- The proposal aligns how the Wearable submission fee should be structured.
- The new fee will go into effect on July 18.
- Originally, the Wearable submission fee was set to 500 MANA.
From 100 MANA to 500 USD, an adjustment of the Wearable submission fee was planned for May 26. However, things took a turn after receiving feedback from the community, making the Foundation stop the change and consider the new creators who joined Decentraland.
Last month the #Decentraland community voted to set the Wearable submission fee to a stable $150 equivalent of MANA.— Decentraland (@decentraland) July 14, 2022
The new fee will go into effect on Monday, July 18th.
You can read the proposal that was passed here.👇 https://t.co/ft4fAr4Mxl pic.twitter.com/28TubkHsNm
Laying the groundwork for the community discussion, the Foundation has created a document to make the history of Wearable submission fee available with an itinerary of the events as well as offer context for the lately planned fee adjustment.
The proposal was passed while establishing the Wearable submission process for the first time. According to the proposal, the fee for every Wearable must be 500 MANA. MANA was priced at 0.857 USD during that time and the Wearable submission fee was 428 USD for each item that was submitted.
October 2021 saw a rapid increase in MANA’s price with the cost reaching 3.0481 USD with an all-time high of 5.4872 USD on November 24. Since the fee to submit a Wearable was 2,746 USD per item, it was unreasonable for the majority of creators.
It was then decided that the submission fee should be pegged to a stable FIAT value for which a mechanism was required to adjust the MANA amount a creator should pay. As developing the mechanism was time consuming, a manual mechanism to keep the fee close to the voted-on $500 was implemented, which led to setting the fee at 100 MANA.
By May 2022, the development to peg the fee to $500 USD per item was ready to be used. The plan to implement it was announced through a Twitter post.
In October the community voted for the Wearable publication fee to be set to a stable $500, rather than 500 MANA, in order to protect creators from the fluctuating value of MANA which would sometimes make the fee too high.— Decentraland (@decentraland) May 19, 2022
This change will now be taking effect on May 26.
The announcement that the submit fee was jumping from ~100 USD to ~500 USD was a shock for many.
The Wearable submission fee was always meant to be $500 USD per item, if not that, somewhere close to it. Decentraland has welcomed many new creators during the past few months and upon knowing the thoughts of the community about the change, new community members definitely deserve a say in the major decision.