ApeCoin DAO Unveils NFT Marketplace
The ApeCoin DAO, the ApeCoin network’s ruling body, has collaborated with Snag Solution to develop a community-led non-fungible token (NFT) trading platform for Yuga Labs’ NFT series. Zach Heerwagen, CEO of Snag Solutions, announced the opening of a fresh NFT platform for the Bored Ape Yacht Club, Mutant Ape Yacht Club (MAYC), Bored Ape Kennel Club (BAKC), and Otherdeed for Otherside in a media article published on November 23.
ApeCoin DAO is a community-driven management organization for the Ape environment leveraging ApeCoin, the Ethereum-powered management and utility token related to the Bored Ape Yacht Club (BAYC) NFT series. ApeCoin DAO has released a fresh NFT trading platform with special aspects for the Bored Ape and Otherside groups, such as ApeCoin staking and metadata interfaces, as part of a broader cooperation. As per Heerwagen, the unique market platform would provide Bored Ape NFT vendors with a lower cost model. It will contain 5% trading fees for Ether and 25% trading and storage fees for ApeCoin.
The chief executive officer asserts that 25% of revenues gathered from every transaction in a multi-signature wallet would be used to finance decentralized autonomous organization activities, which will aid ApeCoin owners. “Snag intends to empower artists by disaggregating markets, and we’re pleased to join with the ApeCoin group to supplant the current quo with a solution that honors royalties while drastically decreasing costs,” Heerwagen stated.
Creators’ royalties have ignited intense controversy in the cryptocurrency world, coinciding with the launch of a fresh marketplace with a decreased pricing model. Magic Eden emulated LooksRare in making creator payments voluntary last week. In contrast, the OpenSea NFT marketplace has just announced that it would keep enforcing creator compensation. The previous week, X2Y2 embraced OpenSea’s bold initiative and started enforcing creator royalties.
The ApeCoin NFT Marketplace is entirely governed by the users and has no direct ties to Yuga Labs. The first plan to establish an ApeCoin trading platform garnered 88% of the ApeCoin community’s support.