Snag Solutions' new community marketplace features NFTs from Yuga Labs-owned collections such as Otherdeed for Otherside, Mutant Ape Yacht Club (MAYC), Bored Ape Kennel Club (BAKC), and BAYC. Snag Solutions CEO Zach Heerwagen announced the news on Twitter:
Since August, when numerous businesses expressed interest in creating one, the community has been anticipating the creation of a custom marketplace. Rarible withdrew its request, while Magic Eden was turned down. A different competitor, X Marketplace, also tried but failed.
Zach Heerwagen and Jason Jong, the founders of Snag Solutions, eventually gained enough traction to gain community support.
The NFT marketplace also offers vendors a lower cost structure. Transaction fees for ETH transactions are 5%. ApeCoin transactions and holding incur a 25% fee.
To create a positive feedback loop for ApeCoin holders, 25% of each sale made through a multi-signature wallet will be used to fund future decentralized autonomous organization (DAO) initiatives.
In September, Snag Solutions launched a marketplace for Goblintown creators Truth Labs. It has also been tested with the Crypto Chicks and Pirates of the Metaverse NFT collections. According to Heerwagen, the company is currently working on ten white-label marketplaces.