- Truth Labs, the Web3 company behind projects like Goblintown, Illuminati, and The 187, has launched the Truth Labs Marketplace, a dedicated platform for its NFT collections
- Snag Solutions, a white-label NFT marketplace, built the platform in partnership with Truth Labs.
- The aim is to enable secondary sales of NFTs from its collections with reduced fees for sellers, according to the release. The Truth Labs Marketplace will charge a single 5-percent royalty marketplace fee for transactions on the platform.
Why it matters.
The manner in phase Web3 companies think about marketplace fees and royalties is still evolving. Truth Labs, by creating this new platform, intends to address what it and other companies in the ecosystem view as unacceptable marketplace fees like OpenSea. OpenSea charges 2.5 percent of every NFT transaction as a marketplace fee and allows creators to set royalties from 2.5 to 10 percent.
In the press release, the company said that it will implement stricter reporting procedures for NFTs as part of its Truth Labs programme. Beyond reducing royalties, the firm will also implement new procedures for reporting stolen NFTs in line with Web3 and decentralised technologies.
SNAG Solutions Trusted Marketplace via TRUTH Labs
The OpenSea stolen item policy has come under increased scrutiny after it updated its guidelines to require police reports within seven days of a user submitting a ticket claiming an NFT as stolen. Many, however, are dissatisfied with how the platform has handled the issue. In fairness, the blockchain’ s decentralised nature makes security in Web3 potentially tricky.
What are they going to do now?
Truth Labs’ decision to go with an entirely new marketplace dedicated to reducing fees and increasing security for the NFTs in its collections will be an interesting Web3 experiment to watch. Other Web3 entities might follow a similar model. In that case, it could lead to increased marketplace diversity, increased competition, and innovation from NFT communities about how they manage their collection, as well as more heated (but necessary) debate surrounding the royalties conversation.
Zach Heerwagen and Jason Jong founded Snag Solutions in July to avoid the expense of NFT marketplaces, and already have Crypto Chicks and Citizens of Tajigen available.https://opensea.io/collection/goblintownwtf
SNAG Solutions plans to launch the APECOINDAO Marketplace via Snag Solutions.
With all that in mind, this recent ApeCoin DAO marketplace idea from Jong and Heerwagen has been approved by the Bored Ape Yacht Club. It’s incredible to see a cryptocurrency winter company garner so much attention with the NFT industry’s biggest names.