Korean startup Angel League has officially launched the startup information sharing community ‘TRIPPY’ for various NFT trade projects. Angel League is an unlisted stock security trading platform that enables angel investors to invest in promising startups, and TRIPPY is an unlisted startup information sharing community.
Currently, Trippy trades NFTs from various projects such as Metaconz and Doji Sound Club, representative domestic projects, and Sunmiya, Shighost Club, Clay Emper, Gaia, and Treasures Club.
0% secondary transaction fees, more benefits
NFT secondary transaction fee refers to the royalties the creator receives from the seller when NFT works are traded between collectors after the NFT is minted (first creation) from the original creator. NFT sold at TRIPPY has less secondary transaction fees compared to others. For most projects, secondary transaction fees of 7.5% are received from sellers such as OpenSea, the world’s largest NFT market, which was set to 0%. As a result, sellers in Trippy are currently putting their items up for sale at 7-10% cheaper than OpenSea.
In most NFT markets, in the case of a project where the secondary transaction fee is set at 7.5%, if you sell NFT for 1,000 Klay ( about 1 million won ), you pay 25 Klay ( 2.5% fee) to the market and 75 Klay to the project, and the seller, in the end, you will get 900 Klay. If the same NFT is sold at Trippy, the seller will take 990 Klays, excluding the trippy transaction fee of 10 Klays (1%). In some cases, the price of NFTs reaches hundreds of millions of won, so this difference is quite large.
Angel League CEO Oh Hyun-seok said, “The secondary transaction fee is derived from European copyright laws, etc., and was created to support creators. This is a project team that sells more than 10,000 items different from the artists who make works of art. There is a question as to whether the same should be applied to NFTs,” he said.
Trippy plans to conduct transaction fee events as a service opening event, such as providing the TRIPPY Membership Pass NFT, which collects all transaction fees in May and distributes the fees as rewards to the top 5 traders. On the other hand, Trippy also provides an SNS function where users who log in with Kaikas or Metamask wallets can engage in community activities and talk with each other and announced that it would provide a service with a 0% secondary transaction fee for Ethereum in the future.