Solana NFT Layer Metaplex Raises $46M

The project is ramping up operations after a successful 2021 debut.

AccessTimeIconJan 18, 2022 at 2:31 p.m. UTC
Updated Jan 18, 2022 at 4:44 p.m. UTC

Eli is a news reporter for CoinDesk. He holds ETH, SOL and AVAX.

Metaplex, a company that allows users to build their own Solana-based non-fungible token (NFT) marketplaces, has raised a $46 million funding round led by Multicoin Capital and Jump Crypto, the company announced Tuesday.

Metaplex says it will use the funding to scale its operations and provide grants to support creators from underrepresented communities.

While the volume of Solana’s NFT market remains a good way behind its Ethereum counterpart, its total market capitalization recently passed $1 billion, according to data from Solanalysis, with Metaplex fueling much of the growth.

The company says its protocol has been used to create over 85,000 projects and 5.7 million NFTs since its launch last June, according to a press release.

“We believe the metaverse will be open, censorship-resistant and globally accessible,” Sergey Vasylchuk, director of the Metaplex Foundation, said in a press release. “In this metaverse, Metaplex will serve as a common protocol and NFT standard to empower the next wave of decentralized commerce, social and gaming experiences.”

The company shook up its corporate roster in September with the hiring of a new CEO, along with a slew of new board members.

Additional participants in the funding round included Animoca Brands, Solana Ventures, Alameda Research and basketball legends Michael Jordan and Allen Iverson.

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Eli is a news reporter for CoinDesk. He holds ETH, SOL and AVAX.

CoinDesk - Unknown

Eli is a news reporter for CoinDesk. He holds ETH, SOL and AVAX.

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