Renowned move-to-earn application STEPN’s parent business, Find Satoshi Lab, is introducing MOOAR, a membership-based multi-chain non-fungible token (NFT) marketplace.
Along with the current STEPN fitness software and DOOAR, a Solana-based decentralized exchange, the addition of a marketplace aims to help the company in building its self-sustaining ecosystem.
According to the recent announcement, MOOAR users will be able to create and sell NFT collections on the platform in addition to buying the sneakers required to use STEPN. Notably, there are no additional charges or extra royalties associated with the platform’s introduction.
NFT platforms Magic Eden, X2Y2, and most recently LooksRare have all removed the requirement that made the users pay royalties to creators when acquiring tokens over the previous two months.
MOOAR aims to adequately pay creators
The value of NFTs will be harmed if artists are not sustained over time, according to Shiti Rastogi Manghani, COO of STEPN, who also stated that MOOAR seeks to adequately pay creators. Manghani states:
“You can already see on some of the platforms that have started the 0% royalty fee, that the downward trend on volumes is a sign of things to come. This is why we’re taking such a hard and strong stance, that we want to stand by creators and we want to enforce this rule in the fee structure.”
The three apps by the company are supposed to operate “in collaboration to actively support each other,” as per the official announcement.
STEPN, which was launched in late 2021 by Find Satoshi Lab as its flagship product, made $122.5 million in Q2 this year. Interestingly, DOOAR was introduced in June with presently the most daily active wallets on Solana among other DEXs, according to figures from Dune Analytics.
Meanwhile, amid the increasing population of the NFT industry, several big companies are coming up with their own marketplaces. For instance, LG Electronics announced the launch of its NFT marketplace, LG Art Lab. Moreover, Gamestop has also collaborated with ImmutableX to launch its own NFT marketplace, as TheCoinRise reported.