Last Updated on November 23, 2022
- The ApeCoin NFT marketplace features Bored Ape, Mutant Ape and Otherside metaverse assets.
- The custom marketplace offers lower fees than a general marketplace like OpenSea.
- It was built by Snag Solutions, a two-man team of former DoorDash employees.
ApeCoin DAO has launched a custom NFT marketplace for collections produced by Yuga Labs. The marketplace went live today, allowing users to trade top Yuga Labs collections like Bored Ape Yacht Club, Mutant Ape Yacht Club, and Otherside metaverse assets.
Prior to the launch of the platform, established marketplaces Magic Eden and Rarible both pitched their proposals to build the platform with no upfront fee. However, it was a little-known startup called Snag Solutions that won 88% of the votes from APE token holders to build the platform.
Founded this summer by former DoorDash employees Zach Heerwagen and Jason Jong, Snag Solutions builds white-label marketplaces for NFT collections. The startup is currently closing its pre-seed round. In September, Snag Solutions developed a marketplace for Truth Labs, the company behind Goblintowns. It has built around 10 custom marketplaces for NFT projects including Crypto Chicks, Genuine Undead and others.
Initially, the startup wanted a $50,000 upfront payment and higher fees but quickly ditched those conditions after hearing about Magic Eden’s and Rarible’s proposals. To edge out its competition, Snag Solutions also pointed out Magic Eden’s closed-source tech and custodial marketplace model which have drawn criticism from Web3 users.
“Magic Eden’s proposal was super feature-rich and built by a market leader,” Heerwagen told Decrypt. “And so we pivoted our entire kind of smart contract stack to be entirely on-chain and open-source, so that we could lean into the narrative that Magic Eden is fairly centralized and doesn’t play well by Web3 values.”
While Yuga Labs’ blue-chip NFTs are already trading on general marketplaces like OpenSea, the ApeCoin bespoke marketplace offers a lower fee of 0.25% on listings in APE and 0.5% on listings in ETH, in comparison to OpenSea’s standard 2.5% fee.
Snag Solutions takes 0.25% of the fees from sales listed in ETH, while the rest of the fees go to the ApeCoin DAO treasury. The marketplace also comes with Bored Ape ecosystem integrations such as integrated NFT metadata on its dashboard as well as the upcoming ApeCoin staking details for listed NFTs.
With the creator royalties debate still raging and Yuga Labs recently chiming in with its own proposal, the ApeCoin NFT marketplace has taken a stance by honouring creator royalties. It will pass half the seller fees back to the DAO and add royalty fees to creators for listings it aggregates from marketplaces that have gone optional or zero royalties.
The new ApeCoin marketplace currently doesn’t support other Yuga Labs collections such as Meebits, CryptoPunks or the newly acquired 10KTF. Apart from listing the second, third and fourth most popular NFTs (BAYC, MAYC and Otherdeed) by total volume on OpenSea, it does also support the Bored Ape Kennel Club collection.
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