ApeCoin DAO Introduces Its NFT Marketplace Amidst Market Turmoil: Details

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ApeCoin DAO has announced the launch of its own NFT marketplace amid declining sales recorded by the NFT industry. The ApeCoin DAO is a community-led governing body made of ApeCoin holders. ApeCoin’s digital collectibles marketplace was designed by NFT infrastructure company Snag Solutions. In an effort to attract engagement on its platform, the new NFT marketplace offers an operational structure with reduced associated costs. This launch has intensified competition in the NFT sector for established players such as OpenSea, MagicEden and RooksRare.

For merchants, the platform has decided to offer a 0.5 percent fee on Ether transactions and 0.25 percent on ApeCoin transactions. It also keeps 0.25 percent of each sale.

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The development was confirmed on Twitter by Zach Heerwagen, the CEO of Snag Solutions.

The launch of this NFT marketplace comes despite the continued decline in NFT sales.

According to Dune data from the crypto analytics community, OpenSea’s trading volume peaked at around $5.8 billion (approximately Rs. 46,400 crore) in January. However, trading on the platform declined steadily throughout the first two quarters of the year, falling to $3.1 billion (approximately Rs. 24,800 crore) in May.

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A separate analysis by Be[In]Crypto also reveals that June Solana NFT volumes also saw a dip with sales volume figures of $91.52 million (approximately Rs. 730 crore) in June, down 64 percent from $261.07 million (approximately Rs. 2,100 crore) in May 2022.

Earlier this week, a Bored Ape NFT owned by Justin Bieber even dropped from its purchase value of $1.3 million (approximately Rs. 10 crore) to $69,000 (approximately Rs. 56 lakh).

This decline is largely due to the low risk appetite that led investors to withdraw from their investments. After promising projects like Luna and FTX collapsed, the global crypto industry lost more than $200 billion (approximately Rs. 16,33,270 crore) in recent times.

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The NFT is expected to be a $231 billion (approximately Rs. 18,41,300 crore) behemoth by 2030, believes Tarusha Mittal, COO and co-founder of UniFarm, as stated in conversation with Gadgets 360. UniFarm is a reward strike with multiple token program.

After more than $260 million (approximately Rs. 2,070 crore) has been collectively bagged by reputable brands exploring the sale of NFTs with their products, more companies are entering the sector on a daily basis. In the month of March of this year, there were a maximum number of NFT-related applications in the US of 1,078.


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