ApeCoin’s APE Surges on New NFT Marketplace Launch

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  • Snag Solutions won community support to build the NFT platform.
  • The tiny start-up toppled bids from rivals Magic Eden and multi-chain NFT marketplace Rarible.

ApeCoin (APE) is up 4% in the last week, to $3.24 at the time of writing, following a bespoke NFT marketplace launch for the Ethereum-based governance token. The new platform will support Yuga Labs NFT collections – Bored Ape Yacht Club, Mutant Ape Yacht Club, and Otherside Metaverse trades.

ApeCoin NFT marketplace will enable the buying and selling of NFTs with lower transaction fees. Listing in APE tokens will attract 0.25% fees, while those in ETH will be charged 0.5%. The announcement added that 0.25% of the charges would go to the ApeCoin DAO treasury. Additionally, the marketplace will reportedly pass fees and royalties to the community.

Snag Solutions won 88% of the ApeCoin DAO vote

Snag Solutions, a start-up run by two individuals – Zach Heerwagen and Jason Jong – has been tasked with developing the ApeCoin DAO marketplace. The firm garnered 88% of the votes from the APE DAO community. Heerwagen and Jong are former employees of DoorDash, according to Snag Solutions’ website. Other platforms the company has built include GolbinTown and Genuine Undeed.

Snag Solutions CEO and co-founder Zach Heerwagen has termed the bidding process ‘interesting,’ saying they were forced to adjust the first bid. The start-up – which has existed for a few months – had asked the DAO for an upfront payment of $50,000. The firm later abandoned the request to make the bid competitive. Heerwagen added that ‘‘their proposal made our proposal better.’’

The start-up took advantage of the drawbacks of its closest rival, Magic Eden – which has been faulted for lacking an open-source code. Magic Eden has links to the Solana blockchain. The native token to the latter, SOL, has recorded a significant selloff following the epic FTX collapse.

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ApeCoin is a non-fungible token based on the Ethereum blockchain. It is listed across major exchanges, including Binance and Kraken. The token debuted in March 2022 with an airdrop to the holders of BAYC. APE’s launch was accompanied by a $400 million raise from American VC firm Andreessen Horowitz.