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Metaplex Officially Launched On Solana Blockchain To Provide Key Infrastructure To The NFT Community

Metaplex, a nonfungible token (NFT) marketplace, has officially launched on the Solana blockchain to provide key infrastructure to the NFT community so that creators, artists, and bands can easily launch customized collectibles.

It has been reported that the new marketplace has been launched with strategic support from Solana Labs and cryptocurrency exchange FTX.

However, Metaplex Foundation said that the new platform enables “perpetual royalties to be hard-coded into NFTs,” ensuring that creators always receive a portion of secondary sales. The entire listing process will also take place on-chain. The platform launched with several celebrities and business endorsements, including Grammy Award-winning artist RAC, creative studio Street Dreams, and CryptoKickers, an NFT-based wearables band.

RAC said:

“Metaplex will do for NFTs what Shopify did for commerce, but takes it one step further by not acting as the middleman. This aligns with the true ethos of the NFT movement, which is to kick open the door for the creator economy, not extract value from our communities.”

The report said that Metaplex Foundation also announced plans to unveil a new META token to govern the protocol, though details on the new cryptocurrency were not provided. It marks the first NFT marketplace of its kind to launch on Solana. The blockchain network expanded rapidly through the first half of 2021, with dozens of market-ready projects launching on the platform. 

The NFT market continues to heat up as Metaplex launches on Solana. — Cointelegraph (@Cointelegraph) June 2, 2021

In March, Solana Foundation, the grants program behind the network, inked two development partnerships with cryptocurrency exchanges OKEx and MXC worth $40 million.

Thus, the NFT market is forecast to double by October as trading volume surges. Analysts at Invezz concluded that NFT industry capitalization could reach $470 million by that time.

Source: Cointelegraph



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