By
Chimamanda U. Martha
April 22nd, 2024
The NFT marketplace by ApeCoin DAO seeks to address creator royalties and pass half of seller fees of each transaction back to the ApeCoin DAO community.
NFT marketplace giant OpenSea could be soon facing major competition. ApeCoin DAO announced that they will soon be launching a new NFT marketplace that will sell NFTs of Mutant Ape Yacht Club, Bored Ape Yacht Club, Bored Ape Kennel Club as well as Otherdeed NFTs.
Since August, ApeCoin DAO has been speaking of a bespoke marketplace with several companies showing interest in it. However, the ApeCoin community rejected MagicEden’s proposal and Rarible decided to withdraw it.
Ultimately, Zach Heerwagen and Jason Jong, the founders of Snag Solutions, managed to appeal to the ApeCoin DAO community and win their support. Snag Solutions is currently closing its pre-seed funding round while building its Whitelabel marketplace for different NFT collections.
Recently, bespoke marketplaces, also popular as white-label marketplaces, are gaining traction and a surge in interest among other NFT collections. These marketplaces offer users greater control over how their NFTs are traded.
Additionally, bespoke marketplaces have lower transaction fees over the traditional NFT marketplaces. They can also enforce royalties, offer collections of social and data tooling, and reduce scams done via fake NFTs.
Snag Solutions has worked for nearly 10 white-label marketplaces so far. In September, they created a marketplace for Goblintown makers Truth Labs. Besides, they have also worked with the Crypto Chicks and Pirates of the Metaverse NFT collections.
What Will ApeCoin DAO NFT Marketplace Offer?
The NFT marketplace from ApeCoin DAO seeks to address creator royalties and pass half the seller fees of each transaction back to the ApeCoin DAO community.
For all the NFT listings that it aggregates from non-royalty enforcing marketplaces, ApeCoin DAO will add royalty fees payable to creators. However, there’s a massive debate in the crypto space on whether one should enforce the royalties or not. Royalties usually serve as major sources of income for NFT creators. But platforms having royalties as optional have increased their marketplace share over the last few months.
The ApeCoin DAO NFT marketplace will have integrated NFT metadata on its dashboard in addition to ApeCoin staking which will launch soon. The ApeCoin NFT marketplace still doesn’t support other Yuga Labs collections such as CryptoPunks or Meebits.
But Heerwagen said that they are open to communication with Yuga Labs.