ApeCoin Launches NFT Marketplace Same Week Bored Apes Were Sold For Millions

ApeCoin Launches NFT Marketplace Same Week Bored Apes Were Sold For Millions

DAO which manages the Bored Ape ecosystem, has launched an NFT marketplace and token staking service. Two artworks from the blue-chip ape-themed NFT collection were sold for nearly $1 million apiece this week. 

ApeCoin DAO, a community-led governance body made up of ApeCoin holders, has launched its own non-fungible tokens (NFT) marketplace. ApeCoin, released in March, is the utility and governance token used within the APE ecosystem that powers the world-famous blue chip NFT collection, Bored Ape Yacht Club (BAYC). Yuga Labs, the owner of the BAYC collection, is not directly connected with the blockchain project but acts as a collaborator.

The ‘ApeCoin Marketplace’ built in partnership with NFT infrastructure company Snag Solutions was unveiled on November 24th. The marketplace will list digital collectibles owned by Yuga Labs including, Bored Ape Yacht Club (BAYC), Mutant Ape Yacht Club (MAYC), Bored Ape Kennel Club (BAKC) and Otherdeed for Otherside. 

Snag Solutions CEO Zach Heerwagen says the marketplace will respect royalties while offering a reduced platform fees structure for sellers. ApeCoin Marketplace will charge 0.5% on ETH transactions and 0.25% for transactions made using ApeCoin. The company will hold the 0.25% profit from each sale in a multi-signature wallet with the intention of using it to fund other initiatives by the DAO. 

ApeCoin Launches NFT Marketplace Same Week Bored Apes Were Sold For Millions

ApeCoin has chosen to support creator-set royalties unlike rivals Magic Eden and LooksRare who have switched to an optional royalties structure. The creator incentive model has been up for debate in the NFT community where one side claims it is a way to help artists earn continued profits from sale of their NFT artwork, while the other side argues that it is an extra charge forced to be paid by buyers. Optional royalties model was popularized by new NFT marketplaces like X2Y2 and SudoSwapAMM that allow buyers to choose how much they want to pay in incentives to creators. 

ApeCoin Staking

Along with the marketplace, ApeCoin DAO also launched an APE staking service in collaboration with blockchain infrastructure company Horizen Labs. Holders can go to ApeStake.io to deposit their APE tokens in a stakepool and earn rewards in interest. 

However, the website is geo-blocked in the United States, Canada, North Korea, Syria, Iran, Cuba, Russia and Russian-controlled regions of Ukraine, Crimea, Donetsk and Luhansk. Users from the listed jurisdictions will not be able to use the platform to stake their tokens. Horizen Labs released an update on Twitter stating that the website is only one of the staking interfaces, and that other third-party crypto exchanges and DeFi platforms are currently working on supporting ApeCoin’s open-source ethereum smart-contract. 

Also Read Dubai To Issue Gold-Backed Crypto Tokens

Two BoredApes Sold For Nearly A Million A Piece 

On a positive note for the Ape community and Yuga Labs, two BoredApe NFTs were sold for nearly $1 million each this week. On November 23rd, BAYC #232 owned by Deepak Thapliydal, CEO of Web3 infrastructure company Chain, was sold to pseudonymous NFT collector Keungz for 800 ETH, worth almost $950,000. Thapliydal is also the owner of the most expensive NFT collectible after he spent 8,000 ETH or a whopping $23.7 million on CryptoPunk #5822 earlier this year. The very next day, BAYC #1268 was exchanged between two unidentified wallets for 780 ETH, worth $940,000 at the point of sale. 

At the time of writing, floor price or the minimum available sale price for a BoredApe stands at 65 ETH or $79,300, up by over 6.5% in the last 24-hours. APE token is currently trading at $3.26, up by 0.76% since yesterday. 

Also Read El Salvador Government Proposes Crypto Bill, Edges Closer To Issuing Bitcoin Bonds 

Rate this post

Similar Posts

Leave a Reply

Your email address will not be published. Required fields are marked *