NFT marketplace giant OpenSea may soon be facing some serious competition. ApeCoin DAO has announced that it will soon launch a new NFT marketplace that will sell NFTs from Mutant Ape Yacht Club, Bored Ape Yacht Club, Bored Ape Kennel Club as well as NFTs from Otherdeed.
Since August, the ApeCoin DAO has been talking about a custom marketplace and several companies have expressed interest in it. However, the ApeCoin community rejected MagicEden’s proposal and Rarible decided to withdraw it.
Eventually, Zach Heerwagen and Jason Jong, the founders of Snag Solutions, were able to appeal to the ApeCoin DAO community and gain their support. Snag Solutions is currently closing its pre-seed funding round while building its Whitelabel marketplace for various NFT collections.
Recently, custom marketplaces, also popularly known as white label marketplaces, are gaining traction and experiencing a resurgence of interest among other NFT collections. These marketplaces offer users more control over how their NFTs are traded.
In addition, white label marketplaces have lower transaction fees than traditional NFT marketplaces. They can also enforce royalties, offer collections of social and data tools, and reduce scams conducted via fake NFTs.
Snag Solutions has worked for nearly 10 white label marketplaces so far. In September, they created a marketplace for Goblintown manufacturers, Truth Labs. In addition, they have also worked on Crypto Chicks and Pirates of the Metaverse NFT collections.
What will the ApeCoin DAO NFT marketplace offer?
ApeCoin DAO’s NFT marketplace seeks to address the issue of creator royalties and return half of the seller fees from each transaction to the ApeCoin DAO community.
For all NFT listings it aggregates from marketplaces that do not apply royalties, ApeCoin DAO will add the royalties payable to creators. However, there is much debate in the crypto space about whether to apply royalties or not. Royalties are generally a major source of revenue for NFT creators. But platforms with optional royalties have increased their market share in recent months.
The NFT ApeCoin DAO marketplace will have NFT metadata embedded on its dashboard in addition to the upcoming ApeCoin staking. The NFT ApeCoin marketplace still does not support other Yuga Labs collections such as CryptoPunks or Meebits.
But Heerwagen said they are open to communication with Yuga Labs.