Interpretation of STEPN’s new NFT market MOOAR: subscription model, fair royalties, community-driven

Binance News · 2022-11-08T10:17:03.000Z

Original author: Col Jung, Medium Original compilation: Leo, BlockBeatsNFT The market industry is a highly competitive industry. What started out as just a few players has grown into a thriving industry, with new entrants competing every time for the same lucrative piece of the pie. MOOAR, an emerging NFT marketplace whose parent company is Find Satoshi Lab (FSL) – the developer of Stepn. FSL ignited the move-to-earn industry with the launch of its popular Web 3 lifestyle app, followed by the launch of DOOAR, which quickly became the largest decentralized exchange (DEX) under Solana's umbrella. Currently, the FSL team is launching its own NFT marketplace. But how can a new entrant like MOOAR gain a foothold in a market crowded with established competitors? Fierce Competition For entrants who cannot keep up with the frenetic pace of innovation, competition among NFT markets may be a fierce and cruel process. There is no so-called "security" in the NFT market. The largest NFT marketplace—Ethereum’s OpenSea—occupies the lion’s share of transaction volume. However, in recent months, X2Y2, a "potential stock" that entered the market later, has slowly taken away trading volume from OpenSea and surpassed OpenSea in the most recent quarter. We witness a similar dynamic cycle of advantage in the Solana ecosystem. Magic Eden currently accounts for 70%-80% of Solana NFT trading volume, while the second most popular market (Yawww) only accounted for 15% in the past month, but the temporary advantage is not sustainable. Before Magic Eden came along, Solanart owned Solana's share of NFTs, and in the third quarter of 2021, after the large-scale launch of Degenerate Ape Academy, 10,000 apes were sold in 8 minutes, quickly becoming mainstream. It was then that SOL peaked at $260 in November. There were reports on YouTube at the time. Note: Still find it interesting that Solana, the chain that aspired to disrupt Wall Street with its astonishing liquidity, ended up being dubbed the ultimate NFT chain in the bull market. Unfortunately for Solana, that didn't last long. How did Magic Eden beat Solanart in a month and become the leader in the Solana NFT market in just a few months?Will X2Y2 repeat history on Ethereum and continue to fight against OpenSea’s dominance? Can Team STEPN's MOOAR compete with Magic Eden? To address these questions, we need to understand why and how these past landmark events occurred. Humble Beginnings Many are familiar with how the NFT craze got started on the Ethereum blockchain, fueled by CryptoKitties, CryptoPunks, and the Bored Ape Yacht Club (BAYC). Solana NFT started around March 2021. Some of the ogs within this market are Kreechures and solarians. This was followed by the Solana Monkey Business (SMB), the first generative art-based one, and of course the launch of the Degenerate Ape Academy (DAA) in August 2021, which thrust Solana’s nft into the spotlight and created a Plant a new "blue chip" NFT. In the early days, Solanart was the dominant marketplace on Solana (this was just a year ago). Launched in June 2021, it quickly became a badge of honor for the platform’s homepage login. The rise of Magic eden followed, and Solanart became a thing of the past. The reason everything changed so quickly: Magic Eden. A year later, Solanart was pushed from being the king of the market to only 3% of Magic Eden’s average daily trading volume. Like I said - brutal. How did Magic Eden do it? The ambitious team got to work quickly. What started as a very basic marketplace quickly evolved into a very comprehensive NFT platform that makes it easy for creators and traders alike to grow, and easy means adoption. Magic Eden also features: - Active Twitter supported by an AMA with founder participation - Marketing at scale at Solana events - Continuous new features and platform updates; - Internal account manager for NFT projects. These tailwinds - coupled with strong community support - fueled Magic Eden's rise and subsequent dominance, and it's a winning formula. Indeed, this meteoric rise has not been without controversy. We saw ongoing technical issues like platform crashes after every mint and the infamous Balloonsville rug, which ultimately pushed Magic Eden to harden their launchpad rules.Then there’s the recent raging creator royalty war and the debacle of the platform’s recently launched MetaShield NFT tool. The space between the two giants is like X2Y2, which has soared into the sky on Ethereum and now accounts for almost 70% of OpenSea’s monthly trading volume. Can Solana be able to accommodate two tigers in one mountain? Or is Solana too small for both? Multiple markets will always exist, humans thrive on familiarity, so there will always be users who end up loyal to certain markets for comfort and convenience, no different than why you always go to your favorite grocery store, even if there is another Cheaper stores are also very close to you. I think it seems reasonable for two dominant NFT markets to exist simultaneously if their value propositions are different, that is, they can both offer something different from each other. For example, OpenSea remains the most liquid NFT marketplace due to its inherent popularity as an established marketplace. On the other hand, we see quite a lot of users flocking to marketplaces like ” NFT projects offer novel exemptions that bypass royalties. This stark difference in expectations and functionality has opened up multiple consumer niches that OpenSea and X2Y2 and even LooksRare respectively occupy. Different marketplaces offer unique identities and features to users. So for a new market to challenge Solana's status quo, it needs Magic Eden to fill its scarce niche. Talk about MOOAR: Challengers Emerge from the Shadows Many of you are familiar with STEPN, an M2E app developed and expanded by the talented team at Find Satoshi Lab (FSL). In less than a year, FSL has brought over 1 million users to Web 3 across Solana, BNB Chain, and Ethereum. Click for a detailed introduction to STEPN and FSL. Now, the team is launching their own NFT marketplace, MOOAR, but what is MOOAR’s unique selling point? Fair royalties for creators first. The industry is moving in a direction where it may be possible to fairly compensate creators for their efforts. None. MOOAR refuses to participate in this competition and aspires to be a "beacon" that supports the efforts of creators, who will be able to set their royalties at a reasonable level.This is in line with MOOAR’s focus on becoming the platform of choice for those looking to launch a range of PFP NFTs, either standalone or as part of their roadmap. PFP collections are essentially art, which guarantees royalties to the artist. That's only fair. The goal of FSL is to promote a virtuous cycle. As NFT creators become better under MOOAR, they will be more willing to create better content, encouraging members to stay. This creates a positive feedback loop that positions MOOAR as a platform known for quality projects, with a loyal user base and a loyal base of creators who can rely on passive income to sustain their work. A form of collaborative loyalty between users, creators and platforms, but will members really be willing to pay royalties if they no longer have to pay royalties to compete with other members for quality content? Great question! This inspires the next unique selling point. How does MOOAR, the zero service fee subscription model, balance creators and users? The former wants to be paid fairly for their work, while the latter may not want to pay any royalties! I mean, we all love creators, but times are kind of tough, right? MOOAR launches a zero-fee subscription model for the NFT market. Members will save money by paying a 0% service fee to trade NFTs on MOOAR, rather than paying a fixed monthly subscription fee to use the platform. This means whether you’re trading in bulk for cheaper NFTs or exchanging a single Bored Ape (60+ ETH), you’ll save a small fortune. Like exchanges that offer very low crypto trading fees or brokerages that have low spreads, a zero-fee subscription model gives MOOAR members the freedom to exchange NFTs as they please. This also opens the door for FSL to offer additional rewards and interesting gamification initiatives in the future, such as a level-up reward system. There have even been discussions about integrating MOOAR membership into all FSL products in the future, although I expect this to take much longer. Exciting stuff. Finally, MOOAR’s unique selling point even extends to their launchpad. The concept of community-driven "theme-style" launchpad launchpad is similar to private equity and venture capital in traditional finance, except ordinary people like you and me can participate and democratize finance for the little guy!The idea is to give launchpad participants a chance to buy into new projects before they hit the market—often at rock-bottom prices. Likewise, many NFT marketplaces offer a launchpad service where creators can launch their new NFTs, and interestingly MOOAR has a unique take on the launchpad concept. Instead of waiting for projects to approach them, they limit project releases to a specific theme each "season." This may last several months. The Web 3 team can ideate projects that fit the theme and submit them to the MOOAR team for publication. MOOAR members who hold GMT can vote for their favorite projects. Each quarter's community-led winners then have the opportunity to launch on MOOAR's dedicated launchpad, which provides a full suite of marketing and technical support for the project before and after launch. Conclusion The NFT market is constantly evolving, and it is only a matter of time before a strong competitor arrives to compete with Magic Eden for lucrative market share, especially in Solana, the go-to chain for NFTs. Will it be MOOAR? That remains to be seen. I will say that the FSL team that built STEPN has the talent, technology, and track record to build and scale groundbreaking startups in a short period of time. In addition to significant financial support from STEPN and DOOAR, coupled with FSL's growing team of driver developers, engineers, marketers, and content writers, I think MOOAR has the potential to go head-to-head with Magic Eden. The team is determined to immediately differentiate itself from its competitors by leveraging its set of unique selling points (creator-first royalty policy, zero-fee subscription model, main community-driven “theme-style” launchpad). The NFT market industry is about to enter a fever pitch!

Original article by Col Jung, Medium
Original translation: Leo, BlockBeats
The NFT market industry is a highly competitive industry.
What started as a game with just a few players has now grown into a thriving industry with new entrants competing every now and then for the same lucrative piece of the pie.
MOOAR, an emerging NFT marketplace, is owned by Find Satoshi Lab (FSL), the developer of Stepn. After launching the popular Web 3 lifestyle app, FSL led the move-to-earn industry and followed up with DOOAR, which quickly became the largest decentralized exchange (DEX) under Solana.
Currently, the FSL team is launching its own NFT marketplace. But how can a new entrant like MOOAR gain a foothold in a market crowded with established competitors?
Fierce competitionFor entrants who cannot keep up with the frenetic pace of innovation, competition in the NFT market can be an intense and brutal process. There is no such thing as “security” in the NFT market.
The largest NFT market, Ethereum’s OpenSea, accounts for the largest share of trading volume. But in recent months, the latecomer X2Y2 has slowly taken away trading volume from OpenSea and surpassed OpenSea in the most recent quarter.
We’re witnessing a similar dynamic cycle of advantage in the Solana ecosystem.
Magic Eden currently accounts for 70%-80% of Solana NFT trading volume, while the second most popular market (Yawww) only accounted for 15% in the past month, but the temporary advantage is not sustainable. Before Magic Eden, Solanart had Solana's NFT share. In the third quarter of 2021, after the large-scale launch of Degenerate Ape Academy, 10,000 apes were sold in 8 minutes, quickly becoming mainstream.
It was from that time that the highest price of SOL soared to $260 in November. There were related reports on YouTube at the time.
Note: I still find it interesting that Solana, the chain that aspires to disrupt Wall Street with its staggering circulation, ended up being called the ultimate NFT chain in the bull market.
Unfortunately for Solana, this didn’t last long.
How did Magic Eden beat Solanart in a month and become the leader in the Solana NFT market in just a few months?
Will X2Y2 repeat history on Ethereum and continue to fight against OpenSea’s dominance?
Can Team STEPN’s MOOAR compete with Magic Eden?
To address these questions, we need to understand why and how these past landmark events occurred.
Humble BeginningMany are familiar with how the NFT craze began on the Ethereum blockchain, with CryptoKitties, CryptoPunks, and Bored Ape Yacht Club (BAYC) driving the start.
Solana NFTs started around March 2021. Some of the ogs within this market were Kreechures and Solarian. This was followed by the first generative art based Solana Monkey Business (SMB), and of course the Degenerate Ape Academy (DAA) which launched in August 2021, bringing Solana’s NFTs into the spotlight and creating a new breed of “blue chip” NFTs.
In the early days, Solanart was the dominant marketplace on Solana (this was just a year ago). It launched in June 2021 and quickly became a badge of honor on the platform’s front page.
The rise of Magic EdenThen, Solanart was a thing of the past. There was one reason why everything changed so quickly: Magic Eden. A year later, Solanart went from being the king of the market to having only 3% of Magic Eden’s daily trading volume. Like I said – brutal.
How does Magic Eden do it?
The ambitious team quickly got to work. What started out as a very basic marketplace quickly evolved into a very comprehensive NFT platform that makes it easy for both creators and traders to get started, and easy means adoption.
Magic Eden also takes:
- An active Twitter account with AMA support from the founders
-Marketing at scale at Solana events
-Continuous new features and platform updates;
-Internal Account Manager for NFT projects.
These tailwinds—along with strong community support—have fueled Magic Eden’s rise and subsequent dominance, and it’s a winning formula.
In fact, this meteoric rise has not been without controversy.
We saw ongoing technical issues like the platform crashing after every mint and the infamous Balloonsville rug, which ultimately pushed Magic Eden to tighten their launchpad rules. Then there was the recent Creator Royalty Wars and the crash of the platform’s recently launched MetaShield NFT tool.
The space between two giantsJust like X2Y2 has taken off on Ethereum and now accounts for almost 70% of OpenSea’s monthly volume, is Solana big enough for two? Or is Solana too small for both?
Multiple markets will always exist, humans thrive on familiarity so there will always be users who end up being loyal to certain markets for comfort and convenience, not unlike why you always go to your favorite grocery store even if there’s another cheaper store closer to you.
I think it seems reasonable for two dominant NFT markets to exist simultaneously if their value propositions are different, i.e. they both have something different to offer to each other.
For example, OpenSea remains the most liquid NFT market due to its inherent popularity as an established market. On the other hand, we see quite a bit of users flocking to markets like X2Y2 because they “gamify” the entire trading experience — from the ability to stake native tokens, to distributing trading rewards, to providing novel exemptions to bypass royalties for NFT projects that have no “construction”.
This stark difference in expectations and functionality has opened up multiple consumer niches that OpenSea and X2Y2 and even LooksRare each occupy. Different markets each offer a unique identity and functionality to their users. Therefore, for a new market to challenge Solana’s status quo, it needs Magic Eden to fill its scarce part.
Talk about MOOAR: Challengers emerge from the shadowsMany of you are familiar with STEPN, the M2E app developed and scaled by the talented team at Find Satoshi Lab (FSL). In less than a year, FSL has attracted over 1 million users to Web 3 across Solana, BNB Chain, and Ethereum.
Click for a detailed introduction to STEPN and FSL.
Now, the team is launching their own NFT marketplace, MOOAR, but what is the unique selling point of MOOAR?
Fair royalties that put creators firstThe industry is moving in a direction where fairly compensating creators for their work may be dispensable. MOOAR refuses to participate in this race and aspires to be a beacon of support for creators who will be able to set their own royalty fees at a reasonable level.
This is in line with MOOAR’s focus on being the go-to platform for those looking to launch PFP NFT collections, either standalone or as part of their roadmap. PFP collectibles are essentially art, which guarantees royalties to artists. It’s only fair.
The goal of FSL is to promote a virtuous cycle where NFT creators become better under MOOAR, they will be more willing to create better content, which encourages members to stay. This establishes a positive feedback loop, positioning MOOAR as a platform known for quality projects, with a loyal user base and a loyal creator base who can rely on passive income to sustain their work.
A form of collaborative loyalty between users, creators, and the platform, but would members really be willing to pay royalties if they no longer had to compete with other members for premium content? Great question! This inspires the next unique selling point.
Zero service fee subscription modelHow does MOOAR strike a balance between creators, who want to be fairly compensated for their work, and users, who may not want to pay any royalties!
I mean, we all love creators, but times are a little tough, right? MOOAR has launched a zero-fee subscription model for the NFT marketplace. Members will save money by paying a 0% service fee to trade NFTs on MOOAR, rather than paying a fixed monthly subscription fee to use the platform. This means that whether you are doing bulk trades for cheaper NFTs or exchanging a single Bored Ape (60+ ETH), you will save a small fortune.
Just like exchanges that offer very low crypto trading fees or brokerage firms that have low spreads, the zero-fee subscription model provides MOOAR members with the freedom to exchange NFTs as much as they like.
This also opens the door for FSL to offer additional rewards and interesting gamification programs in the future (such as a level-up reward system). There have even been discussions about integrating MOOAR members into all FSL products in the future, although I expect this will take a little longer.
Exciting stuff.
Finally, MOOAR’s unique selling point even extends to their launchpad.
Community-driven "themed" launchpadThe concept of launchpad is similar to private equity and venture capital in traditional finance, except that regular people like you and me can participate in it, democratizing finance for the little guy!
The idea is to give launchpad participants a chance to buy into new projects before they hit the market — often at rock-bottom prices.
Similarly, many NFT marketplaces offer a launchpad service where creators can launch their new NFTs, and interestingly enough MOOAR has a unique take on the launchpad concept.
Instead of waiting for projects to come to them, they limit project releases to a specific theme during each “season.” This can last for several months.
Web 3 teams can conceive projects that fit the theme and submit them to the MOOAR team for release. MOOAR members holding GMT can vote for their favorite projects. The winners, led by the community each quarter, then have the opportunity to be released on MOOAR's thematic launchpad, and the winners are provided with a full set of marketing and technical support before and after the project is released.
ConclusionThe NFT market is constantly evolving, and it’s only a matter of time before a serious competitor arrives to compete with Magic Eden for a slice of the lucrative market share, especially on Solana — the go-to chain for NFTs.
Will it be MOOAR? That remains to be seen.
I would say that the FSL team that built STEPN has the talent, technology, and track record of building and scaling groundbreaking startups in a short period of time.
Along with the impressive financial backing from STEPN and DOOAR, plus FSL’s growing team of driver developers, engineers, marketers, and content writers, I think MOOAR has the potential to go head-to-head with Magic Eden.
The team is determined to immediately stand out from its competitors by leveraging its unique selling points (creator-first royalty policy, zero-fee subscription model, and a community-driven “theme-style” launchpad).
The NFT market industry is about to enter a white-hot stage!