ApeCoin DAO has built its own private white-label BAYC NFT marketplace. Zach Heerwagen, the founder of Snag Solutions, took to Twitter yesterday to announce the launch of Snag Solution’s Apecoin NFT marketplace, which enables trades for popular Yuga Labs-developed collections including the Bored Ape Yacht Club, Mutant Ape Yacht Club, and Otherside metaverse game.
Quick Take
- ApeCoin DAO, a community-led governing body, has launched a white-label NFT marketplace.
- In March, the Bored Ape Yacht Club (BAYC)-affiliated APE ecosystem introduced ApeCoin, an Ethereum-based governance and utility token.
- Its distinctive fee structure coincides with the elimination of mandatory creator royalties via NFT marketplaces like Magic Eden and LooksRare.
Snag Solutions’ new community marketplace provides for selling NFTs from Yuga Labs-owned NFT collections, such as
- Otherdeed for Otherside
- Bored Ape Kennel Club (BAKC),
- BAYC,
- Mutant Ape Yacht Club (MAYC)
What Do You Need to Know About ApeCoinDAO NFT Marketplace
The community has been anticipating a customised marketplace since August. Already-existing major marketplace startups like Magic Eden and Rarible had prepared their proposals to create feature-rich platforms—without a cost upfront. Given its recent entry into the Ethereum space at the time, Magic Eden had even actively promoted its efforts to build the marketplace.
Related Content: Magic Eden Expands Its Marketplace With Polygon NFTs
However, when APE token holders voted, they chose the “tiny” Snag Solutions—a two-person startup founded this summer by former DoorDash employees. Notably, token holders voted 88% in favour of snag solutions.
The firm debuted in July and is completing its pre-seed fundraising round. It is creating white-label platforms for collecting NFTs. Bespoke markets, also known as white glove marketplaces or white-label. They are gaining popularity, with NFT collectors seeking control over how their NFTs are exchanged.
In addition to being able to provide cheaper transaction costs and enforce royalties than many conventional NFT marketplaces, Snag Solutions also provide collecting social and data infrastructure. Not only this, but the company assist in preventing purchasers from being defrauded by phoney NFTs.
Furthermore, Snag Solutions launched a platform for Goblintown creators Truth Labs in September. It has also partnered with the NFT collections Pirates of the Metaverse and Crypto Chicks.
Creator Royalties
The new marketplace will uphold creator royalties and return half of all selling fees to the ApeCoin DAO community. It will add royalties payments due to authors to listings aggregated from non-royalty enforcing platforms.
Whether royalties should be imposed is still a hot topic in the NFT community. They are a significant source of revenue for artists, but platforms with optional royalties have grown their market share recently.
Apecoin BAYC NFT marketplace also has incorporated NFT information on its dashboard and will shortly debut ApeCoin staking.
The new custom marketplace charges significantly lower fees than a general, all-purpose NFT marketplace such as OpenSea, which charges a standard 2.5% fee.
Related Content: OpenSea Finally Addresses NFT Royalties, but Creators Are Disappointed
The ApeCoin DAO marketplace charges a 0.25% platform fee on APE listings and a 0.5% fee on ETH listings. In both cases, 0.25% is returned to the ApeCoin DAO’s treasury. Snag Solutions only benefits from ETH sales, with the remaining 0.25% fee.
The new ApeCoin DAO marketplace does not presently support other Yuga Labs collections, such as CryptoPunks, Meebits, or the recently purchased Beeple-created 10KTF.
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