Truth Labs, the creator of the popular non-fungible token (NFT) collection Goblin Town, has launched the beta version of its NFT marketplace with great success.
The company confirmed the beta launch of its Truth Labs NFT marketplace in a blog post on September 22. For NFT transactions, the new NFT marketplace will charge a 5% royalty marketplace fee.
NFT Marketplace by Truth Labs
Truth Labs is a blockchain-powered web3 company for creating popular NFT collections such as the quirky Illuminati, The 187, and the gibberish Goblin Town.
The web firm rose to prominence this year after its NFT collection surged in June, despite the general crypto market meltdown, which saw many NFTs lose more than 70% of their floor prices.
The Goblin Town NFT collection, which debuted in late May, skyrocketed from its starting price of 0.5 ETH to 2.5 ETH just a few weeks later.
Truth Labs has partnered with Snag Solution, a white-label NFT marketplace, to launch its enhanced NFT marketplace. Additionally, lower royalty fees are intended to aid in the secondary sale of NFTs from the firm’s collection.
The new marketplace aims to address the problem of high fees on popular NFT marketplaces.
In this case, OpenSea is an excellent example, charging a 2.5% marketplace fee on every transaction.
OpenSea allows creators to earn royalties ranging from 2.5 to 10%. In addition, for all transactions on the Truth Labs’ NFT marketplace, a 5% royalty marketplace fee will be charged.
Furthermore, in addition to lower royalty fees, Truth Labs will better implement more stringent processes for reporting stolen digital collectibles to align the ethos of web3 and decentralized technologies.