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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 DAO, a community-led governing body made up of ApeCoin holders, has launched its own white-label non-fungible token (NFT) marketplace.
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 marketplace lists for-sale NFTs from Yuga Labs-owned NFT collections like BAYC, Mutant Ape Yacht Club (MAYC), Bored Ape Kennel Club (BAKC) and Otherdeed for Otherside.
Zach Heerwagen, CEO of Snag Solutions, said the 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 a multi-signature wallet to 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,” Heerwagen tweeted.
Its unique fee structure comes at a time when NFT marketplaces such as Magic Eden and LooksRare have dropped mandatory creator royalties, which put pressure on competitors like OpenSea and X2Y2.
Yuga Labs declined to comment. The ApeCoin marketplace is not directly affiliated with Yuga Labs, according to The 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 for Goblintown creator Truth Labs. The initial proposal to create an ApeCoin marketplace, authored by Heerwagen, amassed 88% of votes in favor of creating the community’s platform.