- According to a press release shared with nftnow, Truth Labs is the Web3 company behind projects including The 187, Illuminati, Goblintown and Illuminati. Truth Labs Marketplace is a dedicated platform that houses its NFT collections.
- Snag Solutions is a white-label NFT marketplace that was founded the platform in partnership by Truth Labs.
- The aim is to enable secondary sales of NFTs from its collections with reduced fees for sellers, according to the release. Transactions on the Truth Labs Marketplace will be subject to a 5-percent marketplace fee.
Why it is so important
Web3 companies are still adjusting their stance on marketplace fees and royalties. Truth Labs has created this platform in an effort to reduce what it considers unacceptable fees on OpenSea marketplaces. OpenSea charges a 2.5% marketplace fee on every NFT transaction. Creators can set royalty rates from 2.5 to ten percent.
“Beyond reduced royalties,” the company explained in the press release, “Truth Labs will introduce more stringent processes for reporting stolen NFTs to better align with the ethos of Web3 and decentralized technologies.”
OpenSea’s 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 are unhappy with the way OpenSea handles stolen items. the platform has approached It has been implemented. Web3 security can be vulnerable due to the decentralized nature blockchain.
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. Imagine other Web3 entities following a similar path. It could result in a variety of things, including increased market diversity, greater competition, innovation and creativity from NFT communities about how they manage their collection, as well as heated, but necessary, debate around the royalty conversation.
Likewise, Snag Solutions’ mission to build brand-specific marketplaces could see significant developments in this respect. Zach Heerwagen and Jason Jong founded the company in July to get around costly NFT marketplaces, and have already launched platforms for Crypto Chicks and Citizens of Tajigen.https://opensea.io/collection/goblintownwtf
On top of that, Jong and Heerwagen’s recent proposal to build a marketplace for ApeCoin DAO passed by a landslide in the Bored Ape Yacht Club community. And it’s impressive to see a company emerge in the middle of a crypto winter and make waves with such massive names in the NFT space.
But, wait! There’s more:
Source: NFT Now