ApeCoin holders find a new marketplace for Yuga Labs NFTs

ApeCoin DAO, a Web3 community for ApeCoin holders, has launched its own custom non-fungible token (NFT) marketplace. Built by NFT infrastructure company Snag Solutions, the white-label marketplace enables the sale of Yuga Labs NFT collections such as Bored Ape Yacht Club (BAYC), Mutant Ape Yacht Club (MAYC), Bored Ape Kennel Club (BAKC) , and Otherdeed for Otherside.

According to the CEO, Zach Heerwagen, Snag Solutions built the new marketplace for the specific needs of the ApeCoin community. It has unique features for ApeCoin staking, NFT metadata integrations and more. Additionally, there are plans to add filters and other user experience improvements in the future.

For now, both parties are satisfied with their custom solution. The platform “honors” royalties from NFT creators with a 2.5% fee and offers merchants lower fees: 0.5% fees on $ETH sales and 0.25% fees on $APE. 0.25% of each sale is held in a multi-signature wallet to fund future ApeCoin initiatives.

In true Web3 fashion, the ApeCoin DAO marketplace started as a community-driven initiative. Heerwagen, a token holder himself, submitted the proposal to the ApeCoin DAO, which went through multiple iterations before being accepted.

What happens next, it is for the community to decide….

ApeCoin is money for the Metaverse

ApeCoin is Yuga Labs’ virtual currency for the metaverse. And like its parent company, it constantly makes Web3 headlines. At Rarity Sniper, we have covered many stories related to the BAYC related token.

Here are three ApeCoin news stories:

Bored Ape Creator Yuga Labs Releases ApeCoin

It all started when Yuga Labs announced it was releasing a new ERC-20 token, ApeCoin, for its NFT ecosystem. With ApeCoin, holders would be able to vote on proposals through the Decentralized Autonomous Organization (DAO) and also use them for transactions in the ApeCoin metaverse. The supply was limited to 1 billion tokens.

Rarible Makes Pitch to Build ApeCoin NFT Marketplace

Before moving forward with its own community-driven marketplace, the ApeCoin DAO received proposals from several NFT marketplaces. Rarible was one such marketplace. On August 17, Rarible submitted a proposal with aggregated listings, fraud detection, and no fees. The proposed marketplace was expected to take four weeks to build and would require no funding from the ApeCoin DAO. However, the proposal was not accepted.

ApeCoin Community Votes to Stay on Ethereum

In June, after months of intense debate, the ApeCoin community decided to stay on the Ethereum blockchain. The decision won by a slim margin, with 53.6% of ApeCoin holders voting to stay on Ethereum rather than move to another blockchain. It was made at the end of a six-day voting period.

If there’s one thing we’ve learned from the ApeCoin news stories, it’s that the token is just as community driven as any other within Web3. Whether choosing its blockchain, marketplace or something else, the community decides together what to do now. And the ApeCoin DAO marketplace is a good example of this.

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