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StepN Creator Launched NFT Marketplace with Mandatory Royalties

The creators of move-to-earn game StepN, Find Satoshi Lab, launched an Ethereum and Solana NFT marketplace called MOOAR. It enforces creator-set royalties and has a monthly subscription fee.

Find Satoshi Lab launched a new NFT marketplace MOOAR
Find Satoshi Lab launched a new NFT marketplace MOOAR. Source: MOOAR

A NFT marketplace MOOAR was launched by Find Satoshi Lab, the creators of StepN app that gives users crypto for exercising. The platform includes NFTs from multiple chains, has mandatory royalty fees and costs users $29.90 monthly, but with no platform fees, just gas, for transactions. Probably, a subscription model is hard to introduce in Web3, but very likely most traders won’t even notice the amount.

The name MOOAR is inspired by the meme “bet MOOAR” which crypto traders use as a play on “bet more”. Unlike NFT marketplaces like Magic Eden or LooksRare that make royalty fees optional, MOOAR stands by the artists and guarantees that they get royalty payments on the platform. MOOAR’s non-optional royalty fees range from 0.5% to 10%, while on OpenSea maximum is 2.5%.

Before MOOAR’s launch there was a series of moves by marketplaces to either ignore creator royalties or let traders decide whether or not to honour them. For instance, Magic Eden has been losing its market share as evolving marketplaces draw away traders with promising zero-royalty transactions, so they decided to join the crowd and make these fees optional. Same works for LooksRare that is also moving against royalties. With MOOAR Shiti Manghani, COO of StepN, takes a strong stance defending royalties and sees them as key to the decentralised Web3.

As a creator, as a builder, and as a founder,” she said, “why would I ever partner, collaborate, or work with somebody who would not reward me or my project?

The company is also creating a Launchpad for up-and-coming artists that will work like a hackathon — artists collaborate on a common subject over a set time period, and then users select the best project. With this Launchpad artists could not only get their first users, but also get their first feedback straight away.

Clearly, with the addition of the new NFT marketplace, Find Satoshi Lab is creating a self-sustaining ecosystem, where StepN is bringing in users and directing them to the decentralised exchange, DOOAR, for liquidity and to MOOAR for NFTs. FSL is using MOOAR’s launch to advance its ambition of building a crypto super app that will combine NFT trading, liquidity provisions, and user-friendly features.

Seems like Find Satoshi Lab has finally found the right way to keep the constant flow of users into the ecosystem by diversifying offers. Now one can have fun, manage crypto, buy and sell NFTs almost seamlessly. Besides, there is certainly a boom in launching new NFT marketplaces: video game retail giant GameStop has officially launched its NFT marketplace with access to Web3 games and NFT gaming assets, then there is another one launching on Terra Classic, and there are many more to come. Let’s hope that the state of the NFT market will not affect activity. We continue to observe.