ApeCoin DAO Debuts Its NFT Marketplace; Sizzles Up Competition for OpenSea, MagicEden

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

For sellers, the platform has decided to offer a 0.5 percent fee for Ether transactions and 0.25 percent for ApeCoin transactions. He will also keep 0.25 percent of each sale.

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

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

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

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

In fact, earlier this week, Justin Bieber-owned Bored Ape’s NFT dropped from its purchase value of $1.3 million (roughly Rs. 10 crore) to $69,000 (roughly Rs. 56 lakh).

This decline was mostly due to the appetite for low risk, which caused investors to withdraw from their investments. With promising projects like Luna and FTX collapsing, the global crypto industry has lost over $200 billion (roughly Rs. 16,33,270 crore) in recent times.

NFT is projected to be a $231 billion (roughly Rs. 18,41,300 crore) behemoth by 2030, says Tarusha Mittal, COO and co-founder of UniFarm, as stated in a conversation with Gadgets 360. UniFarm is a bet on prizes multi-token program.

With over $260 million (roughly Rs. 2,070 crores) raised collectively by reputed brands that explored selling NFTs with their products, more companies are entering the sector daily. The month of March this year saw the highest number of NFT-related applications at 1,078 in the US.

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