- Snag Solutions’ NFT marketplace is now live and offers lower trading fees than others.
- The ApeCoin community has got its personal marketplace for BAYC NFTs.
- Snag Solutions won a community vote at the time when proposals of Magic Eden and Rarible failed.
Prominent marketplaces like Rarible and Magic Eden brought proposals when the ApeCoin DAO community started talking about introducing a custom marketplace for BAYC’s NFT. However, none of them won community’s approval when votes were cast by APE token owners.
Who won the votes then? Well, a two-person startup, Snag Solutions, which has been established by former DoorDash employees, was the winner with 88% votes from token owners.
It offers quite lower fees than an all-purpose marketplace such as OpenSea that has a 2.5% fee. 0.25% is the only platform fee for the ApeCoin platform when listings in APE and 0.5% when listings in ETH. 0.25% is returned back to the treasury of the ApeCoin DAO in both cases.
The ApeCoin marketplace shows the information of ApeCoin staking for any NFT that’s listed and also features the matching-numbered non-fungible tokens throughout projects of Yuga Labs. Moreover, it shares with the shoppers if a Serum NFT has been used by a Bored Ape to produce a mutant Ape NFT.
Existing from just a few months, Snag Solutions has created some custom marketplaces for NFT collections like Crypto Chicks, Goblin Town and Genuine Undead.
Things were not easy for the firm and its first pitch didn’t work. It aimed at an upfront payment of $50,000 defined higher fees. Since the community was untouched, the team of Snag Solutions had to rework on its model.
Zach Heerwagen, CEO & co-founder of Snag Solutions and Jason Jong, fellow co-founder and CTO, stepped back from the upfront payment request and reduced the fees, which again went a step ahead since it identified Magic Eden’s certain major complaints.
Earlier in 2022, the firm enjoyed a surprising success and ruled the Solana market besides hitting a valuation of $1.6 billion in only nine months. However, critics targeted Magic Eden and claimed that users’ NFT are put at risk at its custodial marketplace model. They also accused the company on the grounds of its closed-source technology not being very Web3 in nature. Obviously, all the mess was beneficial for Snag Solutions.
What happened eventually was nothing but Magic Eden’s proposal failing. Coming to Rarible’s proposal, it wasn’t live for voting until this month. However, Snag Solution’s proposal got approval with just 14% votes favoring Rarible ApeCoin marketplace.
Snap Solutions focused on parameters like non-extractive models, decentralization and interoperability, which helped it to get a sympathetic audience.
The ApeCoin DAO now has its own NFT marketplace. Though the market is complicated for traders, Snag Solutions strives to be a key player and keep the Ape hype alive.
Touched by the support from the ApeCoin community, Heerwagen said that they are depending on Yuga Labs and themselves to add value to the ecosystem and tokens.
Absolutely floored by the support from the @apecoin community!— snagsolutions.eth (@Snag_Solutions) September 22, 2022
We’re thrilled to build a world class NFT marketplace for ApeCoin DAO and the entire @yugalabs ecosystem!
We’ll share next steps shortly and THANK YOU again!! pic.twitter.com/qsHPY7YKr3