The Goblintown Creators Just Launched an NFT Marketplace

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Dedicated to its NFT collections, Truth Labs Marketplace is a platform for the Web3 company behind Goblin town, Illuminati, and The 187. NFT has been notified of this press release.

In partnership with Truth Labs, Snag Solutions built a white-label NFT marketplace.

Sellers can sell NFTs from the company's collections for reduced fees, according to a release. There will be a 5-percent royalty fee associated with all transactions on the Truth Labs Marketplace.

Why it matters

Market fees and royalties are still being negotiated by Web3 companies. It believes that marketplaces such as OpenSea's fees are unacceptably high, so it created this new platform to address this problem. NFT transactions on OpenSea are subject to a 2.5 percent marketplace fee, and creators have the option to set royalties between 2.5 and 10 percent.

A stricter reporting procedure will be implemented by Truth Labs for stolen NFTs as a way to align with the ethos of Web3 and decentralized technologies.

There has been an increase in scrutiny of OpenSea's stolen item policy. Police reports must be submitted within seven days after a user reports an NFT stolen under the company's updated guidelines. The platform's approach and execution, however, have dissatisfied many users. Although Web3 is decentralized, security can be a bit tricky due to its decentralized nature.

What’s next

Observe Truth Labs' Web3 experiment with a new marketplace that aims to reduce fees and increase security for NFTs in its collections. Consider a similar model followed by other Web3 entities. That would enhance market diversity, enhance competition and innovation from NFT communities regarding collection management, and foster even more heated (but necessary) debate around royalties.

It may also see significant developments in Snag Solutions' mission to construct brand-specific marketplaces. A platform for Crypto Chicks and Citizens of Tajigen has already been launched by Zach Heerwagen and Jason Jong as an alternative to expensive NFT marketplaces.

Jong and Heerwagen's proposal to create a marketplace for ApeCoin DAO was approved by a huge margin by the Bored Ape Yacht Club community. The fact that a company in the NFT space can emerge and make waves during a crypto winter is impressive.

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