The nonfungible token (NFT) marketplace by ApeCoin DAO aims to address developer royalties and pass half of the seller fees of every transaction back to the ApeCoin DAO community.
NFT marketplace behemoth OpenSea could soon be facing huge competition. ApeCoin DAO announced that they would soon be launching a new NFT marketplace that will sell the NFTs of Bored Ape Yacht Club, Mutant Ape Yacht Club, Bored Ape Kennel Club, and Otherdeed NFTs.
Since August, ApeCoin DAO has been speaking of a bespoke marketplace with many firms showing some interest in it. Nonetheless, the ApeCoin community rejected MagicEden’s proposal and Rarible decided to withdraw it.
Eventually, Jason Jong and Zach Heerwagen, the founders of Snag Solutions, managed to appeal greatly to the ApeCoin DAO community and win their support. Snag Solutions is now closing its pre-seed funding round while building its Whitelabel marketplace for various NFT collections.
Recently, bespoke marketplaces, also popular as white-label marketplaces, are gaining traction and an increase in interest among other NFT collections. The marketplaces offer users increased control over how their NFTs are traded.
Moreover, bespoke marketplaces have lower transaction fees over the traditional NFT marketplaces. They can also enforce royalties, provide collections of social and data tooling, and minimize scams done through fake NFTs.
Snag Solutions has worked for almost 10 white-label marketplaces so far. In September, they developed a marketplace for Goblintown makers Truth Labs. Moreover, they have also worked with the Crypto Chicks together with Pirates of the Metaverse NFT collections.
What Will ApeCoin DAO NFT Marketplace Give Users?
The NFT marketplace from ApeCoin DAO aims to address developer royalties and pass half of the seller fees of every 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 the developers. Nonetheless, there is a huge debate in the crypto sector on whether one needs to enforce the royalties or not. Royalties normally serve as a huge source of income for NFT developers.
However, the platforms having royalties as optional have increased their marketplace share over the past several months. The NFT marketplace will have integrated NFT metadata on its dashboard together with ApeCoin staking which will launch soon. The ApeCoin NFT marketplace still does not support other Yuga Labs collections like Meebits or CryptoPunks.
However, Heerwagen stated that they are open to intense communication with Yuga Labs.
