Source: Business 2 Community
Truth Labs, the creator of the popular non-fungible token (NFT) collection Goblin Town, has successfully launched the beta version of its NFT marketplace, Truth Labs Marketplace.
In a September 22 blog post, Truth Labs confirmed the beta launching of its Truth Labs NFT marketplace. The new NFT marketplace will attract only a 5% royalty marketplace fee for NFT transactions.
Truth Labs Overview
Truth Labs is a blockchain-powered web3 firm renowned for creating popular NFT collections such as the quirky Illuminati, The 187, and the gibberish Goblin Town NFT collections.
The web firm came into the spotlight this year after its NFT collection rallied in June, despite the general crypto market meltdown that left many NFTs shedding more than 70% of their floor prices.
Goblin Town NFT collection, which launched in late May, rose from its floor price of 0.5 ETH and skyrocketed more than 500% to 2.5 ETH a few weeks after its launch.
Truth Labs NFT Marketplace
Truth Labs has teamed up with Snag Solution, a white-label NFT marketplace, to launch its more improved NFT marketplace. The firm intends to help the secondary selling of NFTs from their collection with lower royalty fees.
The new marketplace wants to address the issue of high fees on popular NFT marketplaces. In this case, OpenSea is a perfect example, taking a 2.5% marketplace fee of the final price on every transaction.
OpenSea allows creators to earn about 2.5 to 10% royalties. The Truth Labs’ NFT marketplace will charge a 5% royalty marketplace fee for all transactions on its marketplace.
Moreover, apart from providing lower royalty fees, Truth Labs will introduce more stringent processes for reporting stolen digital collectibles better to align the ethos of web3 and decentralized technologies.