Metaplex, an NFT marketplace, is launched on the Solana network

A non-fungible token market called “Metaplex” was officially launched on the Solana network, underscoring the continued adoption of NFT technology.

The platform developer, The Metaplex Foundation announced on Wednesday that the new market had been launched with strategic support from Solana Labs and the FTX cryptocurrency exchange. The platform is designed to provide vital infrastructure to the NFT community so that creators, artists, and brands can easily bring custom collectibles to market.

According to the Metaplex Foundation, the new platform enables “encode perpetual royalties in NFTs” to ensure the creators always get a share of secondary sales. The entire offer process will also run on-chain.

Metaplex, an NFT marketplace, is launched on the Solana network
Metaplex, an NFT marketplace, is launched on the Solana network

The platform was launched with the support of various celebrities and companies, such as the Grammy-winning artist RAC, the creative studio Street dreams Yes KryptoKicker, an NFT-based accessory brand.

“Metaplex will do for NFTs what Shopify did for retail, but it goes a step further by not acting as an intermediary.” RAC said. “This is in line with the true ethos of the NFT movement, which opens the door to the Creator’s economy and does not draw value from our communities.”

In addition to introducing the protocol, the Metaplex Foundation also announced its plans to introduce a new one META token for the governance of the protocol, although no further details about the new cryptocurrency have been made.

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

According to a recent industry study The NFT market is expected to double as trading volumes increase by October. Invezz analysts concluded that the capitalization of the NFT sector could reach $ 470 million by that date.

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