Truth Labs will be launching our own marketplace in the next few weeks.

Truth Labs will be launching our own marketplace in the next few weeks, our new home for our entire ecosystem: 

@goblintown, @secretysociety, @the187. 

Royalties will be 5% for all collections, inclusive of platform fees.

The bar will be high for marking NFTs as suspicious.

Marketplaces, royalties, and flagging stolen NFTs have all been hot topics. 

It’s important for communities to talk about these, and no solutions should be off the table. 

We have some of our own thoughts on each topic.

The Truth Marketplace will be launching with @goblintown, @secretsociety, grumpls, burgers, @the187, & all passes.

Building out a universe of characters, it makes sense for us to own the marketplace experience.  

We believe this is the future for NFT projects with an ecosystem.

Everyone has their own thoughts on Creator Fees. For @goblintown, we took a higher than market rate of 7.5% (10% including 2.5% from platform), while the mint was free. 

We took that gamble, and it was the right move for us.

We believe the correct Creator Fee is what the creator wants to charge, & what the market is willing to pay. 

With our new marketplace, we will be lowering the entire fee to 5%. There is no marketplace fee.

Collections like @goblintown will be moved down to 5%, a 50% decrease.

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. 

This is why the Truth Marketplace will have a very high bar required to mark anything as a suspicious NFT.

To be marked stolen, you will need to file a police report before it will be marked suspicious. We check back in 14 days from getting that report to see if it is still active / closed. If inactive, we remove the flag. If it is closed & it is a case of theft then we keep the flag.

Why such a high bar? 

Making it easy to mark an NFT stolen harms the person who it was stolen from (can’t get it back) & the person that bought it (didn’t realize it was stolen). The person who stole is not affected at all.

Everyone loses.

Furthermore, just because you report that your item was stolen or file a police report does not mean a theft actually happened.

People take advantage of other marketplaces due to their low bar of marking something suspicious. 

A high bar to mark something suspicious is needed.

We have a few more things to finish for the marketplace to be live, but wanted to begin the conversation publicly. 

We are working with @zheerwagen and @Snag_Solutions on this endeavor. 

You’ll be seeing a lot of them soon as other projects launch their own marketplace.