STEPN's Find Satoshi Lab to Create New Subscription-Based NFT Marketplace
Find Satoshi Lab (FSL), the company that founded popular move-to-earn platform STEPN, is creating a new multi-chain, subscription-based NFT marketplace called Mooar, The Block reported.
The new NFT marketplace, which originally launched on Solana and Ethereum, uses a "unique membership model" of $29.99 a month for unlimited NFT trades. This replaces the traditional marketplace fee that OpenSea, LooksRare, X2Y2, and other NFT marketplaces currently have.
Mooar will not replace creator royalties, which can be set anywhere between 0.5 and 10 percent, with a default setting of 2 percent. The royalties debate has been heating up over the last few months, with popular NFT platforms like LooksRare and Magic Eden experimenting with new models. Certain projects, like y00ts and DeGods, removed creator royalty fees entirely.
FSL's new marketplace will look to steal market share from the industry giant OpenSea, which has seen a notable decline in monthly total volume since earlier this year. It did $319 million in October 2022, down from $2.6 billion in April 2022.
It will also have its own launchpad for projects to create and distribute NFT collections.
“We deeply empathise with builders in the space and we want to empower those creators,” said Shiti Manghani, COO of FSL, in an interview with The Block. “We are fed up of centralized institutions and want to create a new paradigm. If we make systems that are biased against artists while championing decentralization, what’s the point?”
Mooar is the third platform created by FSL after STEPN and Dooar, a decentralized exchange protocol.