The Goblintown Creators have just launched an NFT Marketplace

The Alpha:

• Truth Labs, the Web3 company behind projects like Goblintown, Illuminati and The 187, has launched Truth Labs Marketplace, a dedicated platform for its NFT collections, according to a press release shared with nft now.

• Snag Solutions, a white-label NFT marketplace, built the platform in partnership with Truth Labs.

• The goal is to enable secondary sales of NFTs from the pools with reduced fees for sellers, according to the release. Truth Labs Marketplace will charge a single 5 percent royalty marketplace fee for transactions on the platform.

Why it matters

The attitude Web3 companies take to marketplace fees and royalties is still evolving. By creating this new platform, Truth Labs aims to address what it and many others in the space see as unacceptably high fees on marketplaces like OpenSea. OpenSea charges a marketplace fee of 2.5 percent of the final price of each NFT transaction and allows creators to set royalties from 2.5 to 10 percent.

“In addition to reduced royalties,” the company explained in the press release, “Truth Labs will introduce stricter processes for reporting stolen NFTs to better align with the ethos of Web3 and decentralized technologies.”

OpenSea’s policy on stolen items has come under increased scrutiny after it updated the policy to require police reports within seven days of a user submitting a ticket claiming an NFT has been stolen. But many are dissatisfied with how the platform has approached and carried out his policy. In fairness, however, the decentralized nature of the blockchain means that security in Web3 can be slippery.

What will be next

Truth Lab’s decision to go with a brand new marketplace dedicated to reducing fees and increasing security for the NFTs in the collections will be an interesting Web3 experiment to watch. Assume other Web3 devices follow a similar model. If so, it could lead to a few different things: increased diversity in the market, greater competition and innovation from NFT communities about how they manage their collection, and even more heated (but necessary) debate around the royalty conversation.

Likewise, Snag Solutions’ mission to build brand-specific marketplaces could see significant development in this regard. Zach Heerwagen and Jason Jong founded the company in July to get around expensive NFT marketplaces, and have already launched platforms for Crypto Chicks and Citizens of Tajigen.

On top of that, Jong and Heerwagen’s recent proposal to build a marketplace for the ApeCoin DAO went 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: