ApeCoin DAO, which was formed by holders of ApeCoin, has rolled out its white-label marketplace for NFTs (non-fungible token).
ApeCoin is a governance and utility NFT based on Ethereum. It gained popularity while being used in the APE ecosystem launched in March 2022, which is linked with the Bored Ape Yacht Club (BAYC). ApeCoin DAO’s marketplace was designed by Snag Solutions, an NFT infrastructure provider. The community marketplace will place NFTs for sale, tokens from collections owned by Tuga Labs, such as Bored Ape Yacht Club, Bored Ape Kennel Club (BACK), and Mutant Ape Yacht Club (MAYC).
According to Snag Solutions’ CEO, the community marketplace provides one-of-a-kind features specially designed for the communities created by BAYC and Otherside. The platform will include NFT metadata integrations and ApeCoin staking. Sellers will also find a reduced-fee structure on the platform – 0.25 per cent on transactions with ApeCoin and 0.5 per cent on ETH transactions. ApeCoin DAO’s platform will also hold a 0.25 per cent fee per sale in a multi-signature wallet. The funds will be invested in future DAO projects, which will lead to a benefit loop created for holders of ApeCoin.
Snag’s CEO tweeted that the company’s purpose is to provide support to creators by decentralizing marketplaces and by partnering with ApeCoin’s community, it will seek to bring a new product that reduces fees and respects royalties.