CryptocurrencyWeb3NFTsInvestingBitcoin

STEPN creator Find Satoshi Lab launches NFT marketplace with greater rewards for artists

November 1, 2022, 9:00 AM UTC
Jerry Huang and Yawn Rong
Find Satoshi Lab Co-Founders Jerry Huang (left) and Yawn Rong created STEPN, a “move-to-earn” app that gives users crypto for exercising. Now they've launched an NFT marketplace with mandatory royalty fees.
Courtesy of Find Satoshi Lab

Find Satoshi Lab, the creators of STEPN, a “move-to-earn” app that gives users crypto for exercising, has launched an NFT marketplace with mandatory royalty fees.

MOOAR debuted on Tuesday and will include NFTs from multiple chains. The platform will cost users $29.90 monthly, but will charge no platform fees, just gas, for transactions.

As some NFT marketplaces such as Magic Eden and LooksRare make royalty fees optional on their platforms, MOOAR, inspired from the meme “bet MOOAR” which crypto and NFT traders use as a play on “bet more,” will guarantee creators on its platform get royalty payments. Royalties give the original creator of an NFT a slice of the sales price every time their digital collectible is sold.

MOOAR’s non-optional royalty fees will range from 0.5% to 10%, depending on what the creator chooses, according to Find Satoshi Lab Chief Operations Officer Shiti Manghani.

The most popular NFT marketplace OpenSea tops out at 2.5%.

“We genuinely believe that long-term value will be created and delivered when we can support creators and artists,” Manghani told Fortune.

The company is also creating an incubator of sorts called Launchpad for up-and-coming artists that will operate like a hackathon—artists work on a common subject over a set time period, and users will select the best project.

“Through Launchpad, we’re giving [digital artists] a super-organic way of not only getting their first users, but also getting their first feedback firsthand from the users, so I can’t think of a better way to support projects,” Manghani said.

The MOOAR NFT marketplace will join STEPN and DOOAR, reportedly Solana’s most popular decentralized exchange, in Find Satoshi Lab’s group of apps. The three applications are designed to be a self-sustaining ecosystem, with STEPN bringing in users and directing them to the decentralized exchange, DOOAR, for liquidity and to MOOAR for NFTs, according to Manghani.

The company, founded in 2021, already counts about 5 million users for STEPN and is using MOOAR’s launch to advance its ambition of building a crypto super app that will combine NFT trading, liquidity provisions, and user-friendly features, Manghani said.

“It takes a village, and we’re growing that village,” added Manghani. “We’re growing that ecosystem to build that super app of the future.”

Sign up for the Fortune Features email list so you don’t miss our biggest features, exclusive interviews, and investigations.