Cryptocurrency News

Metaplex launches on NFT marketplace Solana

A non-fungible token marketplace called Metaplex is officially launched solana Blockchain highlights the continued adoption of NFT technology.

Platform developer Metaplex Foundation announced on Wednesday that the new marketplace has been launched with strategic backing from Solana Labs and cryptocurrency exchange FTX. The platform is designed to provide the critical infrastructure to the NFT community so that makers, artists and bands can easily launch customized collectibles.

The Metaplex Foundation says the new platform enables “permanent royalties to be hard-coded into NFTs,” ensuring that creators always receive a share of secondary sales. The entire listing process will also be on-chain.

The platform launched with many celebrity and commercial endorsements, including Grammy Award-winning artist RAC, creative studio Street Dreams and NFT-based wearables band CryptoKitties.

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

In addition to the protocol launch, the Metaplex Foundation also announced plans to unveil a new meta token to govern the protocol, although details on the new cryptocurrency were not provided.

Metaplex is the first of its kind NFT marketplace to be launched on Solana. The blockchain network expanded rapidly in the first half of 2021, with dozens of market-ready projects launching on the platform. In March, the Solana Foundation, the grant program behind the network, Signed two development partnerships with cryptocurrency exchanges OKEx and MXC $40 million worth.

NFT market expected to double According to recent industry research, as of October the business volume growth. Analysts at Invaze concluded that the NFT industry capitalization could reach $470 million by that time.