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ApeCoin DAO has announced the launch of its own NFT marketplace amid dwindling sales in the NFT sector. ApeCoin DAO is a community-led governing body made up of ApeCoin holders. The ApeCoin marketplace for digital collectibles is built by NFT infrastructure company Snag Solutions. In an effort to attract participation on its platform, the new NFT marketplace offers an operational structure with a reduction in associated fees. This launch has intensified competition in the NFT sector for well-known players such as OpenSea, MagicEden, and RooksRare.
For sellers, the platform has decided to offer a fee of 0.5 percent on ether transactions and 0.25 percent on ApeCoin transactions. You will also keep 0.25 percent of each sale.
The development was confirmed on Twitter by Zach Heerwagen, CEO of Snag Solutions.
1/ The custom marketplace includes unique features created specifically for the BAYC and Otherside communities, including ApeCoin and NFT metadata integration. pic.twitter.com/mem2ZsXNkt
– Zak | ZHeerwagen November 23, 2022
This NFT market launch comes despite an ongoing slump in NFT sales.
According to the crypto analytics community Dune dataOpenSea’s trading volume peaked at around $5.8 billion (roughly Rs. 46,400 crore) in January. However, trading on the platform witnessed a steady decline during the first two quarters of the year, dropping to $3.1 billion (roughly Rs. 24,800 crores) in May.
a separate analysis by Be[In]Crypto also reveals that Solana NFT volumes also saw a decline in June with sales volume figures of $91.52 million (roughly Rs. 730 crores) in June, down 64 percent from $261.07 million (roughly Rs. 2,100 crores) in May 2022.
Earlier this week, in fact, A.J Bored Monkey NFT Owned by Justin Bieber has dropped from its purchase value of $1.3 million (roughly Rs. 10 crore) to $69,000 (roughly Rs. 56 lakh).
This decline is mostly due to the low risk appetite that led investors to withdraw from their investments. After the collapse of promising projects like Luna and FTX, the global crypto industry has lost more than $200 billion (roughly Rs. 1,633,270 crores) recently.
NFT is expected to reach $231 billion (roughly Rs. 18,41,300 crores) by 2030, Tarusha Mittal, COO and co-founder of UniFarm, believes as advertiser In conversation with Gadgets 360. UniFarm is a multi-token rewards program.
After more than $260 million (roughly Rs. 2,070 crores) has been collected collectively by popular brands that have explored NFT selling with their products, more companies are entering the sector on a daily basis. March of this year saw the maximum number of NFT-related apps totaling 1,078 in the US.
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