Metaplex Foundation Launches Solana-Based NFT Marketplace

The Metaplex Foundation is launching a non-fungible tokens (NFT) marketplace for creative artists built on the Solana blockchain and the Metaplex protocol. 

The Metaplex marketplace allows artists to build their own storefront similar to Shopify but for NFTs. They will also be able to hold online auctions, allowing sellers and buyers to deal directly without a middleman, the firm said in an emailed release. 

NFTs are digital assets that represent a wide range of unique tangible and intangible items, from collectible sports cards to virtual real estate and even digital sneakers.

The Metaplex market will hold auctions and sales, and any NFTs minted will be deposited using the decentralized storage protocol Arweave, which backs data for a one-off fee. Creators using the marketplace will be given access to performance and revenue data, and payments made to the artists will be automatic.

“Building on a foundation of the Solana protocol and Arweave, Metaplex is able to dramatically reduce minting and trading fees,” said Raj Gokal, COO of Solana Labs and adviser to Metaplex.

For infrastructure, Metaplex has partnered with the cryptocurrency exchange FTX for payments. Users will be able to buy digital collectibles using FTX Pay with credit cards or cryptocurrency. 

Music streaming and sharing platform Audius will display Metaplex NFTs and include functionality for users to buy and sell them. 

Metaplex has also partnered with a number of influencers, sports brands and comic artists. Creative partners include the musician and record producer André Allen Anjos, known as RAC; creative studio Street Dreams, and CryptoKickers, the NFT-based wearables brand known for creating custom footwear for the metaverse, the 3D virtual environment.

“Metaplex will do for NFTs what Shopify did for commerce, but takes it one step further by not acting as the middleman,” RAC said.