Key Takeaways
- The Metaplex Foundation has closed a $46 million strategic funding round.
- The foundation stated it would use the funds to provide grants, support ecosystem development, and empower creators.
- Capital has been flooding into the Solana ecosystem in recent weeks.
The Metaplex Foundation has raised $46 million from investors to expand support for NFT, gaming, and Metaverse applications.
Metaplex Completes Raise
Solana’s NFT ecosystem is about to get a boost thanks to Metaplex.
The Metaplex Foundation, an organization dedicated to developing the Metaplex Protocol, has closed a $46 million funding round co-led by Multicoin Capital and Jump Crypto. The raise also saw participation from Solana Ventures, Alameda Research, Animoca Brands, and more than 90 NFT aficionados, including basketball star Michael Jordan and the pseudonymous NFT collector Cozomo de’ Medici.
Metaplex is a permissionless protocol that helps users mint and deploy NFTs on Solana. So far, it has been used to create over 5.7 million NFTs for 85,000 projects. Innovations such as Metaplex’s Candy Machine allow users to upload images along with their metadata to the decentralized storage network Arweave then register them on the Solana blockchain. It aims to streamline the process of launching NFT collections and ensure that every mint is fair, meaning the distribution of NFTs from a collection is random and unpredictable. As a result of the NFT market boom in 2021, sought-after collections are frequently oversubscribed on launch. High demand for NFTs caused many issues and so-called “gas wars” on Solana and Ethereum last year.
Many of the most successful Solana NFT collections, such as Solana Monkey Business, used Metaplex Candy Machine to conduct their mints and store their NFTs’ images and metadata on Arweave.
The Metaplex Foundation has stated that it will use funds from the raise to provide grants, support ecosystem development, and empower creators from underrepresented communities. Additionally, the Foundation also plans to prioritize support for Metaverse and gaming applications in 2022. “Metaplex will serve as a common protocol and NFT standard to empower the next wave of decentralized commerce, social and gaming experiences,” says Metaplex Foundation director Sergey Vasylchuk.
While Solana has suffered from network issues and weak price action in recent months, funding for projects building on the blockchain is showing no signs of slowing. Earlier this month, Serum, the decentralized exchange that underpins Solana’s DeFi ecosystem, announced it had raised $70 million to grow the order book-based market and fund new projects.
Also worth noting is the Solana DeFi project Exotic Markets, which raised $5 million in the same week. Several firms that contributed to today’s Metaplex raise also took part in the funding for Exotic Markets, including Multicoin Capital, Alameda Research, and Animoca Brands. Despite the downward trend in the wider crypto market, it’s clear a small number of teams are betting big on Solana’s growth potential.
Disclosure: At the time of writing this feature, the author owned ETH, SOL, and several other cryptocurrencies.
The information on or accessed through this website is obtained from independent sources we believe to be accurate and reliable, but Decentral Media, Inc. makes no representation or warranty as to the timeliness, completeness, or accuracy of any information on or accessed through this website. Decentral Media, Inc. is not an investment advisor. We do not give personalized investment advice or other financial advice. The information on this website is subject to change without notice. Some or all of the information on this website may become outdated, or it may be or become incomplete or inaccurate. We may, but are not obligated to, update any outdated, incomplete, or inaccurate information.
You should never make an investment decision on an ICO, IEO, or other investment based on the information on this website, and you should never interpret or otherwise rely on any of the information on this website as investment advice. We strongly recommend that you consult a licensed investment advisor or other qualified financial professional if you are seeking investment advice on an ICO, IEO, or other investment. We do not accept compensation in any form for analyzing or reporting on any ICO, IEO, cryptocurrency, currency, tokenized sales, securities, or commodities.
Solana DeFi Project Exotic Markets Raises $5M
Exotic Markets, a decentralized finance protocol built on Solana, has announced a $5 million raise to bring new structured products to the Solana DeFi ecosystem. Exotic Markets Raises $5 Million…
Serum Is Raising $100M for DeFi on Solana
Serum, a leading order book-based decentralized exchange on Solana, has raised $70 million out of a planned $100 million. The funds will go toward growing Serum itself as well as…
Solana Slows to a Crawl (Again)
The latest incident comes days after Solana suffered congestion problems due to another launch on Raydium. Solana Faces More Network Problems Congestion issues are becoming an ongoing problem for Solana. …
What Is The Crypto Volatility Index?
The Crypto Volatility Index (CVI) is a decentralized solution used as a benchmark to track the volatility from cryptocurrency option prices and the overall crypto market.
Note: This article have been indexed to our site. We do not claim legitimacy, ownership or copyright of any of the content above. To see the article at original source Click Here
Atomic Habits: An Easy & Proven Way to Build Good Habits & Break Bad Ones
$15.75 (as of February 3, 2025 19:30 GMT +00:00 - More infoProduct prices and availability are accurate as of the date/time indicated and are subject to change. Any price and availability information displayed on [relevant Amazon Site(s), as applicable] at the time of purchase will apply to the purchase of this product.)
Snow Joe Pet-Safer Ice Melt Blend, Safer for Concrete and Sidewalks, 20 Pounds, MELT20PET
$25.99 (as of February 3, 2025 19:26 GMT +00:00 - More infoProduct prices and availability are accurate as of the date/time indicated and are subject to change. Any price and availability information displayed on [relevant Amazon Site(s), as applicable] at the time of purchase will apply to the purchase of this product.)
Bedsure Cat Beds for Indoor Cats - Washable Bolster Dog Sofa Beds for Extra Small Dogs, Supportive Foam Pet Couch Bed with Removable Washable Cover, Waterproof Lining and Nonskid Bottom, Grey
$39.99 (as of February 3, 2025 19:30 GMT +00:00 - More infoProduct prices and availability are accurate as of the date/time indicated and are subject to change. Any price and availability information displayed on [relevant Amazon Site(s), as applicable] at the time of purchase will apply to the purchase of this product.)
Onyx Storm: Empyrean, Book 3
$22.57 (as of February 3, 2025 19:30 GMT +00:00 - More infoProduct prices and availability are accurate as of the date/time indicated and are subject to change. Any price and availability information displayed on [relevant Amazon Site(s), as applicable] at the time of purchase will apply to the purchase of this product.)
