ApeCoin, the Ethereum-based governance and utility token used within the Bored Ape Yacht Club (BAYC)-linked APE ecosystem, launched in March.
Zach Heerwagen, CEO of Snag Solutions, said the platform offers “unique features built specifically for the BAYC and Otherside communities, including ApeCoin staking and NFT metadata integrations.”
The platform also offers a reduced-fee structure for sellers – .5% fees on ETH transactions and .25% fees on ApeCoin transactions – and holds .25% of each sale in a multi-signature wallet to fund future decentralized autonomous organization (DAO) initiatives, creating a benefit loop for ApeCoin holders.
“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,” Heerwagen tweeted.
Yuga Labs declined to comment. The ApeCoin marketplace is not directly affiliated with Yuga Labs, according to The Block, though Heerwagen told the outlet that “lines of communication were open with Yuga.”
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