25/11/2022 ApeCoin DAO Launches Community-Driven NFT Marketplace

The platform offers features built especially for the Bored Ape Yacht Club and Otherside communities, its CEO said.

ApeCoin

(The British Library, modified by CoinDesk)

ApeCoin DAO, a community-led governing body made up of ApeCoin holders, has launched its own white-labelnon-fungible token (NFT)marketplace.

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ApeCoin, the Ethereum-based governance and utility token used within the Bored Ape Yacht Club (BAYC)-linked APE ecosystem, launched in March.

Built by non-fungible token (NFT) infrastructure company Snag Solutions,the new community marketplacelists for-sale NFTs fromYuga Labs-ownedNFT collections like BAYC, Mutant Ape Yacht Club (MAYC), Bored Ape Kennel Club (BAKC) and Otherdeed for Otherside.

Zach Heerwagen, CEO of Snag Solutions,saidthe platform offers “unique features built specifically for the BAYC and Otherside communities, including ApeCoin staking and NFT metadata integrations.”

The platform also offers a reduced-fee structure for sellers – .5% fees on ETH transactions and .25% fees on ApeCoin transactions – and holds .25% of each sale in amulti-signature walletto fund future decentralized autonomous organization (DAO) initiatives, creating a benefit loop for ApeCoin holders.

“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,” Heerwagentweeted.

Its unique fee structure comes at a time when NFT marketplaces such asMagic EdenandLooksRarehave dropped mandatorycreator royalties, which put pressure on competitors likeOpenSeaandX2Y2.

Yuga Labs declined to comment. The ApeCoin marketplace is not directly affiliated with Yuga Labs, according toThe Block, though Heerwagen told the outlet that “lines of communication were open with Yuga.”

Snag Solutions, which launched in July, previously created a white-label NFT marketplace forGoblintown creator Truth Labs. Theinitial proposalto create an ApeCoin marketplace, authored by Heerwagen, amassed 88% of votes in favor of creating the community’s platform.

Arts

https://www.coindesk.com/web3/2022/11/23/apecoin-dao-launches-community-driven-nft-marketplace/

Interesting NFTs
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