ApeCoin DAO announces NFT marketplace

ApeCoin DAO announces the launch of its own community-driven marketplace. This new marketplace will offer differentiating features for different communities.

ApeCoin is a utility and governance token that has been developed on the Ethereum network and is used in the APE ecosystem. These are linked to the very popular Bored Ape Yacht Club (BAYC) NFTs.

ApeCoin DAO is a community-driven governance body made up of ApeCoin holders. Its main objective is the direction of the future of the token. This new development concretizes the plans to do so that began in August of this year.

In those early days many projects tried to implement their proposal and develop the ApeCoin marketplace. One of the main proposals was made by the renowned Magic Eden, but it was not accepted and as a consequence Rarible marketplace withdrew its own proposal after this rejection. Another interested party that also made an attempt was X Marketplace, but it could not be selected either.

After several requests and attempts of different projects, the team of Zach Heerwagen and Jason Jong (both founders of Snag Solutions), have managed to stand out and consequently gain the support of the community.

Snag Solutions is a non-fungible token infrastructure company, and has been the company in charge of developing the new NFT marketplace where Yuga Labs’ proprietary blue chip collections are listed, such as BAYC, Mutant Ape Yacht Club (MAYC), Bored Ape Kennel Club (BAKC), and also Otherdeed.

Zach Heerwagen, CEO of Snag Solutions, said the new platform will include unique features that have been created specifically for communities such as BAYC and Otherside.

One of the special features is ApeCoin’s Staking feature. This mechanism brings token holders daily benefits, which are integrated into the buying and selling flow by locking their tokens in favor of the ecosystem.

Another feature is the integration of metadata for each non-fungible token, providing the benefit of offering more information about an asset, both for buyers and sellers, in a simple and fast way from the platform itself.

This new marketplace offers a service with reduced fees for sellers. In ETH transactions they are 0.5% and in ApeCoin transactions they are 0.25%. It also keeps 25% of each sale in a multi-firm wallet for the financing of future decentralized autonomous organizations that are developed, achieving a circle of benefits for the holders of the ApeCoin token.

On the other hand, Zach Heerwagen stated that Snag exists to support creators by unbundling markets, and they are excited to partner with the ApeCoin community to offer a product that respects royalties and significantly reduces fees.

This royalty structure is being offered at a time when marketplaces such as LooksRare or Magic Eden have implemented the elimination of mandatory royalties, thus putting pressure on the competition, including the popular OpenSea, and causing many creators to leave this type of marketplaces.

This proposal to develop the ApeCoin NFT marketplace obtained 88% of votes in favor from the community, but it does not mean that the company Yuga Labs also supports it. In any case, the company has not stated about it, neither affirming nor denying its affiliation.

Written by Luciano Garriga (TW:@luchogarriga) for NFT Express