To facilitate the distribution of Yuga Labs’ NFT collection, the ApeCoin DAO has collaborated with Snag Solution to create a community-driven NFT marketplace.
A Brand-New NFT Marketplace by ApeCoin DAO
For the Bored Ape Yacht Club, Otherdeed for Otherside, Bored Ape Kennel Club (BAKC), Mutant Ape Yacht Club (MAYC), CEO of Snag Solutions Zach Heerwagen announced the opening of a new NFT marketplace in a blog post published on November 23.
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 is an Ethereum-based governance and utility token connected to the Bored Ape Yacht Club (BAYC) NFT collection. The ApeCoin DAO is a community-led organisation that manages the Ape ecosystem using it. To further serve the Bored Ape and Otherside communities, ApeCoin DAO has released a new NFT market platform that includes support for ApeCoin staking and metadata integrations.
ApeCoin NFT Marketplace
If what Heerwagen says is true, the new market platform will provide Bored Ape NFT sellers with a more favourable charge schedule. All ApeCoin transactions and holdings will have a 25% charge, while Ether transactions will cost 5%.
The chief executive has promised that 25% of all revenues from sales made via a multi-signature wallet would support decentralised autonomous organisation projects to the advantage of ApeCoin holders.
At a time when authors’ royalties have stoked fierce discussion in the crypto world, a new marketplace with a lower cost structure has emerged. LooksRare and Magic Eden made creator royalties optional as of last week.
However, the OpenSea NFT marketplace affirmed that it would maintain its required creator royalties. A week ago, X2Y2 followed OpenSea’s bold decision and strictly enforced creator royalties.
As a community-run platform, the ApeCoin NFT Marketplace is independent of Yuga Labs. Initially, 88% of ApeCoin community members voted in favour of the idea of launching an ApeCoin marketplace.