Find Satoshi Lab, the parent company of the popular move-to-earn project STEPN, announced Tuesday the launch of its new NFT marketplace and launchpad dubbed MOOAR.
What is MOOAR?
MOOAR is a platform designed to serve as a marketplace for non-fungible tokens and a launchpad for incubating new NFT projects. It was launched on the Ethereum and Solana networks. The project’s native token, GMT, will be used as a governance token for its launchpad service.
The project seeks to majorly benefit the creators of several NFT projects. It does this through the introduction of royalties and monthly membership subscription fees in its marketplace and launchpad.
An NFT royalty is compensation paid to the original creators of NFTs whenever the token is traded on a marketplace. MOOAR offers a varying 0.5% to 10% royalty on NFTs and a fixed 2% when a collection is minted.
The monthly membership subscription fee on the platform is $29.9. MOOAR hinted that this amount will be used to “cover all necessary development and maintenance costs.” The project further noted that STEPN users who have fulfilled certain fixed criteria will be eligible to claim free membership.
The project capped it all with the announcement of a zero transaction fee. It claims this feature makes it different from other NFT marketplaces that generate the majority of their revenue from fees.
Community Appears Unimpressed
Instead of being excited about the development, the STEPN community appears to be unimpressed. Several users on Twitter have reacted negatively, citing the imposition laid on the royalties policy and monthly membership fees as a way of extorting users.
The project, on its part, stated that the mechanism it adopts is cheaper when compared to other NFT marketplaces. It cited an example to buttress the point:
“For instance, if you trade a Bored Ape Yacht Club (BAYC) NFT for 60 ETH at a marketplace that charges 2% platform fees, that fee would cover 5 years of MOOAR membership from that transaction alone.”
Note that MOOAR’s latest move with the royalty policy comes at a time when other platforms are cutting off the royalty model and opting to share transaction fees with creators.
Unsurprisingly, the price of the GMT token did not go any higher than the $0.5 mark following the news of the marketplace launch. At the time of writing, the token traded at $0.53.
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Source: https://coinfomania.com/stepn-owner-launches-nft-marketplace/