Stepn Parent Company Launches NFT Marketplace

Find Satoshi Lab, the parent company of the move-to-earn application Stepn, is releasing MOOAR, a membership-based, multi-chain non-fungible token (NFT) marketplace.

The addition of a marketplace helps the company to develop its self-sustaining ecosystem alongside the existing Stepn fitness app and DOOAR, a Solana-based decentralized exchange (DEX).

Not only will MOOAR users be able to purchase the sneakers necessary to use Stepn (which currently trade at a floor price of 0.98 SOL, or about $32 on Magic Eden), but can additionally build and sell NFT collections on the platform. The goal is for the three apps to work “in collaboration to actively support each other,” the platform wrote in a press release.

Notably, the platform is launching with zero platform fees and no optional royalties.

Over the past two months, NFT platforms X2Y2, Magic Eden and most recently LooksRare have all dropped the requirement to pay out royalties to creators when purchasing tokens.

Shiti Rastogi Manghani, COO of Stepn, told CoinDesk that failing to support artists in the long term will be detrimental to the value of NFTs, and that MOOAR aims to fairly compensate creators.

“You can already see on some of the platforms that have started the 0% royalty fee, that the downward trend on volumes is a sign of things to come,” said Manghani. “This is why we're taking such a hard and strong stance, that we want to stand by creators and we want to enforce this rule in the fee structure.”

Creators intending to sell on MOOAR can set royalty fees between 0.5% and 10%, with a default rate of 2%.

Find Satoshi Lab released its flagship product Stepn in late 2021, reporting $122.5 million in Q2 profits this year. In June, the company released DOOAR, and according to data from Dune Analytics, it currently has the largest number of daily active wallets across other decentralized exchanges running on Solana.