketplace for Yuga Labs –owned NFT collection.
ApeCoin DAO Launches New NFT Marketplace
In a November 23 blog post, Zach Heerwagen, the CEO of Snag Solutions, confirmed launching a new NFT marketplace for the Bored Ape Yacht Club, Mutant Ape Yacht Club (MAYC), Bored Ape Kennel Club (BAKC) and Otherdeed for Otherside.
You been waiting for this!!
Today @snag_solutions is launching the official @ApeCoin DAO marketplace pic.twitter.com/AFFignsokA
— Zach | Zheerwagen.eth (@ZHeerwagen) November 23, 2022
ApeCoin DAO is a community-led governing body for the Ape ecosystem utilizing ApeCoin, the Ethereum-based governance and utility token linked with the Bored Ape Yacht Club (BAYC) NFT collection.
Under the new partnership, ApeCoin DAO has launched a new NFT market platform offering unique features for the Bored Ape and Otherside communities, including allowing ApeCoin staking and metadata integrations.
ApeCoin NFT Marketplace Overview
According to Heerwagen, the new market platform will offer a reduced-fee structure for Bored Ape NFT sellers. It will include 5% fees on Ether transactions and 25% fees on ApeCoin transactions and holds.
The top executive has maintained that 25% of funds collected from each sale in a multi-signature wallet will fund decentralized autonomous organization initiatives, benefiting ApeCoin holders. Heerwagen explained:
“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.”
The new marketplace featuring a reduced fee structure comes when creators’ royalties have sparked heated debate within the crypto community. Last week, Magic Eden followed LooksRare and makes creator royalties optional.
On the other hand, the OpenSea NFT marketplace recently confirmed to continue enforcing mandatory creator royalties. Last week, X2Y2 followed OpenSea’s brave move and began to enforce creator royalties.
The ApeCoin NFT Marketplace is purely community-driven and is not directly affiliated with Yuga Labs. The initial proposal to create an ApeCoin marketplace amassed 88% of votes from the ApeCoin community.
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