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The Metaplex Foundation announces the MPLX Token (Metaplex Token) to distribute governance of the World's largest NFT Ecosystem

September 23, 2022 12:40 IST | ANI Press Release
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The Metaplex Foundation announces the MPLX Token (Metaplex Token) to distribute governance of the World's largest NFT Ecosystem

New Delhi [India], September 23 (ANI/IMC): The Metaplex Foundation, the non-profit responsible for the sustainable development of the Metaplex Protocol, has announced the launch of the MPLX token (Metaplex Token). Beginning September 20, through a multi-week claim period, the organization will distribute 14 million tokens to early community members across the world who were some of the first to build atop the Metaplex platform, as well as potentially another 40 million tokens to early collectors, pursuant to a DAO vote. In total, Metaplex users globally will receive up to 54 million tokens in gratitude for their contribution to the success of the platform.

The Metaplex Protocol debuted in June 2021 as the first program library and set of tools for developers to create, sell and manage NFTs on the Solana blockchain. More than 100,000 creators have entrusted Candy Machine to generate NFT projects. The community has been a boon to creators seeking a less expensive and more environmentally friendly alternative to Ethereum, providing NFT minting fees of USD 0.15 versus USD 55 - USD 200.

Today, over 5.7 million wallets have ever held a Metaplex NFT, and 20 million NFTs have generated over USD 3.4 billion in primary and secondary sales on the Metaplex Protocol in its first year. The Metaplex ecosystem is the largest and fastest growing web3 creator platform in the world, and the Metaplex Standard is the metadata standard by which NFTs are classified on Solana.

The MPLX token has been launched to offer value to active participants within Metaplex's large NFT community. MPLX is a utility and governance token for the Metaplex Protocol and has been issued as a method for decentralized governance for future projects and strategic decisions. Its related DAO structure ensures that web3 ethos of empowerment and transparent governance remain within the Metaplex ecosystem's DNA. Creators, developers, marketplaces and collectors will gain utility from the token as the community embeds the token throughout the ecosystem.

MPLX will initially be listed on FTX, KuCoin, and Huobi international exchanges. It is not available for purchase by US residents.

"The Metaplex Foundation is excited to offer MPLX holders the ability to steer the direction of the protocol through the Metaplex DAO," said Dorian Lee, Head of Strategy & Finance at Metaplex Studios, a business that participates in developing the Metaplex Protocol. "The Metaplex Protocol was created to serve the entire Solana community, and the MPLX, along with the Metaplex DAO, allows the community to have direct influence on the protocol."

"The creators and builders of web3 are defining the future of NFTs right now, and they've chosen Metaplex to do it. In just over a year, the Metaplex protocol has been used to create over 20 million NFTs and generated over USD 1B in revenue for creators. Much of this capital is being reinvested in the Solana ecosystem as well, which has led to the creative renaissance we've seen over the last year," said Stephen Hess, a Director of the Metaplex Foundation. "It's an honor for us to wake up every day and serve our community as they stretch the edges of the technology. The MPLX Token represents our commitment to empowering creators and flipping the Web2 model on its head by building a platform that can be owned, shaped and governed by those that use it."

This story is provided by IMC. ANI will not be responsible in any way for the content of this article. (ANI/IMC)

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