- The ApeCoin community has launched an NFT marketplace dedicated to Bored Ape and other Yuga Labs-owned collections
- The marketplace was developed by Snag Solutions
- Magic Eden had also expressed interest in building the marketplace
The ApeCoin community has launched an NFT marketplace dedicated to Bored Ape and other digital collectibles tied to Yuga Labs. Although MagicEden had expressed interest in building the platform, the ApeCoin DAO vote favored Snag Solutions, a four-month-old startup. The platform will support NFT creators’ royalties, a move that follows popular marketplaces like OpenSea and X2Y2 which are rethinking their optional royalties stand.
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
Expect Unique Features and Low Fees
Snag Solutions CEO Zach Heerwagen said that the platform will incorporate “unique features” for those holding Bored Ape Yacht Club (BAYC), Mutant Ape Yacht Club (MAYC), Otherside and Bored Ape Kennel Club (BAKC) NFTs, which NFT projects by Yuga Labs.
Some of the features include NFT metadata integrations to help push the boundaries of NFT utility and the ability to stake ApeCoin.
1/ The custom marketplace includes unique features built specifically for the BAYC and Otherside communities, including ApeCoin staking and NFT metadata integrations. pic.twitter.com/mem2ZsXNkt
— Zach | Zheerwagen.eth (@ZHeerwagen) November 23, 2022
On transaction fees, NFT buyers using ApeCoin to settle transactions will pay 0.25% while those using Ethereum (ETH) will pay 0.5%. The platform will however take a 0.25% fee from every sale for use in future DAO-based projects, which means it will only benefit on sales made using ETH where it’ll only make 0.25% from every sale. The fees are significantly lower considering that the likes of OpenSea charge 2.5% in fees.
Magic Eden ‘Doesn’t Honor’ Web 3.0 Rules
In a tweet, Heerwagen revealed that the new platform will “respect royalties,” a move that coincides with OpenSea’s about-turn on enabling optional royalties. However, it must be noted that the ApeCoin community has no direct links to Yuga Labs, thus no direct connection with the NFT marketplace.
3/ But this is just the start: 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
— Zach | Zheerwagen.eth (@ZHeerwagen) November 23, 2022
The Snag Solutions CEO disclosed that they floored Magic Eden in the race to build the marketplace because they portrayed Magic Eden as a centralized entity that doesn’t honor Web 3.0 decentralization rules. As ApeCoin holders continue to expand the Bored Ape ecosystem, it’s yet to be seen whether Yuga Labs will want to be actively involved in similar community initiatives.
