Find Satoshi Lab (FSL), the company behind the fitness app STEPN, has launched its own NFT marketplace dubbed MOOAR. This is according to a press release seen earlier today. The launch marks the third product within the FSL ecosystem after STEPN, which was released last year, and DOOAR, a decentralized exchange (DEX).
The goal of the NFT marketplace is to empower traders and creators through a “unique membership model with zero platform fees and no optional royalties.” That said, the marketplace will enable its users to create and launch their own collections using MOOAR’s launchpad, which runs like a “community-driven hackathon.”
MOOAR’s launch is in line with FSL’s goal of creating a self-sustaining ecosystem where the three products work together to actively support each other. As a result, community members will not have to pay additional service fees “outside of the initial platform membership fees.”
Additionally, the marketplace adds more utility to the GMT token, the ecosystem’s native token, allowing its holders to vote on its launchpad.
Speaking on the launch, Yawn Rong, Co-founder of Find Satoshi Lab, noted that the company was happy to expand its ecosystem “by leveraging MOOAR and introducing externalities, thus adding more utility to GMT. With the creation of the MOOAR marketplace, FSL is now a fully self-sustaining ecosystem, removing the need for the community to use external platforms, simplifying the experience, and better supporting the community.”
The NFT Marketplace Allows Find Satoshi Labs To Compensate Creators Sustainably
Also, MOOAR allows FSL to compensate creators in a sustainable manner given the rise of zero creator royalties trend. Over the past few months, top marketplaces such as X2Y2, Magic Eden, and most recently, LooksRare, have opted to drop the requirement for NFT buyers to pay creator royalties when making purchases.
As a result, NFT volumes have plummeted, with creators feeling less incentivized to do what they do best.
To address the issue, the team behind FSL feels that “zero service fee is only sustainable through a membership model.” Therefore, for the company and the overall NFT industry to sustain itself, there is a need to value creators.
