Stepn Parent Company Launches NFT Marketplace

Find Satoshi Lab is establishing a self-sustaining ecosystem for its product lineup, which includes the popular move-to-earn app.

AccessTimeIconNov 1, 2022 at 9:00 a.m. UTC
Updated Nov 1, 2022 at 2:45 p.m. UTC
10 Years of Decentralizing the Future
May 29-31, 2024 - Austin, TexasThe biggest and most established global hub for everything crypto, blockchain and Web3.Register Now

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.

Disclosure

Please note that our privacy policy, terms of use, cookies, and do not sell my personal information has been updated.

CoinDesk is an award-winning media outlet that covers the cryptocurrency industry. Its journalists abide by a strict set of editorial policies. In November 2023, CoinDesk was acquired by the Bullish group, owner of Bullish, a regulated, digital assets exchange. The Bullish group is majority-owned by Block.one; both companies have interests in a variety of blockchain and digital asset businesses and significant holdings of digital assets, including bitcoin. CoinDesk operates as an independent subsidiary with an editorial committee to protect journalistic independence. CoinDesk offers all employees above a certain salary threshold, including journalists, stock options in the Bullish group as part of their compensation.

Cam Thompson

Cam Thompson was a news reporter at CoinDesk.


Learn more about Consensus 2024, CoinDesk's longest-running and most influential event that brings together all sides of crypto, blockchain and Web3. Head to consensus.coindesk.com to register and buy your pass now.


Read more about