The starting of Mochi Market as a fee-competitive NFT marketplace
In May 2021, we launched Mochi Market as one of the first multi-chain NFT marketplaces in the crypto space. We have been pioneering letting users mint, list, buy, and sell NFTs in both fast & cheap-fee EVM-compatible networks Binance Smart Chain and Polygon. In the growth strategy aspect, we have been focusing on the market for NFT games as we saw the huge demand of exchanging in-game NFT items peer to peer between game users, the demand that is being satisfied by just a few key players in the NFT sector.
As a part of our go-to-market, we set the transaction fee at the competitive threshold compared to other competitors. Mochi Market’s current transaction fee is only 1% for transactions using $MOMA as the payment method and only 2.5% for transactions using the native tokens of the networks (BNB/MATIC) as the payment method. By taking a look at the list of NFT marketplaces with their transaction fee percentages in the screenshots below, you can see how competitive Mochi Market is:
In our roadmap, the revenue Mochi Market platform earns will, later on, be distributed to the Treasury and finally distributed back to $MOMA holders. So, by setting a low transaction fee, the Treasure and also $MOMA holders accepted to earn a small amount of revenue at the starting point of the platform. However, what we got back is the low barrier for new users to join Mochi Market and it was the strong enough motivation for us. Also, along with running Mochi Market, we have been always listening to users’ feedback on our transaction fee and what we have seen so far is all the satisfaction.
Achievements we have earned
The starting is half the battle and we finally got over it. After nearly 4 months of running Mochi Market, we are now a working product with integrated partners, tractions, and users using us every day.
- We have now 8 integrated partners and some of them are famous players in NFT games such as Cometh, Faraland, Fear, Pepemon, Battle Racers, etc. Users of these 8 games above can now list, sell, and buy their in-game NFT seamlessly on Mochi Market.
- In terms of traction, we have seen amazing growths in total sale volume in the time from June — August. Although these are still small numbers, if you consider it as a 3-month-old NFT marketplace platform, these numbers are also proving that Mochi Market is on the right track.
Our decision of adjusting the transaction fee on Mochi Market
The good performance of Mochi Market at the moment has led us to a decision of adjusting the transaction fee on Mochi Market. By that, we will raise the transaction fee percentage to the average threshold in the market of NFT marketplaces.
It means that from now on if you trade NFTs on Mochi Market Binance Smart Chain or Polygon version, the fee will be all 5% for all options of payment method.
- If you trade NFTs on Mochi Market BSC, the fee is 5% for both transactions using $MOMA and BNB as the payment method
- If you trade NFts on Mochi Marker Polygon, the fee is also 5% for both transactions using $MOMA and MATIC as the payment method.
By raising the transaction fee to the level other big NFT marketplaces are applying, we hope that the competition could be fairer. NFT users, especially NFT gamers who exchange in-game NFT items on a daily basis, can opt for the product that can serve them the best. In the meantime, we will keep listening to all comments from Mochis regarding the adjustment in the transaction fee this time. If you have an idea, a constructive comment, or even a complaint about the new fee, please let us know. We‘ll listen and take action accordingly.
Mochi.Market is a multi-chain and decentralized ecosystem for non-fungible tokens. Mochi.Market will be releasing a variety of applications to cater to the needs of the NFT community in a decentralized way, offering more security and usability to our NFT platform users.
Mochi.Market currently focuses on three key issues holding back the NFT space, lack of a strong monetization strategy for NFT holders, lack of liquidity experienced with the NFT market, and how to bring value to the NFT economy through cross-chain access and usage between fungible and non-fungible tokens. Mochi.Market is building an NFT marketplace accessible to all, bringing more power to NFT stakeholders and more ways for them to leverage and capitalize on their NFTs.