The modest newcomer outbid both the established competitor Magic Eden and the established multi-chain NFT marketplace Rarible.
Following the launch of a bespoke NFT marketplace for the Ethereum-based governance token, ApeCoin (APE) has seen a price increase of 4% in the past week, bringing it to $3.24 at the time of writing. The Yuga Labs NFT collections, including Bored Ape Yacht Club, Mutant Ape Yacht Club, and Otherside Metaverse trades, will be supported on the new platform when it launches.

ApeCoin's NFT marketplace will make it possible to purchase and sell NFTs while also lowering the fees associated with these transactions. Listings denominated in APE tokens will incur fees of 0.25%, while listings denominated in ETH will incur fees of 0.5%. In addition, the announcement mentioned that 0.25 percent of the fees would be contributed to the treasury of the ApeCoin DAO. In addition to this, reports indicate that the community will get fees and royalties from the marketplace.

Snag Solutions was victorious in 88 percent of the votes cast in the ApeCoin DAO.
ApeCoin Decentralized Autonomous Organization (DAO) Marketplace development has been delegated to Snag Solutions, a start-up company run by two individuals by the names of Zach Heerwagen and Jason Jong. The company received votes representing 88% of the total from members of the APE DAO community. According to the information provided on the Snag Solutions website, Heerwagen and Jong formerly worked for DoorDash. GolbinTown and Genuine Undeed are only two of the many platforms that this firm has developed.

Zach Heerwagen, CEO and co-founder of Snag Solutions, referred to the bidding process as "interesting," stating that the company was required to make adjustments to their initial bid. The start-up, which has been around for a few months, contacted the DAO and requested an upfront payment of fifty thousand dollars. After some time, the company decided not to pursue the request to make the bid competitive. Heerwagen continued by saying that "our proposal was made better by their proposal."

The young company capitalized on the shortcomings of its most direct competitor, Magic Eden, which has been criticized for the absence of an open-source code. The start-up was able to do this by using its own code. There are connections between Magic Eden and the Solana blockchain. After the massive loss of value suffered by FTX, the native token of the latter, SOL, has experienced a significant selloff.

ApeCoin is a non-fungible token that is built on the blockchain technology of Ethereum. It is listed on numerous significant exchanges, such as Binance and Kraken, among others. The distribution of the token began in March 2022 with an airdrop to those who held BAYC. In conjunction with the launch of APE, the American venture capital firm Andreessen Horowitz contributed an investment of four hundred million dollars.