Web3 firm, Truth Labs which created the quirky, gibberish Goblintown, Illuminati, and The 187, has launched the beta version of their NFT Marketplace, Truth Labs Marketplace.
The Marketplace is devoted to Truth Labs’ NFT collection and is built by Snag Solutions, a white-label NFT marketplace in partnership with the firm.
Truth Labs intends to help secondary selling of NFTs from their collections with a comparatively lower fees for sellers. The firm will charge a single 5 percent royalty marketplace fee for transactions on its marketplace.
The new marketplace wants to address the issue of high fees on marketplaces like OpenSea which takes a 2.5 percent marketplace fee off of the final price on every NFT transaction and allows creators to earn royalties from about 2.5 to 10 percent.
The company explained that beyond lower royalties, Truth Labs will introduce more strict processes for reporting stolen NFTs to better align with the ethos of Web3 and decentralized technologies.
Also Read: LG Launches ‘LG Art Lab’ an NFT Marketplace Accessible via its TV
