Truth Labs is launching their own NFT Marketplace for Goblintown!
The New Marketplace
On Thursday the 25th of August, Alexander Taub the Co-Founder of Truth Labs announced the teams plan to create a new NFT Marketplace specifically to home the Truth Labs’ ecosystem.
This would mean that the new marketplace would home NFT collections like Goblintown, IlluminatiNFTs, The 187 collection, grumpls, Goblintown burgers, and possibly more of Truth Labs’ future collections!
Royalties will be 5% for all collections, inclusive of platform fees.
The bar will be high for marking NFTs as suspicious.
— Alexander Taub (🔺👁🔺) (@ajt) August 25, 2022
A major selling point for this NFT marketplace is their supposed lower royalty fees. In the past, those who wanted Goblintown NFTs would have to buy a 10% royalty fee, with 7.5% going to the team and 2% going to the OpenSea platform.
However, this new Truth Labs marketplace will reportedly cut down royalty fees by half, meaning that all buyers will only have to pay a 5% royalty fee for any of Truth Labs’ NFTs.
Another major selling point for this new upcoming marketplace is their supposed “flagging system”. Some major NFT marketplaces like OpenSea have been heavily criticized in the past for their broken systems which led people to have their NFTs falsely flagged as stolen, making them unable to sell them.
“We have strong opinions on stolen NFTs. The current flagging system in place does not help or accomplish anything. Even recent changes do little to help those affected,” Alexander Taub says.
Because of this, Truth Labs’ marketplace will reportedly have a very high bar and requirements in order to mark any NFT as ‘stolen’. This will hopefully help prevent the issue of falsely flagged NFTs.
“Marketplaces, royalties, and flagging stolen NFTs have all been hot topics.” Taub says, “We believe this is the future for NFT projects with an ecosystem.“
Issues With Current NFT Marketplaces
Since early July, many in the NFT community have been heavily talking about NFT Marketplaces, specifically Opensea and some of its biggest issues.
Many users have been reporting more and more problems relating to their inability to sell their NFTs due to it being flagged as stolen despite having no warning that the NFT was stolen from its owner when they bought it.
Because of OpenSea’s seemingly broken flagging system, many NFT projects have been in the talks of creating a new NFT marketplace. One of the biggest ones right now being Yuga Labs. Multiple NFT marketplaces including Rarible and Magic Eden have been competing to create a personalized NFT marketplaces specifically for the Yuga Labs ecosystem where users will be able to buy NFTs like Bored Ape Yacht Club, CryptoPunks, Mutant Ape Yacht Club and more using Ethereum or ApeCoin!
It seems that the big issues surrounding OpenSea have opened up a new opportunity and meta for big NFT ecosystems like Yuga Labs and Truth Labs to create their own marketplaces for loyal community members.