NFT Marketplace MOOAR Goes Against Anti-Royalty Trend To Reward Creators

Find Satoshi Labs, creator of Stepn, has announced the launch of a membership-based multi-chain non-fungible token (NFT) marketplace, MOOAR.

According to the announcement, the new marketplace will enable the firm to build its self-sustaining ecosystem with decentralized exchange (DEX) DOOAR and the existing Steph fitness app.

Other benefits for MOOAR users include the ability to buy the sneakers they need to use Stepn and the ability to create and sell their NFT collections on the marketplace. The Steph NFT trades on a floor price of 0.98 SOL ($32) on Magic Eden.

MOOAR Bucks Anti-Royalty Trend

The platform says the objective here is for the three apps to integrate easily among themselves and support each other. Another benefit for users is the fact that the platform will be launching to reward creators, artists, and developers for their efforts.

The launch of MOOAR is coming when competing marketplaces are making a series of moves to either ignore royalties or make it optional for traders. Some have dubbed the such move as a “race to the bottom”. Many have criticized the idea of making royalties optional because it seemed to take developers’ and creators’ efforts for granted. Rivals are looking to attract more users while undermining the importance of creators.

The trend started earlier in the Solana space, but more marketplaces started getting involved. Magic Eden followed suit, making royalties optional. Ethereum-based platform LooksRare has joined the bandwagon, as it moved against royalties last week.

MOOAR To Remain Committed To Paying Royalties To Creators

MOOAR’s launch didn’t happen overnight, as its development has been in the works for months. This latest move by Find Satoshi will expand the ecosystem around Stepn, after previously launching DOOAR in June. In terms of active wallets, DOOAR has become the most-used DEX on the Solana blockchain.

Chief Operating Officer of Steph, Shiti Rastogi Manghani, stated that the value of NFTs will be affected in the long run if marketplaces fail to support artists and creators. But MOOAR is not following the trend, as it wants to remain very supportive and fairly compensate creators. Manghani added that firms that dismiss the importance of royalties will start having lesser creators on their platforms. But MOOAR is taking a strong stance in favor of creators and enforcing the rule in the fee structure.