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ApeCoin DAO Launches NFT Marketplace, Challenges For OpenSea, MagicEden

ApeCoin DAO Launches NFT Marketplace, Challenges For OpenSea, MagicEden

ApeCoin DAO has launched the establishment of its own NFT marketplace in response to the sector’s declining sales. The ApeCoin Decentralized Autonomous Organization is a community-led governance body comprised of ApeCoin holders. Snag Solutions, an NFT infrastructure company, created ApeCoin’s digital collectibles marketplace. In an effort to entice participation on its platform, the new NFT marketplace is offering a fee-reduced operational structure. This debut has exacerbated rivalry in NFT market for established companies like as OpenSea, MagicEden, and RooksRare.

The platform has chosen to charge sellers a fee of 0.5% for Ether transactions and 0.25% for ApeCoin transactions. Additionally, it will retain 0.25 percent of each sale.

Despite the continuous decline in NFT sales, this NFT marketplace has been launched. According to data from the crypto analytics community Dune, OpenSea’s trade volume peaked in January at over $5.8 billion (nearly Rs. 46,400 crore). However, trade on the platform decreased steadily throughout the first two quarters of the year, reaching $3.1 billion (about Rs. 24,800 crores) in May.

A further analysis by Be[In]Crypto reveals that Solana NFT volumes also declined in June, with sales volume data of $91.52 million (approximately Rs. 730 crore) in June, down 64 percent from $261.07 million.

This week, a Bored Ape NFT owned by Justin Bieber declined in value from $1.3 million (about Rs. 10 crore) to $69,000. (roughly Rs. 56 lakh).

This decline is mostly attributable to investors’ aversion to risk, which led them to liquidate their investments. In recent years, the global crypto industry lost over $200 billion (about Rs. 16,33,270 crore) due to the failure of once-promising projects like Luna and FTX.

The NFT is expected to reach $231 billion (about Rs. 18,41,300 crore) by 2030, according to Tarusha Mittal, COO and co-founder of UniFarm, who spoke with Gadgets 360. UniFarm is a program for staking multiple tokens for rewards.

After more than $260 million (about Rs. 2,070 crore) was amassed by reputable businesses who explored selling NFTs alongside their products, new companies are entering the market regularly. In March of current year, 1,078 NFT-related applications were filed in the United States.

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