To counteract the dwindling sales in the NFT industry, ApeCoin DAO has collaborated with Snag Solutions to establish its own NFT marketplace. They’re also offering lower gas fees (0.5% for Ether transactions and 0.25% for ApeCoin transactions) and lower commissions (0.25%).
What is ApeCoin DAO?
ApeCoin DAO is a decentralized autonomous organization made up of ApeCoin holders who govern how the DAO’s treasury is spent. They also vote on proposals for future projects related to the coin. So, although ApeCoin is closely linked to Bored Ape Yacht Club (BAYC) and Yuga Labs, it’s controlled by ApeCoin DAO.
To keep things transparent, there is a five-member “board” of reputable crypto investors that manage the proposals, and each member stays on the board for six months. Then, ApeCoin DAO community members will vote on who the future board will be. Currently, they are conducting their first-ever elections: You can learn more about it by following this link.
ApeCoin DAO’s NFT Marketplace
ApeCoin DAO’s NFT marketplace lists NFTs, like BAYC, Bored Ape Kennel Club (BAKC), Mutant Ape Yacht Club (MAYC), and Otherdeed for Otherside.
In a tweet, Zach Heerwagen, the CEO of Snag Solutions, said it offers unique features built specifically for the BAYC and Otherside communities, including ApeCoin staking and NFT metadata integrations.
Zach Heerwagen also tweeted:
“Snag exists to support creators by unbundling marketplaces, and we’re excited to partner with the ApeCoin community to replace the status quo with a product that respects royalties while heavily reducing fees.”
In addition, the amazing fee structure coincides with the choice of NFT marketplaces, like Magic Eden and LooksRare, to drop mandatory creator royalties, thus, mounting pressure on OpenSea and X2Y2 – whilst giving ApeCoin DAO a competitive edge.