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Winding Down Marketplace to Double Down on Loyalty
Snag Solutions
Jul 2, 2025
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4 min read
Reservoir previously announced they’d be sunsetting their NFT product on October 15. Since Snag relies on Reservoir as the backend provider for our custom marketplace product, we spent the last two months exploring every viable path to continue support. Ultimately, we decided to sunset our marketplace offering as well to focus on our core loyalty product.
Here’s why and what’s next…
From Marketplaces to Loyalty
We started Snag three years ago with a clear mission: to improve digital commerce by helping Web3 brands onboard the world.
At launch, “Shopify for NFTs” felt like the obvious wedge. Verticalized marketplaces were a promising next step for projects, and we were among the first to power them.
But over the past two years, the landscape has shifted.
NFT marketplaces have devolved into a race to the bottom; 0% royalties, 0% fees, and close to 0 reasons for a project to run their own sales channel. The ability to align project + user incentives vanished.
We tried to bend the curve:
Enabled P2P trading ahead of competitors
Dropped user fees to 0
Integrated credit card + cross-chain payments via Relay
But none of these moved our marketplace from a “nice to have” to “need to have.”
The Future of NFTs Is Still Bright - but the Present Isn’t
We remain long on NFTs.
They’ll be a foundational crypto primitive, especially given the renewed focus on RWA’s and the current lack of onchain transactions including non-fungible assets. But that future hasn’t arrived, and the current market doesn’t enable a sustainable business.
Today, non-fungibles make up a small and shrinking piece of the Snag business, <10% of revenue came from marketplace vs. loyalty. The vast majority of our customers use Snag to launch and sustain valuable tokens.
Rather than rebuild a massive infrastructure stack to replace Reservoir, we’re doubling down on what’s working.
What We’re Focused On Now
We’ll continue to support our minting and “rewards shop” product used by projects like Flow, Sophon, and Chimpers—offering context-rich, non-fungible rewards redeemable via offchain points.
We’re also ramping up support for full lifecycle token launches.
Our first airdrop goes live this week
Self-serve claim pages with pre-built mechanics like claim and stake launch in July
This is where we can create real value—and real impact—for the brands building the future of Web3.
Timeline and Support
We’ll maintain our marketplace infrastructure through Reservoir’s October 15 shutdown date, but effective immediately, we’re shifting to critical maintenance only.
If you’re an existing customer and have questions or concerns—we’re here to help. Please reach out any time!
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This wasn’t an easy decision. But we’re excited for what’s ahead.
Snag was founded to power the next generation of digital engagement. As the category matures, so do we—and we’re more confident than ever that getting incentives right will lead the next wave of crypto adoption.
Let’s build a better Web3 together.
